PG PROJE GELİŞTİRME GAYRİMENKUL KİRALAMA VE İNŞAAT … · pg proje gelİŞtİrme gayrİmenkul kİralama ve İnŞaat a.Ş. etİmesgut / pg proje gelİŞtİrme gayrİmenkul kİralama

PG PROJE GELİŞTİRME GAYRİMENKUL KİRALAMA VE İNŞAAT A.Ş.

PG PROJE

GELİŞTİRME GAYRİMENKUL KİRALAMA VE İNŞAAT A.Ş.

AK CENTER

SHOPPING CENTER

ETİMESGUT / ANKARA

R. No: 2013REVB109

Date: 07.10.2013

REAL ESTATE APPRAISAL

REPORT

PPG PROJE GELİŞTİRME GAYRİMENKUL KİRALAMA VE İNŞAAT A.Ş.

REPORT NO: 2013REVB109 REPORT DATE: 07.10.2013 *CONFIDENTIAL

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We hereby state the following matters regarding the appraisal report numbered 2013REVB109 prepared on 07.10.2013 by TSKB Gayrimenkul Değerleme A.Ş. for PG Proje Geliştirme Gayrimenkul Kiralama ve İnşaat A.Ş.

� The findings provided in the following report are true to the knowledge of the Appraisal Expert; � The analyses and the results are only limited to the specified assumptions and conditions; � The appraiser has no interest whatsoever related to the property which is subject to the

valuation; � The appraiser’s remuneration does not depend on any section of the report; � The appraiser was realized in accordance with the ethic rules and the performance standards; � The appraiser possesses the professional education requirements; � The appraiser has previous experience in the subject of the location and type of the property

which is being valuated; � The Appraiser has personally inspected the property; � The exclusion of the persons mentioned in the report no other person has contributed

professionally to the preparation of this report; � This report hasn’t been prepared further to the related provisions of the Capital Markets

Regulation.

“The ISO 9001:2008 Quality Management System for the production activities of TSKB Real Estate Appraisal Company has been certified by BSI.” Certificate No: FS 509685



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EXECUTIVE SUMMARY

MARKET VALUE OF THE SHOPPING CENTER INCLUDED IN THE PROJECT TO BE DEVELOPED ON SECTION 46522, PARCEL 5, AS OF 07.10.2013 (EXCLUDING VAT)

165.459.000.- TL

(Onehundredsixtyfivemillionfourhundred fiftyninethousand.- Turkish Liras)

60.608.000.- EURO

(Sixtymillionsixhundredeightthousand.- EURO)

* This value has been calculated over the project data to be applied by the customer and has been given for information purposes only.

1- This value is net present value.

2- VAT is excluded. 3- Exchange rate has been taken as EURO 1 = 2,73. The value in EURO is given only for information purpose. 4- This report has been prepared further to the related provisions of the Capital Markets Regulation.

5- This page is an inseparable part of the appraisal report, it is complete with the detailed information in the report and it can not be used separately.

Bilge KALYONCU Senior Appraiser

Derya ALAN ERDEM Branch Responsible / Appraiser

USE OF PROPERTY

TITLE DEED INFORMATION

Eryaman Quarter, Türk Konut Blocks, 262th Street (235th Street), Ak Center Shopping Center, Etimesgut/ ANKARA

The subject real property is currently in idle state, only several shops are in active use.

166 independent sections registered at the real property at Ankara Province, Etimesgut District, Eryaman Quarter, section 46522, parcel no. 5, of 6,457.00 sqm surface area, qualifying as “Reinforced Concrete Workplace”. (For details, please check the section titled “4.1 Ownership Data of the Real property.)

The real property subject to appraisal remains within the scope of the “1/1000 scale Implementation Zoning Plan” approved as of 21.01.1997, and the settlement conditions are;

� In the “Unit Trade” area legend, � Floor Area Coefficient: 1.80.

TITLE DEED INFORMATION

OPEN ADRESS OF PROPERTY



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INDEX

SECTION 1 ................................................................................................................................................................................................................ 5 REPORT, COMPANY AND CUSTOMER INFORMATION ..................................................................................................................................... 5 1.1 Report Date and Number ............................................................................................................................................................................... 5 1.2 Report Type ...................................................................................................................................................................................................... 5 1.3 Persons Issuing the Report........................................................................................................................................................................... 12 1.4 Appraisal Date ................................................................................................................................................................................................ 12 1.5 Base Contract ................................................................................................................................................................................................. 12 1.6 Factors Affecting the Appraisal Process Negatively ................................................................................................................................. 12 1.7 Customer Requests Extensions and Limitations ....................................................................................................................................... 12 1.8 Company’s Information ................................................................................................................................................................................ 12 SECTION 2 .............................................................................................................................................................................................................. 14 DEFINITION AND SCOPE OF THE APPRAISAL ................................................................................................................................................... 14 2.1 The Methods Used in the Appraisal ........................................................................................................................................................... 14 2.1.1 Sales Comparison Approach ..................................................................................................................................................................... 14 2.1.2 Income Capitalization Approach .............................................................................................................................................................. 14 2.1.3 Cost Analysis Approach ............................................................................................................................................................................ 14 2.2 The Value Definitions .................................................................................................................................................................................... 14 2.2.1 Fair Market Value (Market Value) ........................................................................................................................................................... 14 2.2.2 Forced Liquidation Value .......................................................................................................................................................................... 15 SECTION 3 .............................................................................................................................................................................................................. 17 GENERAL AND SPECIAL DATA ............................................................................................................................................................................. 17 3.1 General Data- Social and Economic Data .................................................................................................................................................. 17 3.1.1 Demographic Data ..................................................................................................................................................................................... 17 3.1.2 Economic Data [1] ...................................................................................................................................................................................... 19 3.1.3 Sector-specific Analyses ............................................................................................................................................................................ 20 3.2 Analysis of the Area Where the Property is Located ............................................................................................................................... 30 3.2.1 Ankara Province .......................................................................................................................................................................................... 30 3.2.2 Administrative District of Etimesgut ....................................................................................................................................................... 31 SECTION 4 .............................................................................................................................................................................................................. 34 TITLE DEED AND ZONING INFORMATION OF THE REAL ESTATE .................................................................................................................. 34 4.1 Title Deed Information of the Real Estate ................................................................................................................................................. 34 4.2 Title Deed Examination of the Real Estate ................................................................................................................................................ 41 4.3 Zoning Information of the Real Estate ....................................................................................................................................................... 41 4.4 Legal Responsibility ....................................................................................................................................................................................... 43 4.5 Environmental and Ground Contamination .............................................................................................................................................. 43 SECTION 5 .............................................................................................................................................................................................................. 45 PHYSICAL AND ENVIRONMENTAL INFORMATION OF THE REAL ESTATE .................................................................................................... 45 5.1 The location, Position and Environmental Specifications of the Real Property .................................................................................. 45 5.2 Construction Characteristics of the Property under Appraisal .............................................................................................................. 47 5.3 Construction Features of the Immovable Property’s Internal Locations ............................................................................................. 47 5.4 Interior Structural Characteristics of the Property .................................................................................................................................. 61 5.5 Identifications on Site of the Property ....................................................................................................................................................... 62 5.6 External and Miscellaneous Works ............................................................................................................................................................. 62 SECTION 7 .............................................................................................................................................................................................................. 66 EVALUATION OF REAL ESTATE ........................................................................................................................................................................... 66 7.1 Factors Affecting the Value of the Immovable Property ........................................................................................................................ 66 7.2 Analysis Of The Methods Used In The Appraisal ...................................................................................................................................... 66 7.2.1 Sales Comparison Analysis ........................................................................................................................................................................ 66 7.2.2 Cost Analysis Approach ............................................................................................................................................................................. 70 7.2.3 Cost Discount Approach Analysis ............................................................................................................................................................ 70 7.2.4 Evaluation of the Results of the Analysis ............................................................................................................................................... 73 SECTION 8 .............................................................................................................................................................................................................. 75 CONCLUSION ......................................................................................................................................................................................................... 75 SECTION 9 .............................................................................................................................................................................................................. 77 APPENDIX............................................................................................................................................................................................................... 77



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SECTION 1

REPORT, COMPANY AND CUSTOMER INFORMATION



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1.1 Report Date and Number

This report was issued by our company on 07.10.2013 and number 2013REVB109 with reference to the request dated 27.08.2013 and made by the firm, titled as PG Proje Geliştirme Gayrimenkul Kiralama ve İnşaat A.Ş.

1.2 Report Type

This is the valuation report prepared in order to determine the market value of 166 independent sections, registered at the real property at Ankara Province, Etimesgut District, Eryaman Quarter, section 46522, parcel no. 5, of 6,457.00 sqm surface area, qualifying as “Reinforced Concrete Workplace” details of which are provided below, as of 07.10.2013. This report hasn’t been prepared in compliance with the related Capital Markets Legislation Provisions.

INDEPENDENT SECTION NO FLOOR LAND SHARE QUALITY OWNER SHARE

1 BASEMENT 256/6457 Store Muzaffer Mithat ATAMAN FULL 2 BASEMENT 256/6457 Store Muzaffer Mithat ATAMAN FULL 3 BASEMENT 24/6457 Store Kemal KAYGISIZ FULL 4 BASEMENT 21/6457 Store Kemal KAYGISIZ FULL 5 BASEMENT 22/6457 Store Kemal KAYGISIZ FULL 6 BASEMENT 21/6457 Store Kemal KAYGISIZ FULL 7 BASEMENT 21/6457 Store Yüksel KARTAL FULL 8 BASEMENT 23/6457 Store Yüksel KARTAL FULL

9 BASEMENT 20/6457 Store Hedef Zirve Emlak Gıda İnşaat Taahhüt Eğitim Hizmetleri San.

ve Tic. Ltd. Şti. FULL







13 BASEMENT 30/6457 Store Gülşah ALİMOĞULLARI FULL 14 BASEMENT 69/6457 Store Yeşim KOZ FULL

15 BASEMENT 75/6457 Store Altes Alüminyum San. ve İnş. Tic. Ltd. Şti. FULL

16 BASEMENT 70/6457 Store Atilla Uğur KALE FULL

17 BASEMENT 76/6457 Store Artıyapı Müşavirlik Mimarlık Mühendislik Taahhüt Turizm

San. Tic. A.Ş. FULL



19 BASEMENT 68/6457 Store Aris Dış Tic. Paz. Dağ. İnş. ve Araç Kiralama A.Ş. FULL


SECTION 1

REPORT, COMPANY AND CUSTOMER INFORMATION



6



23 BASEMENT 1325/6457 Store Grupsel Emlak Gıda İnş. Taahhüt San. ve Tic. Ltd. Şti. FULL

24 GROUND 39/6457 Store Muzaffer Mithat ATAMAN FULL 25 GROUND 42/6457 Store Muzaffer Mithat ATAMAN FULL 26 GROUND 39/6457 Store Muzaffer Mithat ATAMAN FULL 27 GROUND 43/6457 Store Cüneyit ASLAN FULL

28 GROUND 42/6457 Store Hedef Zirve Emlak Gıda İnşaat Taahhüt Eğitim Hizmetleri San.










33 GROUND 6/6457 Store Gülşah ALİMOĞULLARI FULL

34 GROUND 12/6457 Store Özdemirler Hafriyat Nakliyat Tic. ve San. Ltd. Şti. FULL













44 GROUND 11/6457 Store Kozlar Proje Mimarlık İnşaat Turizm Otomotiv İth. İhr. Ltd.

Şti. FULL

45 GROUND 10/6457 Store Adem SOLMAZ FULL



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47 GROUND 11/6457 Store Desert Stone Dekorasyon

Peyzaj Sanayi ve Dış Ticaret Ltd. Şti.

FULL




Şti. FULL







FULL



FULL

54 GROUND 91/6457 Store Aris Dış Tic. Paz. Dağ. İnş. ve Araç Kiralama A.Ş. FULL





57 GROUND 66/6457 Store Murat HAMAMCILAR FULL


59 GROUND 66/6457 Store Cüneyit ASLAN FULL 60 GROUND 66/6457 Store Özgür Mehmet YILMAZ FULL 61 GROUND 19/6457 Store Yüksel KARTAL FULL 62 GROUND 19/6457 Store Yüksel KARTAL FULL 63 GROUND 19/6457 Store Yüksel KARTAL FULL











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70 GROUND 39/6457 Store Hasan ATEŞOĞLU FULL 71 GROUND 43/6457 Store Hasan ATEŞOĞLU FULL 72 GROUND 40/6457 Store Hasan ATEŞOĞLU FULL




75 GROUND 43/6457 Store Cüneyit ASLAN FULL 76 GROUND 43/6457 Store Muzaffer Mithat ATAMAN FULL 77 GROUND 44/6457 Store Muzaffer Mithat ATAMAN FULL 78 GROUND 43/6457 Store Muzaffer Mithat ATAMAN FULL


80 GROUND 24/6457 Store Yüksel KARTAL FULL 81 GROUND 21/6457 Store Yüksel KARTAL FULL 82 GROUND 21/6457 Store Yüksel KARTAL FULL 83 GROUND 20/6457 Store Yüksel KARTAL FULL 84 GROUND 20/6457 Store Cüneyit ASLAN FULL 85 GROUND 22/6457 Store İhsan KOYUN FULL 86 GROUND 19/6457 Store Yüksel KARTAL FULL 87 GROUND 19/6457 Store Yüksel KARTAL FULL







91 GROUND 41/6457 Store Gökay Kağan HAMAMCILAR FULL 92 GROUND 41/6457 Store Gökay Kağan HAMAMCILAR FULL 93 GROUND 38/6457 Store Muzaffer Mithat ATAMAN FULL 94 GROUND 30/6457 Store Muzaffer Mithat ATAMAN FULL 95 GROUND 8/6457 Store Abdulsamet DAVARCI FULL 96 GROUND 4/6457 Store Yüksel KARTAL FULL

97 GROUND 19/6457 Store Artıyapı Müşavirlik Mimarlık Mühendislik Taahhüt Turizm




99 GROUND 12/6457 Store Ayşe KOZ FULL




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101 1th NORMAL 18/6457 Store Hedef Zirve Emlak Gıda İnşaat Taahhüt Eğitim Hizmetleri San.






104 1th NORMAL 18/6457 Store Yüksel KARTAL FULL










114 1th NORMAL 42/6457 Store Metin AÇIKGÖZ FULL





















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127 1th NORMAL 19/6457 Store

Ankara İş Makinaları Alım Satım Kiralama İnşaat Petrol

İthalat İhracat San. ve Tic. Ltd. Şti.

FULL












FULL




FULL




FULL




FULL







139 1th NORMAL 12/6457 Store Gülay KILIÇ KOCA FULL











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149 2nd NORMAL 16/6457 Store Yüksel KARTAL FULL



152 2nd NORMAL 18/6457 Store

Konsey Enerji Elektrik İnşaat Mühendislik Turizm Temizlik

Taahhüt İthalat İhracat San. ve Tic. Ltd. Şti.

FULL

153 2nd NORMAL 23/6457 Store Abdullah ALTUNDAĞ FULL



156 2nd NORMAL 21/6457 Store Halim ARSLAN FULL

157 2nd NORMAL 19/6457 Store Gülşah ALİMOĞULLARI FULL

158 2nd NORMAL 63/6457 Store Hedef Zirve Emlak Gıda İnşaat Taahhüt Eğitim Hizmetleri San.
















166 2nd NORMAL 32/6457 Store Aris Dış Tic. Paz. Dağ. İnş. ve Araç Kiralama A.Ş. FULL



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1.3 Persons Issuing the Report

This report has been prepared in accordance with the information obtained from the related people, organizations and institutions as a result of the inspections at the locality of the property. This report has been prepared by the senior appraiser Bilge KALYONCU and branch responsible / appraiser Derya ALAN ERDEM.

1.4 Appraisal Date

This appraisal report is prepared with reference to the studies started on September 24, 2013 and finished on Oct 07, 2013. Not only examinations conducted at real estate location, municipality and land registry but also office work is done during appraisal study.

1.5 Base Contract

This report was issued to the request dated September 19, 2013 and made by the firm, titled as PG Proje Geliştirme Gayrimenkul Kiralama ve İnşaat A.Ş.

1.6 Factors Affecting the Appraisal Process Negatively

There is not any negative factor that affects and limits the appraisal process in general aspect.

1.7 Customer Requests Extensions and Limitations

This real estate appraisal report has been prepared further to PG Proje Geliştirme Gayrimenkul Kiralama ve İnşaat A.Ş. request dated Aug 27, 2013. In line with the customer’s request, a valuation report has been prepared for the shopping center within the scope in the modification project to be developed on section 46522, parcel 5, by the customer. In the valuation study, this value has been provided for informative purposes. During the valuation study, encumbrance investigation has not been made in the related Title Deed Registry Directorate, as per the customer’s request. The “Land Register Data for the Real Properties” provided to us by the customer have been assumed to be accurate.

1.8 Company’s Information

Our Company was established with a capital amount of TRL 300.000.000.000 in order to engage in providing works and services described as Expertise and Appraisal according to the Articles of Association of the Company published in the Trade Registration Journal dated September 13, 2002 and issue no. 5676.

Our Company is taken on the lists of companies, which will offer appraisal services, within the framework of the Capital Market Board (SPK) legislation by the letter of SPK dated February 03, 2003 and no. KYD-66/001347, of Capital Market Board of the Prime Ministry.

1.9 Client Information

This appraisal report has been prepared for PG Proje Geliştirme Gayrimenkul Kiralama ve İnşaat A.Ş. located at the address of, Akçaburgaz Quarter, 99th Street, Han Plaza, No: 15, Floor: 2, Office A, No: 39/5, Çakmaklı – Esenyurt / İSTANBUL.



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SECTION 2

DEFINITION AND SCOPE OF THE APPRAISAL



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2.1 The Methods Used in the Appraisal

There are three different valuation methods, which can be utilized in our country. These are respectively, ‘Sales Comparison Method’, ‘Income Capitalization Method’ and the ‘Cost Analysis Method’ methods. The expected prices and offers made can be considered.

2.1.1 Sales Comparison Approach

This sales comparison approach takes into account the sales of similar or substitute properties and the related market datas and realizes the appraisal based on a comparative transaction. In general the property, which is being evaluated, is compared with the sales of similar properties in the open market.

2.1.2 Income Capitalization Approach

This comparative approach takes into account the income and expense datas related to the property being evaluated and makes the appraisal with the reduction method. The reduction is related to the income converting the income amount to value appraisal and to the type of value. This transaction, takes into account product or discount rates or both. In general the principle of substitution with the income flow providing the highest investment income with a defined risk level is proportionate with the most probable value figure.

2.1.3 Cost Analysis Approach

In this method, the reconstruction cost of an existing building in the framework of the current economic conditions is considered as basis for a property valuation. In this respect, the main principle of the cost approach can be explained with the use value. The use value is described as ‘Even if no one wants it and no one knows its price an asset has a real value’.

In this method, it is accepted that the real property has an important remaining economical life expectancy. For this reason, it is assumed that the property’s value will decrease in time due to physical wear, as it becomes outmoded economically and functionally. In other words, it is accepted that the value of the building of an existing property will never be more than its reconstruction cost.

The building cost values of the property have been appraised by taking into account the Ministry of Public Works Construction unit costs, the technical specifications of the buildings, the materials used in the buildings, the construction costs of the buildings with same specifications constructed in the market, interviews with the contracting companies and costs calculated by us based on previous experiences.

The rate of depreciation in the buildings has been calculated by taking into account the table published in the Official Gazette indicating the depreciation in the buildings according to years and the visible state of the building.

It is accepted that the value of the property is consisting of two separate physical facts being the land and the buildings.

2.2 The Value Definitions

2.2.1 Fair Market Value (Market Value)

In the case of an real property changing hands between the buyer and the seller, at a specific date; it is the most plausible, cash exchange value of the property on the condition that the market conditions required for the sale are provided, the parties being willing and both parties are

SECTION 2

DEFINITION AND SCOPE OF THE APPRAISAL



15

knowledgeable about the conditions related to the property. In this valuation study the validity of the following points are assumed:

- The buyer and seller are acting in a reasonable and sensible manner. - The parties are knowledgeable concerning every matter related to the real estate

and are acting in a manner to obtain the utmost benefit for them. - A reasonable timeframe has been allowed for the sale of the real estate. - The payment is being effected in cash or by similar instruments. - The financing which may be required for the purchasing transaction of the real estate

is being realized with the prevailing interest rates in the market.

2.2.2 Forced Liquidation Value

In an auction open to the public, it is the most probable cash value when the economic trends and the obligatory sales conditions are taken into consideration. In the obligatory liquidation, assets are sold as fast as possible. The acceptable time interval is in general less than 3 months.



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SECTION 3

GENERAL AND SPECIAL DATA



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Data investigation starts with study of the prevailing trends in the international, national, regional or neighbourhood at the market level concerning the asset, which is subject to the evaluation. This research assists the appraiser to perceive the principles, powers and factors influencing the real estate values in that specific market environment. The research, at the same time provides the information related to the figures, the market trends and the clues. Whereas the general datas are datas related to the characteristics of the property to be evaluated and to the equivalent properties.

3.1 General Data- Social and Economic Data

3.1.1 Demographic Data

According to the Address Based Population Registration System data, the population of Turkey as of December 31, 2011 is 74,724,269 persons. In 2011, the annual population in Turkey has materialized as 13.5 in thousand. In 2011, the population residing in Turkey has increased by 1,001,281 persons. From this population, 50.2% (37,532,954 persons) are males, and 49.8% (37,191,315 persons) are females.

Representation of the General Population Increase in Turkey over the Years

Total

Total Man Woman

2008 71.517.100 35.901.154 35.615.946

2009 72.561.312 36.462.470 36.098.842

2010 73.722.988 37.043.182 36.679.806

2011 74.724.269 37.532.954 37.191.315

2012 75.627.384 37.956.168 37.671.216

While the population of Turkey was 71,517,000 according to the 2008 Population Count results, Turkey’s population has increased to 72,561,312 persons as of December 31, 2009. While the annual population increase during the 2000-2007 period has materialized as 5.9 in thousand on the average, the population increase rate in Turkey in 2008 has been 13.1 in thousand and the country’s population has reached 71,517,100.

The population of Turkey has increased by 14.5 in thousand as of the end of 2009, as compared to 2008, and as of the end on 2010 this figure, by an increase of 1,161,676 persons (15.88 in thousand), has reached 73,722,988 persons. In the following graph, it is possible to observe the population increase rates in Turkey in general during the 2007-2011 years.

5,90

13,10 15,50 15,88

13,50

0

5

10

15

20

2000 2007 2008 2009 2010 2011

Incr

ease

Rat

e (‰

)

Population Increase Rates in Turkey in General during the 2007-2011 Years

Yıllar

Artış Oranı (binde ‰)

SECTION 3

GENERAL AND SPECIAL DATA

Years

Increase Rate (in thousand o/oo



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In 2011, while the populations of 56 provinces, from the total 81 provinces, have increased as compared to the previous year, the populations of 25 provinces have decreased. The first three provinces with the lowest population increase rates are; Bilecik (-100.41 in thousand), Isparta (-86.27 in thousand) and Kütahya (-45.44 in thousand). In the meantime, the first three provinces with the highest population increase rates are; Tunceli (103.49 in thousand), Hakkari (79.75 in thousand) and Şırnak (62.82 in thousand).

In Turkey, the population in the cities increases at a much higher rate than the population in the villages. The urban population in the country has demonstrated a significant increase over the past 17 years, and while this was 59 percent in 1990, it has reached 64.9 percent in 2000, and 75.5 percent in 2009. In 2010, this ratio has been measured as 76.3%. The urban population (population residing at provincial and district centers) is 56,222,356, while the rural population (population residing on townships and villages) is 17,500,632 persons. As of 2011, while 76.8% (57,385,706 persons) of the total population is residing at provincial and district centers, 23.2% (17,338,563 persons) are residing at townships and villages. The province with the highest population ratio residing in provincial and district centers has been İstanbul by 99 percent, while the lowest has been Ardahan with 35 percent.

From our country’s total population, 18.2% (13,624,240 persons) are residing in İstanbul. This is respectively followed by; Ankara with 6.6% (4,890,893 persons), İzmir with 5.3% (3,965,232 persons), Bursa with 3.6% (2.652.126 persons), and Adana with 2.8% (2,108,805 persons). In the Bayburt province, which has the lowest population in our country, the number of residents is 76,724.

The average age in our country is 29.7. While the median age in males is 29.1, it is 30.3 in females. The median age of those residing in provincial and district centers is 29.5; and the median age of those residing in townships and villages is 30.5. Half of the population is younger than the age of 29.7.

The population in working age in the 15-64 group (50,346,979 person), constitutes 67.4% of the total population. 25.3% of our country population (18,886,575 persons) is in the 0-14 age group, while 7.3% (5,490,715 persons) are in the 65 and above age group.

The population density expressed as “number of persons per square kilometer” is 97 persons in Turkey, in general. This figure ranges from 11 to 2,622 persons in the provinces. In the İstanbul province, there are 2,622 persons per square kilometer. This is followed respectively by; Kocaeli with 443 persons, İzmir with 330 persons, Gaziantep with 257 persons and Bursa with 254 persons.

In the meantime, the province where the population density is lowest is Tunceli with 11 persons. In Konya, which ranks first based on surface area size, the population density is 52, and in Yalova, which has the smallest surface area, the population density is 244.

Province Population Population (City Center) İstanbul 13.710.512 13.854.740 Ankara 4.842.136 4.965.542 İzmir 3.661.930 4.005.459 Bursa 2.688.171 2.402.012 Adana 2.125.635 1.886.624



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3.1.2 Economic Data [1]

External economic developments have been more predominant than internal politics at the beginning of 2008, the developments have influenced the economy directly and a regression has been observed in the investments as of the beginning of April, 2008 and the levels of foreign investments of the previous years have begun to drop. Viewing the investments in 2008, it has been observed that while saturation level has been reached in certain areas in the housing and SHC sectors, investments have continued in the office and logistics sectors.

The economic crisis in the world, which was the most significant event in 2008, initially emerging as a subprime mortgage crisis in the US, and thought to be arising from a liquidity problem, but in time understood to be mainly a lack of confidence, has emerged by bankruptcy of major US investments banks and insurance companies in March and has spread to Europe in a very short time. Despite countries announce anti-crisis packages one after the other, the economic shrinkages could not be prevented and the growth estimations globally proved to be negative.

As of the end of 2008 and the beginning of 2009, the economic crisis has begun to be felt by the real sector also in Turkey. With the economic shrinkage in 2009, drops have been observed in industrial production and employment. It is known that the real estate sector has continued to shrink in 2009, the decreasing trend in the prices has continued and the demand has been low.

However, with the positive outlook experienced in the country’s economy and the foreign markets as of the beginning of 2010, it is observed that a sustainable development has started again and the influences of the crisis have been somewhat decreased by the positive atmosphere. By the currency rates’ remaining within a certain band within 2010 in general, the continued increasing trend of the Istanbul Stock Market, and the perception of the September 2010 referendum as political stability, the positive atmosphere in the markets has continued.

Within 2011, when economic data has begun to be positive, the interest of foreign investments in Turkey has continued. However, the fact that major investment decisions may not be made as comfortably and easily as in the previous years, has prolonged the investment processes. With the price consistency and the increase in economic growth, 2011 has been the stage for Turkey’s progress and increased power in foreign politics.

Although it is observed that economic stability has continued in 2012, it has also been observed that sales difficulties have been experienced for certain real property types and projects. In addition, 2012 has been a year when 3 significant laws have been brought to the sector. With the reciprocity law, the road for foreign investors wanting to invest in Turkey has been cleared, and this law is expected to provide a serious acceleration in the real property market in the coming period. Although it is aimed to attract foreign capital and close the current deficit with the reciprocity law, it is believed that Urban Transformation and the sales of 2B lands actually will be the factors attracting attention both locally and internationally and allowing the increase of resources. By these laws, new real property development areas have been created, and it is believed that its impact will be felt more clearly in 2013. Especially the investments of urban transformation and the search for lands are heavily on the agenda of investors.

The International Credit Rating Organization Standard & Poor’s has increased Turkey’s long-term credit rating in March 2013 from BB to BB+, which is one level below investible. Meanwhile, in May 2013, Moody’s has increased Turkey’s credit rating by one step, to Baa3. Thus, following the increase by Fitch (BBB-) in November 2012, Turkey has received the second investible rating. With these positive developments, it is anticipated that there will be accelerated continuity in the entrance of foreign investors into Turkey. With this favorable economic development and the 3

[1] TSKB Gayrimenkul Değerleme A.Ş.



20

important laws passed in 2012, it is foreseen that 2013 will be a better year as compared to 2012 from the real property sector perspective.

3.1.3 Sector-specific Analyses

SHC Sector

The venture of the ‘Shopping Center Projects’ in Turkey, which have become the most attractive investments in the recent years, has started 22 years ago, with the opening of the Galleria located in the Ataköy Tourism Complex. Galleria has been followed by the opening of the Karum (1991), Akmerkez (1993), Capitol (1993), Carousel (1995), CarrefourSA (1996), Grandhouse (1997), Migros (1998), Profilo (1998) and Mayadrom (1997) Shopping Centers.

The shopping centers in Turkey have demonstrated an increasing acceleration during the years 2000-2008, and have become one of the most significant locomotive sectors of the Turkish economy. The attraction of the shopping centers, numbers of which are increasing in Turkey and especially in İstanbul, has progressed in parallel with the improvements in the economy. The final period that the ‘Shopping Center Projects’, which are an attractive alternative for foreign real estate investments, have been included in the agenda coincides with the period when positive developments have been observed, also in connection with the negotiations with the EU. Positive developments such as economic improvement, the European Union membership process, political stability are the main factors drawing the attention of foreign investors, during the mentioned period.

Leasable Area

At present, the gross leasable area in Turkey has reached 8.58 million sqm; and the total number of shopping centers is 337. It is observed that this figure was 7.8 million sqm in 2011 and the total number of shopping centers was 310.

It is expected that 73 more shopping centers will be completed until the end of 2015 and the leasable area will increase by 2.66 million sqm and reach 11.24 million sqm.

Graph: The Increase in Gross Leasable Area at the Shopping Centers in Turkey during the 2001-2013 Period

Density

SHC density is measured by leasable area per 1,000 persons. The average SHC density in Europe is 220 sqm, while it is 115 sqm in Turkey. Under the present circumstances, it may be believed that there still is a need for shopping centers in Turkey. However, the common opinion of the investing companies is that redundant shopping center investments, built without making the required

0 1.000.000 2.000.000 3.000.000 4.000.000 5.000.000 6.000.000 7.000.000 8.000.000 9.000.000

10.000.000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013



21

feasibility studies, located on the same axes and bearing similar features are bound to get lost and fall into oblivion within the sector. The common opinion of the sector players is that the investments have to be unique and innovative. Extinction becomes inevitable for shopping centers that are not able to catch this trend. Moreover, it is quite important that this need is planned in parallel with the population and the increase in the per capita income.

Graph: Density Graph for Shopping Centers in Turkey during 2001-2014

(Area per every 1,000 persons)

Looking at the densities in the cities, it is observed that the highest density in 2012 is in the İstanbul province. The ratios of İstanbul and Ankara are close to each other; while Karabük and Bolu are other provinces where density is above 150. The density in Turkey in mid-2013 has been calculated as 106; and this is expected to increase with the completion of the projects currently under construction. Similarly, with the completion of ongoing projects in İstanbul, it is foreseen that the average area per 1,000 persons will reach 324 in 2015.

Cities

Density (Area per every 1,000 persons)

İstanbul 227 Ankara 252 Karabük 186 Bolu 171 Denizli 144 Bursa 143 Trabzon 141 Muğla 136 Kayseri 122 Mersin 121 Turkey 106

Ankara Province Current Shopping Centers

In Ankara, there are 41 currently active, 4 under construction shopping centers.

The total rentable area of the shopping centers completed accordingly in Ankara is 1.454.844 sqm.

0

20

40

60

80

100

120

2000 2002 2004 2006 2008 2010 2012 2014



22

Shopping Centers in Etimesgut District

Name: DOLPHIN SHC

Location: Eryaman, Etimesgut/Ankara Investor: Yunus Market İşletmeleri Tic. Ltd. Şti. Developer: Yunus Market İşletmeleri Tic. Ltd. Şti. Architectural Design: A Tasarım (Ali Osman Öztürk) Management Consultancy: Provided within the company Development Value: 8.000.000 TL Construction Begin Date: 2003 Construction End Date: 2005 Opening Date:01 November 2005 Land Area: 6.218 sqm Enclosed Area: 12.932 sqm Leasable Area: 7.200 sqm Number of Floor: 3 Parking Capacity: 600 vehicle (Open) Number of Stores: 70 Store Areas: 212-1.554 sqm Big Stores: Yunus Store, Yunus Cinemas

Name: THE KC GÖKSU SHOPPING CENTER

Location: Eryaman, Etimesgut/Ankara Investor: TOKİ, KC Group Developer: KC Group Architectural Design: Kent İmaj (Mimar Aynur Kale) Management Consultancy: Provided within the company Development Value: N/A Construction Begin Date: 2004 Construction End Date: 2006 Opening Date: 25 August 2006 Land Area: 39.363 sqm Enclosed Area: 47.056 sqm Leasable Area: 11.572 sqm Number of Floor: 6 Parking Capacity: 758 vehicle (Open) and 268 vehicle (Close) Number of Stores: 129 Store Areas: 2.837 sqm Big Stores: Migros, KC Göksu Cinemas, Theater, Bowling, Atlantis Ice Rink, Rainbow Kids, KC Store



23

Name: THE OKYANUS SHOPPING CENTER

Location: Eryaman, Etimesgut/Ankara Investor: Yunus Market İşletmeleri Tic. Ltd. Şti. Developer: Yunus Market İşletmeleri Tic. Ltd. Şti. Architectural Design: A Tasarım Mimarlık Management Consultancy: Provided within the company Development Value: N/A Construction Begin Date: 2005 Construction End Date: 2007 Opening Date: 30 August 2007 Land Area: 7.714 sqm Enclosed Area: 41.427 sqm (House+Shopping Center Project) Leasable Area: 7.196 sqm Number of Floor: 2 Parking Capacity: 150 vehicle (Close) Number of Stores: 44 Store Areas: 36-200 sqm Big Stores: Yunus Store, Children Play Area, Yapı ve Kredi Bank, Taç, Yatsan, Arçelik

Name: THE SHC ERYAMAN

Location: Eryaman, Etimesgut/Ankara Investor: 19 Chose Proprietary Developer: Arkul İnşaat Architectural Design: N/A Management Consultancy: Provided within the company Development Value: N/A Construction Begin Date: 2004 Construction End Date: 2008 Opening Date: April 2008 Land Area: 3.800 sqm

Enclosed Area: 5.000 sqm

Leasable Area: 2.321 sqm

Number of Floor: 3 Parking Capacity: ~250 vehicle (Open) and 101 vehicle (Close) Number of Stores: 58 Store Areas: 18-1.300 sqm

Big Stores: CarrefourSA, Wedding Salon



24

Name: THE GALLERIA ERYAMAN SHOPPING CENTER

Location: Eryaman, Etimesgut/Ankara Investor: Landed proprietary Developer: Gülay İnşaat Architectural Design: Gülay İnşaat Management Consultancy: Provided within the company Development Value: 8-10.000.000 TL Construction Begin Date: 2006 Construction End Date: 2007 Opening Date: 01 May 2008 Land Area: 4.500 sqm Enclosed Area: 18.000 sqm Leasable Area: 8.500 sqm Number of Floor: 4 Parking Capacity: 50 vehicle (Open) and 100 vehicle (Close) Number of Stores: 100 Store Areas: 9-75 sqm Big Stores: Celal Aydın Dersaneleri, Sosyete Pazarı Lim. Şti.

Name: THE ÜSTÜN DEKOCITY DECORATION AND LIFE CENTER

Location: Eskişehir Road, Etimesgut/Ankara Investor: Mustafa Bezci, Turgut Üstün, Turan Üstün, Mahmut Akbacakoğlu Developer: Bezci İnşaat Architectural Design: Aysun Gönüllüler Management Consultancy: E Yönetici Development Value: N/A Construction Begin Date: 2007 Construction End Date: 2008 Opening Date: 31 May 2008 Land Area: N/A Enclosed Area: 30.000 sqm

Leasable Area: 17.000 sqm

Number of Floor: 8 Parking Capacity: 600 vehicle (Open) and 400 vehicle (Close) Number of Stores: 86 Store Areas: 12-817 sqm Big Stores: Mado, Yataş Home, Halıcı Ömer



25

Name: THE MAKSİMUM SHOPPING CENTER

Location: Eryaman, Etimesgut/Ankara Investor: Ve-Na, MEFA Ortak Girişimi Developer: Ve-Na, MEFA Ortak Girişimi Architectural Design: MEFA Proje İnşaat Ltd. Şti. (Mehmet Albayrak, Rıza Can) Management Consultancy: Provided within the company Development Value: N/A Construction Begin Date: 2006 Construction End Date: 2008 Opening Date: July 2008 Land Area: 6.485 sqm Enclosed Area: 7.280 sqm Leasable Area: 4.000 sqm Number of Floor: 4 Parking Capacity: 170 vehicle (Open) and 70 vehicle (Close) Number of Stores: 72 Store Areas: 9-1.000 sqm Big Stores: Makromarket, Children Play Area

Name: THE KC METROKENT SHOPPING CENTER

Location: Eryaman, Etimesgut/Ankara Investor: KC Group Developer: KC Group Architectural Design: ART Mimari ve Endüstriyel Tasarım Hizmetleri Ltd. Şti. Management Consultancy: N/A Development Value: N/A Construction Begin Date: N/A Construction End Date: 2008 Opening Date: 2008 (4. Stage) Land Area: 5.147 sqm Enclosed Area: 13.309 sqm Leasable Area: 9.155 sqm Number of Floor: 3 Parking Capacity: 130 vehicle (Open) and 220 vehicle (Close) Number of Stores: 62 Store Areas: 791 sqm Big Stores: Migros



26

Name: THE AYHAN MERAL SHOPPING CENTER*

Location: Eryaman, Etimesgut/Ankara Investor: A Grup Ltd. Şti. Developer: Ender Mühendislik İnşaat ve Ticaret A.Ş. Architectural Design: A Grup Ltd. Şti.-Uğur Kınık Management Consultancy: Provided within the company Development Value: N/A Construction Begin Date: 2008 Construction End Date: 2009 Opening Date: December 2009 Land Area: N/A Enclosed Area: 14.118 sqm Leasable Area: 14.118 sqm Number of Floor: 4 Parking Capacity: 400 vehicle (Open and Close) Number of Stores: N/A Store Areas: N/A Big Stores: N/A

* According to the project concept, the entire construction area shall be considered as leasable.

Name: THE ADEN SHOPPING CENTER

Location: Eryaman, Etimesgut/Ankara Investor: Aden İnşaat A.Ş. Developer: Aden İnşaat A.Ş. Architectural Design: Aden İnşaat A.Ş. Management Consultancy: N/A Development Value: N/A Construction Begin Date: 2006 Construction End Date: 2009 Opening Date: 2010 (1. Stage) Land Area: 7.706 sqm Enclosed Area: N/A Leasable Area: 2.500 sqm Number of Floor: 1 Parking Capacity: 165 vehicle (Close) Number of Stores: 45 Store Areas: 14-587 sqm Big Stores: Hipermarket, Healty Center



27

Name: THE ETİPARK OUTLET CENTER

Location: Etimesgut, Etimesgut/Ankara Investor: Kuzu-Ulubol Gayrimenkul Adi Ortaklığı Developer: Kuzu-Ulubol İnşaat Şirketleri Architectural Design: Korucuoğlu Mimarlık Ltd. Şti. (Tümay Korucuoğlu) Management Consultancy: Provided within the company Development Value: N/A Construction Begin Date: 2007 Construction End Date: 2009 Opening Date: 01 January 2009 Land Area: 12.000 sqm Enclosed Area: 63.000 sqm Leasable Area: 20.500 sqm Number of Floor: 8 Parking Capacity: 250 (Open) and 450 (Close) Number of Stores: 100 Store Areas: 14-3.600 sqm Big Stores: Migros, Theater, Ice Rink, Children Play Area

Name: OPTIMUM OUTLET VE EĞLENCE MERKEZİ

Location: Eryaman, Etimesgut/Ankara Investor: Rönesans Gayrimenkul Yatırım A.Ş. Developer: Rönesans Gayrimenkul Yatırım A.Ş. Architectural Design: Öncüoğlu Mimarlık Management Consultancy: Provided within the company Development Value: N/A Construction Begin Date: N/A Construction End Date: 2004 (First Stage) and 2006 (Second Stage) Opening Date: 29 October 2004 (First Stage) ve 18 November 2006 (Second Stage) Land Area: 31.065,00 sqm Enclosed Area: 83.568,00 sqm Leasable Area: 39.630,00 sqm Number of Floor: 6 Parking Capacity: 714 vehicle (Open) and 328 vehicle (Close) Number of Stores: 167 Store Areas: 12-5.400 sqm Big Stores: Adese, Tekzen, Optimum Cinemas, Roll House Bowling, Buz Pateni, Playland, Beko-Arstil, LCW, Flo, Koton, Mudo, Vakko, Mediamarkt

SHOPPING CENTERS UNDER CONSTRUCTION

Nata Delta Shopping Center: The Nata Delta SHC project, which will be realized on the Istanbul Road with an investment of 210,000,000 US$, is planned to be opened in 2013. The shopping center, situated on a plot area of 33,000.00 sqm, has 330,000.00 sqm construction area and 175,000.00 sqm leasable area.

A1 Shopping Center: The project, which will be built on the Ayaş Road by A1 Grup İnşaat Ltd. Şti, has a total construction area of 22,274.00 sqm.

Gimsa Shopping Center: The construction of the project on the Ayaş Road, undertaken by Gama Holding, has started in 2012.



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RENTABLE AREAS AT THE CURRENT SHOPPING CENTERS

The average rental prices of shops at the shopping centers in Ankara vary between €10 and 95/sqm/month, the rentals at the food court areas vary between €10 and 95/sqm/month in average.

The rental prices of the hypermarkets in the shopping centers of Ankara vary from €2 to 15/sqm/month, and the rental contracts are mostly signed for a stake from the turnover.

Current Shopping Center Lease Informations

SHOPPING CENTER RENT OF STORE

RENT OF EAT-DRINK AREA

RENT OF HYPERMARKET

€/SQM/MONTH €/SQM/MONTH €/SQM/MONTH The Galleria Ankara Shopping Center 25-30 25-30 15 The Ankuva Shopping Center 35-70 35-70 - The Ankamall Shopping Center 30-50 65-70 - The Mesa Plaza Shopping Center 12-25 15-25 10 The Armada Shopping and Business Center 25-80 65-80 - The FTZ Shopping Center 10-15 10-15 10-15 The Arcadium Shopping Center 35-55 35-55 - The Optimum Outlet and Entertainment Center 11-28 19-30 2-4

The CEPA Shopping Center 25-75 70-90 15 The Okyanus Shopping Center 20-24 20-24 - The Panora Shopping and Life Center 25-100 38 8

EVALUATION

Analysis of the Investigation on Shopping Centers available in the Ankara Province:

In Ankara Province, there are currently 42 Shopping Centers in total. The Shopping Centers are mostly located in Çankaya, Yenimahalle, Keçiören and Etimesgut districts.

In the administrative district of Çankaya, there are currently a total number of 15 shopping centers. According to ICSC Standards, Panora Shopping and Living Center is “MEGA”, Cepa Shopping Center, Bilkent Center, Anatolium are “BIG”, Karum Business and Shopping Center, 365 Shopping Center are “MEDIUM”, Atakule Shopping Center, Malltepe Park, Galleria Ankara Shopping Center, Ansera Shopping Center, ODC Center Shopping Center, Ambrosia Shopping Center, Ankuva Shopping Center, Beysupark Living Center are “SMALL” and traditional Shopping Centers.

In Çankaya District, the Existing Leasable Area (Panora+Cepa+Bilkent+Karum+365+Atakule+Malltepe Park+Galeria Ankara+Ansera+ODC+Ambrosia+Ankuva+Beysupark+ Anatolium+Kentpark) = 484.685 sqm.

In the administrative district of Yenimahalle, there are currently 12 Shopping Centers. According to ICSC Standards, Ankamall Shopping Center is “MEGA”, Gordion Shopping Center and Atlantis are “BIG”, Armada Shopping Center, ACity Outlet Shopping Center, Anse, Carrefour Ankara Shopping Center are “MEDIUM”, Arcadium Shopping Center, Mesa Plaza Shopping Center, Mina&Sera Shopping Center, Turkuaz Shopping Center, Ankara Vialife Fashion Outlet Shopping Center are “SMALL” and traditional shopping centers.

In Yenimahalle District the Existing Leasable Area (Ankamall+Gordion+Armada+ACity+Carrefour Ankara+Arcadium+Mesa Plaza+Mina&Sera+Turkuaz+Ankara Vialife Fashion+Atlantis+Anse) = 377.969 sqm.



29

In Keçiören District, there are currently 3 Shopping Centers in total. According to the categories of ICSC Standards, Antares Shopping and Life Center, Forum Ankara Outlet are “EXTRA LARGE”, FTZ Shopping Center is “SMALL” conventional Shopping Centers.

In Keçiören District, the existing Total Rentable Area is (Antares+Forum Ankara+FTZ) = 199.000 sqm.

In Etimesgut District, there are currently 11 Shopping Centers in total. According to ICSC Standards, Optimum Outlet and Entertainment Center is “LARGE”, Üstün Dekocity Decaration and Life Center, KC Göksu Shopping Center, Galleria Eryaman Shopping Center, Dolphin Shopping Center, Okyanus Shopping Center, Maksimum Shopping Center, SHC Eryaman, KC Metrokent, Ayhan Meral are “SMALL” conventional Shopping Centers.

In Eryaman District, the existing Total Rentable Area (Optimum+Üstün Dekocity+KC Göksu+Galleria Eryaman+Dolphin+Okyanus+Maksimum+Ayhan Meral+Ak Center+AVM Eryaman+KC Metrokent = 135.537sqm.

Densities of the Currently Operating Shopping Centers as per Rentable Area

CURRENTLY OPERATING TOTAL

LEASABLE AREA (SQM)

ACCORDING TO 2011 CENSUS OF

POPULATION (PERSON)

DENSITY (SQM/1,000 PERSON)

The Çankaya District 484.685 863.863 561,06

The Yenimahalle District

377.969 670.876 563,39

The Keçiören District 199.000 857.896 231,96

The Etimesgut District 135.537 345.147 392,69

Province of Ankara 1.197.191 5.003.833 239,25

In terms of population, the ratio of shopping center rentals in Çankaya, Yenimahalle, Keçiören and Etimesgut Districts is higher than the average in Ankara.

Densities of the Currently Operating Shopping Centers as per Rentable Area

MEVCUT VE İNŞAAT HALİNDEKİ TOPLAM

KİRALANABİLİR ALAN (M2)

ACCORDING TO 2011 CENSUS OF

POPULATION (PERSON)

DENSITY (SQM/1,000 PERSON)

The Çankaya District 555.838 863.863 643,43

The Yenimahalle District

391.292 670.876 583,25

The Keçiören District 199.000 857.896 231,96

The Etimesgut District 158.537 345.147 459,33

Province of Ankara 1.304.667 5.003.833 260,73



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In terms of population, the ratio of shopping center rentals in Çankaya, Yenimahalle, Keçiören and Etimesgut Districts is higher than the average in Ankara.

� When the locations of the Shopping Centers in Ankara Province are examined according to their general properties and distributions in the province, these areas are noted as concentrated in Çankaya, Yenimahalle, Keçiören and Etimesgut Districts. The issues taken into consideration when selecting the places of the shopping centers are; proximity to the market, means of transportation, sufficient labor force and cost, infrastructural works, public policies, social and cultural services. These services are more densely provided in Çankaya, Yenimahalle, Keçiören and Etimesgut Districts; therefore, with regard to the distribution of shopping centers in Ankara Province, Cankaya district ranks first with 40,49%, Yenimahalle District ranks second with 31,57% and Keçiören District third with 16,62%, while Etimesgut district is the fourth with 11,32%.

� In Ankara province, there are currently 42 active shopping centers and other 5 shopping centers are under construction. With the completion of the shopping centers which are currently being constructed, the number of active shopping centers is expected to reach 47.

� When the local distribution of the shopping centers that are currently under construction or being designed is examined, it is understood that Çankaya, Yenimahalle, Keçiören and Etimesgut Districts still continue to be the points of concentration.

� The tendency towards high quality modern shopping centers is continuing to increase in Ankara especially because the availability of shops at the busy streets of Ankara is very tight.

� Turkey is noted as still far behind when the per capita rental areas in Europe and Turkey are compared. Due to the very high young population and the rapidly changing consumption habits, the number of shopping centers, their rentable areas, and numbers of shops are expected to increase further in the forthcoming years especially in Ankara.

3.2 Analysis of the Area Where the Property is Located

3.2.1 Ankara Province

The surface area of Ankara is 30,715 square kilometers and it is 890 m. high above the sea level in average. It is surrounded by the provinces of Kırıkkale and Kırşehir on the east, Çankırı and Bolu on the north, Bolu on the northwest, Eskişehir on the west, Konya and Aksaray on the south.

Ankara is a region covered with plain lands created by Kızılırmak and Sakarya rivers in the northwest of the Central Anatolia. It is possible to see forest areas and steppe and moor lands altogether in this region. The northern borders of the province are marked by the branches of North Anatolia Mountains and the plain lands as the continuity of the Central Anatolia table lands.

Within the borders of the province, there are Mogan, Eymir, Karagöl, Kurumcu and Samsun lakes. There are also partial volcanic lands in the region. 2.378 m. high Köroğlu Mountain and Mahya Hill



31

(2.006 m.) rise on this mass. Mount Hüseyingazi mass is located in the southeastern side of the province. The lands of the province are irrigated by Sakarya and Kızılırmak Rivers and Çubuk Stream, İncesu and Ova Streams.

Population 1990 Rate % 2000 Rate % 2009 Rate % 2010 Rate % 2011 Rate % 2012 Rate %

Rural Population

399.907 12,36 467.338 11,66 136.881 2,94 130.460 2,73 128.777 2,54 123.406 2,49

Urban Population

2.836.719 87,64 3.540.522 88,34 4.513.921 97,06 4.641.256 97,27 4.762.116 97,46 4.842.136 97,51

Total 3.236.626 100,00 4.007.860 100,00 4.650.802 100,00 4.771.716 100,00 4.890.893 100,00 4.965.542 100,00

* Percentage of the Province and the Village Population within the Overall Population.

3.2.2 Administrative District of Etimesgut

Etimesgut District is located on Ankara-Sincan Highway and on Ankara-Istanbul Railway, 17 km on the west of Ankara, with totally 10,153 hectares area. Subordinate to Ankara province in Central Anatolia Region, Etimesgut is surrounded by Kazan and Yenimahalle on the north, Yenimahalle on the east and south, and Sincan district on the west. 27 quarters are attached to the district.

Etimesgut district is in the shape of a grooved valley with a slope declining from east to west. Ankara plain is located in the district as integrated with the valleys on the sides, extending in the middle of the hills towards Ankara Stream on the basin of the actual valley. There are Radar, Büvelek, Kızıl, Çıngıraklı and Üveçyatağı hills on the north of the plain at Eryaman Quarter; Lodumlu Çöpbitmez, Eskibağ, Sınıcak and Büvelek Hills at Elvan quarter; Karağaçlı, Oyduçkaşı hills at Topçu Quarter and Çakmaklı ruins’ hills near Bağlıca. These hills, without any land cover, are low and suitable for settlement. The hills are approximately 900-1.000 meters high, and the average height of the district is 807 meters.

Population:

Year 1927 1990 1997 2000 2005 2007 2008 2009 2010 2011 2012

Population 200 69.960 127.395 171.293 274.126 289.601 313.770 347.267 386.879 414.739 425.944

Upon Ataturk’s order, the immigrants who were brought from Western Thrace after the Independence War were placed here. It remained as a community district with 18 villages around until 1968; and then it was connected to Yenimahalle district with the name İstasyon Quarter.



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Etimesgut became a district in 20 May 1990, and the first municipal elections were made on that date and Etimesgut Municipality was established.

Etimesgut District receives migration from almost all parts of the country. Therefore, the existing density of population is at around 250-300 thousand. It is estimated that the population of the district will be 400-450 thousands in the next few years.



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SECTION 4

TITLE DEED AND ZONING INFORMATION OF THE REAL ESTATE



34

4.1 Title Deed Information of the Real Estate

Province Ankara District Etimesgut Subdistrict Eryaman

Village -

Quarter -

Locality -

Plot No. -

Section No. 46522

Parcel No. 5

Quality Reinforced Concrete Workplace

Area 6.457,00 sqm

Property ownership list is as follows;

INDEPENDENT SECTION NO FLOOR LAND SHARE QUALITY OWNER SHARE

1 BASEMENT 256/6457 Store Muzaffer Mithat ATAMAN FULL 2 BASEMENT 256/6457 Store Muzaffer Mithat ATAMAN FULL 3 BASEMENT 24/6457 Store Kemal KAYGISIZ FULL 4 BASEMENT 21/6457 Store Kemal KAYGISIZ FULL 5 BASEMENT 22/6457 Store Kemal KAYGISIZ FULL 6 BASEMENT 21/6457 Store Kemal KAYGISIZ FULL 7 BASEMENT 21/6457 Store Yüksel KARTAL FULL 8 BASEMENT 23/6457 Store Yüksel KARTAL FULL









13 BASEMENT 30/6457 Store Gülşah ALİMOĞULLARI FULL 14 BASEMENT 69/6457 Store Yeşim KOZ FULL

15 BASEMENT 75/6457 Store Altes Alüminyum San. ve İnş. Tic. Ltd. Şti. FULL

16 BASEMENT 70/6457 Store Atilla Uğur KALE FULL





SECTION 4

TITLE DEED AND ZONING INFORMATION OF THE REAL ESTATE



35





23 BASEMENT 1325/6457 Store Grupsel Emlak Gıda İnş. Taahhüt San. ve Tic. Ltd. Şti. FULL

24 GROUND 39/6457 Store Muzaffer Mithat ATAMAN FULL 25 GROUND 42/6457 Store Muzaffer Mithat ATAMAN FULL 26 GROUND 39/6457 Store Muzaffer Mithat ATAMAN FULL 27 GROUND 43/6457 Store Cüneyit ASLAN FULL











33 GROUND 6/6457 Store Gülşah ALİMOĞULLARI FULL
















36


Şti. FULL

45 GROUND 10/6457 Store Adem SOLMAZ FULL





FULL




Şti. FULL







FULL



FULL






57 GROUND 66/6457 Store Murat HAMAMCILAR FULL


59 GROUND 66/6457 Store Cüneyit ASLAN FULL 60 GROUND 66/6457 Store Özgür Mehmet YILMAZ FULL 61 GROUND 19/6457 Store Yüksel KARTAL FULL 62 GROUND 19/6457 Store Yüksel KARTAL FULL 63 GROUND 19/6457 Store Yüksel KARTAL FULL









37







70 GROUND 39/6457 Store Hasan ATEŞOĞLU FULL 71 GROUND 43/6457 Store Hasan ATEŞOĞLU FULL 72 GROUND 40/6457 Store Hasan ATEŞOĞLU FULL




75 GROUND 43/6457 Store Cüneyit ASLAN FULL 76 GROUND 43/6457 Store Muzaffer Mithat ATAMAN FULL 77 GROUND 44/6457 Store Muzaffer Mithat ATAMAN FULL 78 GROUND 43/6457 Store Muzaffer Mithat ATAMAN FULL


80 GROUND 24/6457 Store Yüksel KARTAL FULL 81 GROUND 21/6457 Store Yüksel KARTAL FULL 82 GROUND 21/6457 Store Yüksel KARTAL FULL 83 GROUND 20/6457 Store Yüksel KARTAL FULL 84 GROUND 20/6457 Store Cüneyit ASLAN FULL 85 GROUND 22/6457 Store İhsan KOYUN FULL 86 GROUND 19/6457 Store Yüksel KARTAL FULL 87 GROUND 19/6457 Store Yüksel KARTAL FULL







91 GROUND 41/6457 Store Gökay Kağan HAMAMCILAR FULL 92 GROUND 41/6457 Store Gökay Kağan HAMAMCILAR FULL 93 GROUND 38/6457 Store Muzaffer Mithat ATAMAN FULL 94 GROUND 30/6457 Store Muzaffer Mithat ATAMAN FULL 95 GROUND 8/6457 Store Abdulsamet DAVARCI FULL 96 GROUND 4/6457 Store Yüksel KARTAL FULL







38



















114 1th NORMAL 42/6457 Store Metin AÇIKGÖZ FULL



















39






FULL












FULL




FULL




FULL




FULL







139 1th NORMAL 12/6457 Store Gülay KILIÇ KOCA FULL









40










152 2nd NORMAL 18/6457 Store

Konsey Enerji Elektrik İnşaat Mühendislik Turizm Temizlik

Taahhüt İthalat İhracat San. ve Tic. Ltd. Şti.

FULL

153 2nd NORMAL 23/6457 Store Abdullah ALTUNDAĞ FULL



156 2nd NORMAL 21/6457 Store Halim ARSLAN FULL

157 2nd NORMAL 19/6457 Store Gülşah ALİMOĞULLARI FULL

















166 2nd NORMAL 32/6457 Store Aris Dış Tic. Paz. Dağ. İnş. ve Araç Kiralama A.Ş. FULL



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4.2 Title Deed Examination of the Real Estate

The examination of the appraisal expert on the title deed records of the concerned immovable was performed for the purpose of the determination of the rights in rem that constitute the ownership of the concerned property and the limitations imposed on the said rights.

During the valuation study, encumbrance investigation has not been made in the related Title Deed Registry Directorate, as per the customer’s request. The “Land Register Data for the Real Properties” provided to us by the customer have been assumed to be accurate. The “Land Register Date for the Real Properties” documents have been provided in detail, as annexed with the report.

On the independent sections numbered 19, 20, 21, 54, 58, 74, 79, 166, subject to appraisal, there is an Enforcement and Bankruptcy Law 150/c annotation; and on independent sections numbered 127, 132, 133, 134 and 135, there is a “Public Attachment”. These annotations pose as an obstacle in the sales of the real properties.

4.3 Zoning Information of the Real Estate

The Zoning Regulations are prepared for purposes of regulating land utilization and the volume of land improvement. During the review of the current zoning and building regulations, an appraisal expert should also take into consideration all other current applicable regulations and the probable amendments that might be introduced in the existing specifications. The zoning plans define the general purpose of utilization of the buildings such as residential, commercial and industrial utilization, and determines the volume of the buildings to be constructed for such purposes.

According to the information obtained as a result of the investigations made at the Etimesgut Municipality Zoning and Urban Affairs Directorate on 24.09.2013, the zoning status and settlement conditions for the parcels subject to appraisal have been listed below:

� Zoning Status:

The real property subject to appraisal remains within the scope of the “1/1000 scale Implementation Zoning Plan” approved as of 21.01.1997, and the settlement conditions are; � In the “Unit Trade” area legend, � Floor Area Coefficient: 1.80.



42

PLAN NOTES:

� In these areas, primary education, play school, unit trade and social facilities (Multi-purpose hall, library, healthcare units, post office, administrative and management units, etc. uses) will be available. The settlement conditions in these areas are as provided below. However, in some central sections, the utilization resolutions and percentages provided on the plan are applicable due to their special locations. UTILIZATION RESOLUTION FLOOR AREA COEEFICIENT TOTAL AREA PRIMARY EDUCATION 0,60 %66 PLAY SCHOOL 0,60 %12 UNIT TRADE 1,80 %15 SOCIAL FACILITY 0,60 %7

� In unit trade areas, the Floor Area Coefficient = 1.80, Base Area Coefficient = 0.60. In the upper stories, the Floor Area Coefficient = 1.20, generally residential units are located on these stories. However, within the scale of the housing units, trade, multi-storey store, restaurant, banks, offices, social and cultural facilities may also be available depending on the requirements.

� The construction area of a building to be constructed on these areas for any type of use may be calculated by multiplying the percentage for the said use in the central section total area and the Floor Area Coefficient.



43

� In case use in these areas is required, subdivision may be made within their own percentages provided above. However, under such circumstances, the subdivision procedure may not be made before it is committed at the notary public that the utilization right belongs to the public for the pedestrian road, green area, open parking areas open to public use such as general parking lot in the urban design project, and a servitude right is established to the benefit of the Metropolitan Municipality in this respect.

� Licenses and Permits:

� There is an architectural project approval dated 29.05.2007. � There is a “Construction License (New Building)” issued for section 46522, parcel no. 5, dated

29.08.2007 and numbered 631, for a total area of 19,358.70 sqm, as 10,212.37 sqm for 166 shops, and 9,146.33 sqm for the common areas.

� There is a “Building Occupancy Permit Certificate (New Building)” issued for section 46522, parcel no. 5, dated 31.12.2010 and numbered 1010, for a total area of 19,358.70 sqm, as 10,212.37 sqm for 166 shops, and 9,146.33 sqm for the common areas.

Construction Licence and Permissions Brief Table

Construction License – Building Utilization Permit Date/No Reason for Issue Area (sqm)

29.08.2007 – 631 (Building Permit) New Building 19.358,70

31.12.2010 – 1010 (Building Utilization Permit) New Building 19.358,70

� Building Supervision:

� The immovable subject to valuation is subject to the Law concerning Building Inspection dated 29.06.2001 and numbered 4708. It is being audited by ADS Yapı Denetim Ltd. Şti operating in the address of İlkbahar Quarter, 286th Street, No: 13/B-1, Çankaya / Ankara registered with register no 341-256866.

4.4 Legal Responsibility

This appraisal study was carried out on the assumption that there is no encumbrance and/or legal problem on the properties under appraisal and even if such problem exists, that these will be resolved. For this reason, the phase of calculation analysis of the appraisal, such legal problems were ignored and the value appraisal was carried out on the immovable property.

4.5 Environmental and Ground Contamination

Ground research and ground contamination work at the real estate are in the professional limits of the field of "Environmental Geophysics".

A detailed research in this field was not done as our company does not have expertise in this field. However, the real estate was observed to have no negative impacts on the environment during the on-site observations. Thus, the appraisal was done assuming that there was no negative impact on the environment.



44

SECTION 5

PHYSICAL AND ENVIRONMENTAL INFORMATION OF THE REAL ESTATE



45

5.1 The location, Position and Environmental Specifications of the Real Property

The open address of the immovable properties is: Eryaman Quarter, Türk Konut Blocks, 262th Street (235th Street), Ak Center Shopping Center, Etimesgut/ ANKARA.

In order to access the report subject real properties, one moves ahead in the south direction on the Selçuklular Street, which is one of the important axes of the region, for approximately 1.70 km, starting from the Göksu Shopping Center, without turning anywhere. Then, one turns to the Orhanbey Street located on the right-hand side. After moving for approximately 690 m on this street, one crosses over to the other side at the rotary section and moves for approximately 1.46 km on the Ertuğrul Street. Then, after moving for 510 m on the Amasya Beyannamesi Street on the left-hand side, one turns right and reaches the 262nd Street. The shopping center where the subject real properties are located is situated on the right-hand side of this street. The shopping center, where the subject real properties are located, is situated between the 262nd Street and the 263rd Street.

The Ak Center Shopping Center is located between the largest school of the region, community health center, play school and Türk Konut Blocks, and has a construction area of approximately 20,000.00 sqm. Nearly 7,500.00 sqm part of the Ak Center Shopping Center has been reserved for green area, social facility, sitting areas and walking areas. The aforesaid real property consists of 5 stories in total, as 2 basement + ground + 2 regular stories. At the shopping center where the aforesaid real properties are located, there are 166 shops in total, as 23 on the 1st basement storey, 77 on the ground storey, 46 on the 1st regular storey and 20 on the 2nd regular storey.

The region where the subject real properties are located is an area where primarily multiple-storey residential units, constructed in block order, are available. In the region in general, there are social facilities, shopping centers and education areas within estates. It is believed that the availability of social facilities, shopping centers, education areas around the main building, where the subject real properties are located, may increase the demand for the real properties, but the abundance of business centers of similar properties will also reduce the interest for the real properties. The main building has a front of approximately 82.51 m to the 262nd Street, and approximately 91.95 m to the 263rd Street.

In the close surroundings of the report subject real properties, the Dolphin Shopping Center, Maksimum Shopping Center, 5M Migros, Okyanus Plaza, Türk Konut Blocks, Kanuni Park, Play School, Community Health Center, Atakent Estate, Kent Mansions Estate, Eryaman High-school, Emel Önal Elementary School, the Amasya Beyannamesi Street, which is one of the busiest streets of the region, the Ertuğrul Street and similar structures are available. The subject real properties are at a distance of 500 m to the Eryaman Subway, 8.40 km to the Etimesgut district center, and 26.80 km to the Ankara city center.

The real properties are located in a region of high accessibility; it is possible to access the Ak Center Shopping Center where the aforesaid real properties are located, by private and public transportation vehicles.

SECTION 5

PHYSICAL AND ENVIRONMENTAL INFORMATION OF THE REAL ESTATE



46

.

292 nd Street

5M Migros

19 Mayıs Avenue

Dolphin SHC

Emel Önal İ.Ö.O.

Maksimum SHC

Tunahan Sitesi Amasya

Beyannamesi Avenue

AYAŞ ROAD

BELTWAY

OPTİMUM

SUBJECT REAL PROPERTY



47

The distance of the subject immovable to various centres has been indicated below:

Location Measure (km) Eryaman Subway ~0,50 Etimesgut District Center ~8,40 Ankara City Center ~26,80

5.2 Construction Characteristics of the Property under Appraisal

The subject property of appraisal is Ak Center Shopping Center, section 46522 on parcel no. 5 with 6,457.00 sqm size. The parcel has fronts to the 262nd Street and 263rd Street, and has a rectangular shape. According to the approved architectural project, the gross construction area of the shopping center is 17,645.44 sqm (Excluding Terraces (Terrace areas: 1,713.26 sqm)).

Construction Area of Ak Center Shopping Center

Floor Name

Total Construction Area

(Teras alanları hariç)) (sqm)

2nd Basement Floor 2.792,07 1th Basement Floor 4.464,78 Ground Floor 4.488,55 1th Normal Floor 4.213,39 2nd Normal Fllor 1.686,65 Total 17.645,44

The shopping center located on section 46522, parcel no. 5, subject to appraisal is composed of 2nd basement, 1st basement, ground, 1st regular and 2nd regular stories. According to the approved architectural project, in the shopping center located on section 46522, parcel no. 5, the 2nd basement storey (2,792.07 sqm) houses parking lot area (for 79 vehicles), elevator areas and fire escapes; the 1st basement storey (4,464.78 sqm) houses 23 shops, elevator areas, ladies – gentlemen restrooms, boiler room, generator, water booster, water tank + fire water tank, electrical panel room, shelter, storage areas, circulation area, fire escapes, stairwells; the ground storey (4,488.55 sqm) houses 77 shops, elevator areas, ladies – gentlemen restrooms, shopping center main entrance, service – circulation area, fire escapes, stairwells; the 1st regular storey (4,213.39 sqm) (excluding Terrace (Terrace area: 257.56 sqm)) houses 47 shops, elevator areas, ladies – gentlemen restrooms, circulation area, fire escapes, stairwells; the 2nd regular storey houses 19 shops, elevator areas, ladies – gentlemen restrooms, circulation area, fire escapes, stairwells, terrace area.

5.3 Construction Features of the Immovable Property’s Internal Locations

In its approved architectural project, the immovable property consists of 166 stores. The settled areas are within the construction areas included in the coefficient (shopping center store and circulation areas). There is independent section title deed on the stores within the shopping center. The warehouse areas and the terraces on the floors of the shopping center are not included in the coefficient therefore they are not rentable.

In the current state, as different from the approved architectural project of the main real property, mezzanines have been formed in some shops benefiting from the elevation difference, some shops have been included in the common use area or storage areas have been added to the shop areas, and the leasable areas of the shops have been increased.

The design and material qualifications of the stores are various. In the sections of the immovable property used as parking areas, the flooring is concrete, the walls are concrete and the ceiling is painted over plaster.



48

In the sections used as shopping center, the flooring is granite, ceramic and concrete, laminated parquet, the walls are painted and aluminum coated. The ceiling is suspended and spot illumination are also used.

In line with the customer’s request, a valuation report has been prepared for the shopping center within the scope in the modification project to be developed on section 46522, parcel 5, by the customer. In the valuation study, this value has been provided for informative purposes.

The independent sections available in the shopping center definitely should not be leased or sold to the local public; instead they should be leased to companies that have built reputations in their own fields. The management at the shopping center should be performed by expert individuals within its own organization or by working with a single company that is professional in this field. Otherwise, it is believed that the operation of the shopping center will not prove to be efficient.

In the project to be developed, the leasable areas on the available area will be increased, the entrances of shops currently opening to the outside, will be provided from inside the shopping center. Moreover, leasable area will be formed on the 3rd regular storey of the real property. The details of the modifications that will be made are provided in detail in the annexed contract.

The location and the floor plans on the Shopping Center have been provided below.

LOCATION



49

BASEMENT FLOOR PLAN

GROUND FLOOR PLAN



50

1TH NORMAL FLOOR PLAN

2ND NORMAL FLOOR PLAN



51

The total areas of shops and their distribution on storey-basis according to the approved architectural project and the current status of the shopping center, and the project to be developed, have been provided in the following table.

Floor Name Store No

Leasable Area According to the Approved Architectural

Project (sqm)

Leasable Area According to the Current Status (sqm)

Leasable Area According to the Project to be Developed (sqm)

2 nd

Ba

sem

ent

Fllo

r Leasable area that will be

added 0,00 0,00 4.000,00

TOTAL (sqm) 0,00 0,00 4.000,00

1 th

Bas

enet

Fllo

r

1 268,92 260,00 260,00

2 261,12 260,00 260,00 3 35,27 120,00 120,00 4 33,30 110,00 110,00 5 33,51 110,00 110,00 6 32,56 110,00 110,00 7 32,43 110,00 110,00 8 32,50 110,00 110,00 9 31,89 100,00 100,00

10 30,40 100,00 100,00 11 32,90 110,00 110,00 12 29,99 100,00 100,00 13 44,60 110,00 110,00 14 111,27 110,00 110,00 15 119,37 120,00 120,00 16 111,10 120,00 120,00 17 120,96 120,00 120,00 18 119,55 120,00 120,00 19 109,69 110,00 110,00 20 109,57 110,00 110,00 21 115,56 115,00 115,00 22 117,34 135,00 135,00 23 1.420,00 2.592,00 2.592,00

TOTAL (sqm) 3.353,80 5.362,00 5.362,00

Gro

und

Floo

r

1 133,87 100,00 100,00 2 131,78 100,00 100,00

24 60,61 100,00 100,00 25 66,19 100,00 100,00 26 61,41 100,00 100,00 27 66,99 100,00 100,00 28 65,99 100,00 100,00 29 60,61 100,00 100,00 30 60,42 100,00 100,00 31 63,60 135,00 135,00 32 63,60 135,00 135,00 33 181,06 200,00 200,00 34 17,95 20,00 20,00



52

35 16,21 20,00 20,00 36 16,43 20,00 20,00 37 17,30 20,00 20,00 38 16,87 20,00 20,00 39 17,95 20,00 20,00 40 16,44 20,00 20,00 41 16,44 20,00 20,00 42 17,30 20,00 20,00 43 16,76 20,00 20,00 44 17,33 20,00 20,00 45 15,87 20,00 20,00 46 15,87 20,00 20,00 47 16,70 20,00 20,00 48 17,64 20,00 20,00 49 17,33 20,00 20,00 50 15,87 20,00 20,00 51 15,87 20,00 20,00 52 16,70 20,00 20,00 53 17,64 20,00 20,00 54 83,19 120,00 120,00 55 75,76 120,00 120,00 56 77,56 105,00 105,00 57 59,10 60,00 60,00 58 59,10 60,00 60,00 59 59,10 60,00 60,00 60 57,99 60,00 60,00 61 29,30 30,00 30,00 62 29,30 30,00 30,00 63 29,30 30,00 30,00 64 29,30 30,00 30,00 65 27,84 30,00 30,00 66 27,84 30,00 30,00 67 5,68 10,00 10,00 68 36,18 50,00 50,00 69 37,65 45,00 45,00 70 29,63 30,00 30,00 71 35,34 35,00 35,00 72 31,68 35,00 35,00 73 32,52 35,00 35,00 74 34,92 35,00 35,00 75 33,86 35,00 35,00 76 33,86 35,00 35,00 77 34,92 35,00 35,00 78 33,86 35,00 35,00 79 38,80 40,00 40,00 80 38,26 40,00 40,00 81 33,92 36,00 36,00 82 34,38 36,00 36,00 83 33,41 36,00 36,00 84 33,27 36,00 36,00 85 33,34 36,00 36,00



53

86 32,71 36,00 36,00 87 31,18 36,00 36,00 88 33,75 36,00 36,00 89 30,21 30,00 30,00 90 28,13 30,00 30,00 91 32,56 95,00 95,00 92 32,45 80,00 80,00 93 60,88 60,00 60,00 94 47,32 50,00 50,00 95 13,70 15,00 15,00 96 6,33 10,00 10,00 97 29,17 30,00 30,00 98 30,15 30,00 30,00 99 19,21 20,00 20,00

100 19,21 20,00 20,00 Leasable area

that will be added

0,00 0,00 200,00

TOTAL (sqm) 3.069,72 3.788,00 3.988,00

1 th

Nor

mal

Flo

or

1 0,00 140,00 140,00 2 0,00 140,00 140,00

54 83,34 85,00 85,00 55 75,76 80,00 80,00 56 77,56 75,00 75,00 57 59,10 60,00 60,00 58 59,10 60,00 60,00 59 59,10 60,00 60,00 60 57,99 60,00 60,00 68 35,91 50,00 50,00 69 37,85 45,00 45,00 70 30,56 30,00 30,00 71 35,34 35,00 35,00 72 30,07 30,00 30,00 73 31,82 35,00 35,00 74 34,92 35,00 35,00 75 32,51 35,00 35,00 76 32,45 35,00 35,00 77 33,26 35,00 35,00 78 33,38 35,00 35,00 79 36,31 40,00 40,00 91 29,27 45,00 45,00 92 32,75 40,00 40,00

101 29,30 30,00 30,00 102 29,30 30,00 30,00 103 29,30 30,00 30,00 104 29,30 30,00 30,00 105 27,83 30,00 30,00 106 27,83 30,00 30,00 107 5,76 10,00 10,00 108 13,03 15,00 15,00 109 6,04 10,00 10,00



54

110 78,30 80,00 80,00 111 63,80 70,00 70,00 112 60,61 62,00 62,00 113 60,80 62,00 62,00 114 66,19 70,00 70,00 115 66,99 70,00 70,00 116 61,41 65,00 65,00 117 66,19 70,00 70,00 118 60,61 65,00 65,00 119 57,64 65,00 65,00 120 43,61 50,00 50,00 121 38,26 40,00 40,00 122 33,13 36,00 36,00 123 34,38 36,00 36,00 124 33,41 36,00 36,00 125 33,27 36,00 36,00 126 33,34 36,00 36,00 127 32,71 36,00 36,00 128 31,18 36,00 36,00 129 33,75 36,00 36,00 130 30,21 30,00 30,00 131 28,13 30,00 30,00 132 17,76 30,00 30,00 133 16,52 30,00 30,00 134 21,04 20,00 20,00 135 18,10 20,00 20,00 136 18,33 20,00 20,00 137 19,23 20,00 20,00 138 19,57 20,00 20,00 139 17,62 20,00 20,00 140 17,32 20,00 20,00 141 16,50 20,00 20,00 142 16,30 20,00 20,00 143 18,95 20,00 20,00 144 14,87 20,00 20,00 145 15,99 20,00 20,00 146 17,01 40,00 40,00 147 18,04 40,00 40,00

Leasable area that will be

added 0,00 0,00 200,00

TOTAL (sqm) 2.467,11 2.997,00 3.197,00

2 nd

Nor

mal

Flo

or

148 29,32 30,00 30,00 149 25,68 26,00 26,00 150 37,26 40,00 40,00 151 31,19 45,00 45,00 152 29,57 45,00 45,00 153 36,86 40,00 40,00 154 30,78 30,00 30,00 155 35,64 40,00 40,00 156 34,43 55,00 55,00



55

157 30,78 45,00 45,00 158 59,15 60,00 60,00 159 58,67 60,00 60,00 160 61,96 70,00 70,00 161 64,85 70,00 70,00 162 59,44 60,00 60,00 163 64,08 70,00 70,00 164 50,69 55,00 55,00 165 50,60 50,00 50,00

166,00 194,12 200,00 200,00 Leasable area

that will be added

0,00 0,00 1.800,00

TOTAL (sqm) 985,07 1.091,00 2.891,00

3 rd

N

orm

al

Floo

r Leasable area that will be

added 0,00 0,00 1.200,00

TOTAL (sqm) 0,00 0,00 1.200,00 GENERAL TOTAL (sqm) 9.875,70 13.238,00 20.638,00



56

The contract draft presented to us by the customer for the subject real property;



57



58



59



60



61

The Existing Buildings Structural Characteristics of the Construction:

Construction Style : Reinforced concrete Roof System : Alcorplan roof Number of Levels : 5 floor

Total Area Examined

: 17.645,44 sqm (Total construction according to the approved architectural project) 9.875,70 sqm (Total leaseble according to the approved architectural project) 13.238,00 sqm (Total leasable area according to the current status) 20.638,00 sqm (Leasable area according to the project to be developed)

Age : ~6 years Electricity : Network Water : Network Sewage : Network Heating System : Central system Ventilation System : Central system (Chillers + air handling unit) Generator : Available Fire Escape : AvailableFire Alarm : AvailableFire Water Tank : AvailableTransformer : AvailableElevator : Available (2 units) Escalator : Available (up and down) Water Tank : AvailableBooster pump : AvailableSecurity : Not Available

5.4 Interior Structural Characteristics of the Property

Blocks and Floor Name Using Purpose Ground Wall Ceiling Lighting

2nd basement floor Parking area Concrete Paint over plaster

Suspended ceiling

Spot illumination

1th basement floor Shopping center store and circulation areas

Partially seramic, partially parquet, partially granite, partially marble

Satin paint Suspended ceiling

Spot illumination

Ground floor Shopping center store and circulation areas



Spot illumination

1th normal floor Shopping center store and circulation areas



Spot illumination

2nd normal floor Shopping center store and circulation areas



Spot illumination



62

5.5 Identifications on Site of the Property

� The region where the subject real properties are located is an area where primarily multiple-storey residential units, constructed in block order, are available. In the region in general, there are social facilities, shopping centers and education areas within estates. It is believed that the availability of social facilities, shopping centers, education areas around the main building, where the subject real properties are located, may increase the demand for the real properties, but the abundance of business centers of similar properties will also reduce the interest for the real properties.

� The main building has a front of approximately 82.51 m to the 262nd Street, and approximately 91.95 m to the 263rd Street.

� The Ak Center Shopping Center where the real properties subject to appraisal are located is situated close to the Eryaman Subway.

� In its approved architectural project, the immovable property consists of 166 stores � Within the shopping center where the subject real properties are located, with the exception of a

few shops, most of the shops are in vacant state. � In the current state, as different from the approved architectural project of the main real property,

mezzanines have been formed in some shops benefiting from the elevation difference, some shops have been included in the common use area or storage areas have been added to the shop areas, and the leasable areas of the shops have been increased.

5.6 External and Miscellaneous Works

Within the scope of the external and miscellaneous works with respect to the main real property subject to appraisal, interlocking paving stone of approximately 5,361.00 sqm area is included.

.



63

SECTION 6

THE HIGEST AND THE BEST USE ANALYSIS



64

It is the use, which is physically the most appropriate to the building, permitted by the laws, financially executable and providing the highest revenue is the most efficient use. The factors defining the highest and best use contain the answer to the following questions.

� Is the use reasonable and probable? � Is the use legal and is there a possibility to obtain a legal right for the use? � Is the property physically fit for use or can it be made fit? � Is the proposed use financially executable? � The efficient, highest and best use chosen from the use forms passing the initial four questions is

indeed the most productive use of the land.

The zoning plans, which are the most defining factors of the real estate sector legally and technically have not, in our country, shown a development parallel to the economic development and due to this lack of revision, have a static appearance. As a natural result of the negative structure unwanted cases such as failure to bring into execution phase the optimum alternative which could provide financially and technically the highest efficiency and in addition to that which had obtained financing can occur quit often in our sector. In other words, in the conditions prevailing in our country the best project is not only the option providing the highest return and the most perfect technical results, but also the project which can meet the requirements of the laws and regulations.

The zoning plans, which are one of the most determining factors of the real estate sector from the legal and technical point of view, do not show in our country a development that is in line with the urbanization, technological developments and economic progress and due to this lack of revision, present a statistical appearance. As a natural result of the subject negative structure, unwanted cases such as inability to implement the optimum alternative which has even obtained financing and which would provide the highest efficiency from the financial and technical point of view can often be the case. In other words, in the conditions prevailing in our country, the nest project is not the one the alternative that brings the highest revenue or that provides the most perfect results but the project that fulfils the requirements of the legislation.

As the subject properties of appraisal are located in a region where generally people from middle income group live, and due to the demand of the region for shopping centers, and because of being located in a developing region; the most efficient and productive use of the property is as a “Shopping Center” in accordance with its construction.

SECTION 6

THE HIGEST AND THE BEST USE ANALYSIS



65

SECTION 7

EVALUATION OF REAL ESTATE



66

7.1 Factors Affecting the Value of the Immovable Property

STRENGTHS WEAKNESSES + Any infrastructure and

transportation problems are not experienced in the region where the real properties are located.

- Within the shopping center where the subject real properties are located, with the exception of a few shops, most of the shops are in vacant state.

- In the current state, as different from the approved architectural project of the main real property, mezzanines have been formed in some shops benefiting from the elevation difference, some shops have been included in the common use area or storage areas have been added to the shop areas, and the leasable areas of the shops have been increased.

OPPORTUNITIES THREATS � The Ak Center Shopping Center where the

real properties subject to appraisal are located is situated close to the Eryaman Subway.

× The ambiguities and fluctuations in the country economy are influencing the real property sector adversely also, as is the case for all other sectors.

× The region where the subject real properties are located is an area where primarily multiple-storey residential units, constructed in block order, are available. In the region in general, there are social facilities, shopping centers and education areas within estates. It is believed that the availability of social facilities, shopping centers, education areas around the main building, where the subject real properties are located, may increase the demand for the real properties, but the abundance of business centers of similar properties will also reduce the interest for the real properties.

7.2 Analysis Of The Methods Used In The Appraisal

In this appraisal study, for land value equivalent comparison, for building value cost analysis approach and income capitalization analyses have been used. In line with the customer’s request, a valuation report has been prepared for the shopping center within the scope in the modification project to be developed on section 46522, parcel 5, by the customer. In the valuation study, this value has been provided for informative purposes.

7.2.1 Sales Comparison Analysis

Plot Precedents:

� The sale value demanded for the lot in Eryaman District, in proximity with the immovable property, behind Koçtaş, with Coefficient: 1,50, area of 31.000,00 sqm, zoned for “commercial use” is US$31.000.000. (2.020 TL/sqm)

SECTION 7

EVALUATION OF REAL ESTATE



67

� The sale value demanded for the lot in Eryaman District, in proximity with the immovable property, on Ayaş Road, with 25.000,00 sqm area, zoned for “housing+commercial” purposes is TL25.000.000. (1.000 TL/sqm)

� For a plot in Eryaman Quarter, located close to the real property, with a front to the Ayaş Road, of 3,825 sqm surface area, with settlement conditions of Coefficient: 0,50 and “commercial” zoning, a sales price of 3.250.000 TL is being demanded. (1.007 TL/sqm)

� The sale value demanded for the lot in Eryaman District, in proximity with the immovable property, on Ayaş Road, with 1.582,00 sqm area, zoned for “commercial” use, is TL1.582.000. (1.000 TL/sqm)

� The sale value demanded for the lot in Eryaman District, in proximity with the immovable property, with façade to Ayaş Road, Coefficient: 1,50, with area of 8.000,00 sqm, zoned for “commercial use” is TL8.100.000. (1.013 TL/sqm)

� For a plot located close to the real properties subject to appraisal, at the Güzelkent Quarter, facing the Lozan Barışı Street, of 432.00 sqm surface area, with “Commercial” zoning, 3 stories permit, Coefficient: 1.75, a sales value of 432,000 TL is being demanded. (1,000 TL/sqm)

� For a plot located close to the real properties subject to appraisal, facing the street, of 400.00 sqm surface area with “Commercial” zoning, a sales value of 285,000 TL is being demanded. (713 TL/sqm)

NOTE: In the investigations that have been made, since any vacant plots are not available in the region where the plot subject to appraisal is located, plots that are located in the close surroundings have been investigated.

Equivalent No Area (sqm) Qualification Price

(TL/sqm) Notes

1 31.000,00 Commercial 2.020

The sale value demanded for the lot in Eryaman District, in proximity with the

immovable property, behind Koçtaş, with Coefficient: 1,50, zoned for “commercial use”

2 25.000,00 Housing + Commercial 1.000


immovable property, on Ayaş Road, zoned for “housing+commercial”

3 3.825,00 Commercial 1.007

For a plot in Eryaman Quarter, located close to the real property, with a front to the Ayaş

Road, of 3,825 sqm surface area, with settlement conditions of Coefficient: 0,50 and

“commercial” zoning

4 1.582,00 Commercial 1.000


immovable property, on Ayaş Road, zoned for “commercial”

5 8.000,00 Commercial 1.013


immovable property, with façade to Ayaş Road, Coefficient: 1,50, zoned for “commercial

use”

6 432,00 Commercial 1.000

For a plot located close to the real properties subject to appraisal, at the Güzelkent Quarter,

facing the Lozan Barışı Street, with “Commercial” zoning, 3 stories permit,

Coefficient: 1.75

7 400,00 Commercial 713 For a plot located close to the real properties

subject to appraisal, facing the street, with “Commercial” zoning



68

Leasable Shop Equivalents:

� It has been found out that a shop located close to the real properties subject to appraisal, on the ground storey at the Dolphin Shopping Center, of 186.00 sqm area, is on lease for 6,000 TL per month. (32,26 TL/sqm/ay)

� It has been found out that a shop located close to the real properties subject to appraisal, on the 1th

normal floor storey at the Dolphin Shopping Center, of 165.00 sqm area, is on lease for 4,000 TL per month. (24,24 TL/sqm/ay)

� It has been found out that a shop located close to the real properties subject to appraisal, on the ground storey at the Dolphin Shopping Center, of 35.00 sqm area, is on lease for 1.800 TL per month. (51,43 TL/sqm/ay)

� It has been found out that a shop located close to the real properties subject to appraisal, on the ground storey at the Okyanus Shopping Center, of 130.00 sqm area, is on lease for 4.500 TL per month. (34,62 TL/sqm/ay)

� It has been found out that a shop located close to the real properties subject to appraisal, on the basement + ground stories at the Okyanus Shopping Center, of 33.00 sqm area, is on lease for 1,500 TL per month. (45.45 TL/sqm/month)

� It has been found out that a shop located close to the real properties subject to appraisal, on the ground storey at the Okyanus Shopping Center, of 98.00 sqm area, is on lease for 6.000 TL per month. (61,22 TL/sqm/ay)

� It has been found out that a shop located close to the real properties subject to appraisal, on the ground storey at the Okyanus Shopping Center, of 93.00 sqm area, is on lease for 4.800 TL per month. (51,61TL/sqm/ay)

� It has been found out that a shop located close to the real properties subject to appraisal, across the Türk Konut Blocks, of 40.00 sqm area, is on lease for 1,700 TL per month. (42.50 TL/sqm/month)



69

Equivalent No Area (sqm) Qualification Price

(TL/sqm/ay) Notes

1 186,00 Store 32,26

It has been found out that a shop located close to the real properties subject to appraisal, on the ground storey at the Dolphin Shopping Center

2 165,00 Store 24,24

It has been found out that a shop located close to the real properties subject to appraisal, on the 1th normal floor storey at the Dolphin Shopping Center

3 35,00 Store 51,43

It has been found out that a shop located close to the real properties subject to appraisal, on the ground storey at the Dolphin Shopping Center

4 130,00 Store 34,62

It has been found out that a shop located close to the real properties subject to appraisal, on the ground storey at the Okyanus Shopping Center

5 33,00 Store 45,45

It has been found out that a shop located close to the real properties subject to appraisal, on the basement + ground stories at the Okyanus Shopping Center

6 98,00 Store 61,22


7 93,00 Store 51,61


8 40,00 Store 42,50

It has been found out that a shop located close to the real properties subject to appraisal, across the Türk Konut Blocks

� Professional Estimate of the Valuation Expert:

Considering the facts associated with the real properties subject to appraisal, such as the close location to the Eryaman Subway, the potentials of the residing population and settlement, surface area, zoned status, coefficient and the total construction area, and that no zoning relinquishments are to be made; the value of the plot has been assessed as follows.

LAND VALUE ( SECTION 46522 PARCEL 5) Land Value (1sqm) 820,00 .- TL Size of land (sqm) 6.457,00 sqm Total Land Value 5.294.740,00 .- TL 5.294.740 .- TL



70

7.2.2 Cost Analysis Approach

In this analysis, the building cost values of the property have been calculated with cost formation approach; according to the costs estimated by basing on the technical properties and the materials of the buildings, the construction costs of other buildings with same properties in the market and our past experiences. The depreciation cost of the buildings has been estimated according to the physically apparent conditions of the building by basing on the experiences of the appraisal expert.

LAND VALUE ( SECTION 46522 PARCEL 5) Land Value (1sqm) 820,00 .- TL Size of land (sqm) 6.457,00 sqm Total Land Value 5.294.740,00 .- TL 5.294.740 .- TL

BUILDING VALUE Shopping Center Construction Cost per 1 sqm for Building 1.550 .- TL

Building Closed Area 14.853,37 sqm Total Construction Cost 23.022.724 .- TL Depreciation 10% Building Value According To The Present Situation 2.302.272 .- TL

Building Value 20.720.451 .- TL 20.720.451 .- TL Parking Construction Cost per 1 sqm for Building 500 .- TL

Building Closed Area 2.792,07 sqm Total Construction Cost 1.396.035 .- TL Depreciation 10% Building Value According To The Present Situation 139.604 .- TL

Building Value 1.256.432 .- TL 1.256.432 .- TL Total Land Value 5.294.740 .- TL Total Building Value 21.976.883 .- TL External and Miscellaneous Works 110.000 .- TL TOTAL VALUE 27.381.623 .- TL TOTAL APPROXIMATE VALUE 27.382.000 .- TL

7.2.3 Cost Discount Approach Analysis

The approach based on one year’s stabilized returns of the real property, also called direct or indirect capitalization, analyses the market value of a revenue generating real property from the viewpoint of a new investor. In order to be able to determine a capitalization ratio, it investigates the relationship between the sales prices and revenues of comparable real properties. Then, it applies this ratio to the annual activity revenue achieved within the first year following the acquisition of the subject real property. The determined value, based on the assumption that an equivalent value would be generated at similar real properties, is the market value guaranteed at the defined revenue level. In this analysis, the “Real Property Value = Annual Net Revenue of the Real Property / Direct Capitalization Ratio” formula is used.

The lease revenues that may be generated by the real property on a monthly basis and the direct capitalization have been assessed as follows.



71

� Assumptions regarding the Shopping Center:

� In line with the customer’s request, a valuation report has been prepared for the shopping center within the scope in the modification project to be developed on section 46522, parcel 5, by the customer. In the valuation study, this value has been provided for informative purposes.

� Alışveriş merkezinde yer The independent sections available in the shopping center definitely should not be leased or sold to the local public; instead they should be leased to companies that have built reputations in their own fields. The management at the shopping center should be performed by expert individuals within its own organization or by working with a single company that is professional in this field. Otherwise, it is believed that the operation of the shopping center will not prove to be efficient.

� According to the project that will be acquired as a consequence of a modification on the shopping center located on section 46522, parcel no. 5, in line with the information provided by the customer, the total leasable area is 20,638.00 sqm; the total construction area is 38,717.40 sqm.

� According to the Shopping Center rental charts supplied by the customer, Taking the “Concept Development, Leasing, Management Consultancy Contract” signed on 28.08.2013 and the shopping center market data for Ankara in general, into considerationthe average rental value was calculated as 21,50 EURO/sqm/month. It was assumed that it will increase by 3% every year.

� In line with the information obtained from the surroundings, it has been assumed that the occupancy ratio of the shopping center will start at 85%, will increase and reach to the level of 95% by 2019 and then remain fixed at this level.

� Among the other income items are advertising income, kiosk&stand income, warehouse income etc. It was assumed that the other income will be 8,00% of the rental income and will increase in line with the rate of increase in rental values.

� The common area expenses of the Ak Center Shopping Center, in line with the information obtained considering the “Concept Development, Leasing, Management Consultancy Contract” signed on 28.08.2013, has been accepted as 6.00 EURO/sqm/month, and it has been assumed that these common area expenses will be acquired from the lessees in the ratio of the shopping center occupancy level.

� It has been assumed that a renewal fund around 1% of the construction cost appraised. The share of 1% of the construction cost has been calculated. It was assumed that it will increase by 3% every year.

� The real estate tax cost was used as 85.238 EURO according to the data obtained by the customer and it was assumed that this value will increase by 3% in years

� According to the obtained data, the building insurance cost has been considered as 66.907 EURO per annum, and this value is foreseen to increase by 3% every year.

� EURO was used during the studies and the rate was used as EURO 1: TL 2,73.

� It was assumed that all payments are made in cash.

� The reduction ratio was taken as 10,00% in the projection.

� Tax was not included in the studies within the scope of IVSC.

� The capitalization ratio was taken as 9,00 % in the projection.

� The rate of 3,19, which is the average of the Eurobond bills of exchange of 2020 based on EURO, was accepted as the “Risk-Free Rate of Return”.

PPG P

ROJE

GEL

İŞTİ

RME

GAYR

İMEN

KUL K

İRAL

AMA

VE İN

ŞAAT

A.Ş

.

REPO

RT N

O: 2

013R

EVB1

09

R

EPO

RT D

ATE:

07.

10.2

013

*

CON

FIDE

NTI

AL

72

Va

luat

ion

Tabl

e RA

TES

Risk

-Fre

e Rat

e of R

etur

n 3,

19%

3,

19%

3,

19%

Ri

sk P

rem

ium

6,

31%

6,

81%

7,

31%

Re

duct

ion

ratio

9,

50%

10

,00%

10

,50%

Ne

t Pre

sent

Valu

e (EU

RO)

62.6

87.8

80

60.6

07.5

57

58.6

17.6

38

Appr

oxim

ate N

et P

rese

nt V

alue (

EURO

) 62

.688

.000

60

.608

.000

58

.618

.000

Ne

t Pre

sent

Valu

e (TL

) 17

1.13

7.91

2

165.

458.

630

16

0.02

6.15

3

Appr

oxim

ate N

et P

rese

nt V

alue (

TL)

171.

138.

000

16

5.45

9.00

0

160.

026.

000

* Th

is va

lue

has b

een

calc

ulat

ed o

ver t

he p

roje

ct d

ata

to b

e ap

plie

d by

the

cust

omer

and

has

bee

n gi

ven

for i

nfor

mat

ion

purp

oses

onl

y.

POTE

NTI

AL IN

COM

E To

tal

07.1

0.20

1307

.10.

2014

07.1

0.20

1507

.10.

2016

07.1

0.20

1707

.10.

2018

07.1

0.20

1907

.10.

2020

07.1

0.20

2107

.10.

2022

07.1

0.20

23Re

ntab

le S

tore

Are

a of

the

Shop

ping

Cen

ter (

sqm

)0

20.6

3820

.638

20.6

3820

.638

20.6

3820

.638

20.6

3820

.638

20.6

3820

.638

Annu

al R

ate

of O

ccup

ancy

0,

00%

85,0

0%87

,00%

88,0

0%90

,00%

90,0

0%95

,00%

95,0

0%95

,00%

95,0

0%95

,00%

Rent

al In

crea

se R

ate

3%3%

3%3%

3%3%

3%3%

3%3%

3%3%

Mon

thly

Uni

t Ren

tal V

alue

(EU

RO)

0,00

21,5

022

,15

22,8

123

,49

24,2

024

,92

25,6

726

,44

27,2

428

,05

Tota

l Ann

ual S

tore

Ren

tal I

ncom

e (E

URO

)0

4.52

5.91

34.

771.

378

4.97

1.00

85.

236.

505

5.39

3.60

05.

864.

042

6.03

9.96

36.

221.

162

6.40

7.79

76.

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030

Oth

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com

e (A

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tisem

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Kios

k, S

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, Rev

enue

Diff

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ervi

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Stor

age

and

othe

r) (

EURO

)8,

00%

036

2.07

338

1.71

039

7.68

141

8.92

043

1.48

846

9.12

348

3.19

749

7.69

351

2.62

452

8.00

2TO

TAL

POTE

NTI

AL IN

COM

E (E

URO

)60

.513

.908

04.

887.

986

5.15

3.08

85.

368.

688

5.65

5.42

55.

825.

088

6.33

3.16

56.

523.

160

6.71

8.85

56.

920.

420

7.12

8.03

3O

PERA

TIO

N E

XPEN

SES

Antici

pated

Ope

ratio

n Cos

t Unit

Valu

e (EU

RO/sq

m)3%

0,00

6,00

6,18

6,37

6,56

6,75

6,96

7,16

7,38

7,60

7,83

Antici

pated

Ope

ratio

n Cos

t (EU

RO)

0-1

.485

.936

-1.5

30.5

14-1

.576

.430

-1.6

23.7

22-1

.672

.434

-1.7

22.6

07-1

.774

.285

-1.8

27.5

14-1

.882

.339

-1.9

38.8

09Co

sts C

ollec

ted fro

m the

Less

ees A

ccor

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o the

Ren

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gree

ments

(EU

RO)

01.

263.

046

1.33

1.54

71.

387.

258

1.46

1.35

01.

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191

1.63

6.47

71.

685.

571

1.73

6.13

81.

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222

1.84

1.86

9Co

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d to b

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by th

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URO)

0-2

22.8

90-1

98.9

67-1

89.1

72-1

62.3

72-1

67.2

43-8

6.13

0-8

8.71

4-9

1.37

6-9

4.11

7-9

6.94

0Bu

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(EUR

O)3,

0%0

-66.

907

-68.

915

-70.

982

-73.

111

-75.

305

-77.

564

-79.

891

-82.

288

-84.

756

-87.

299

Real

Estat

e Tax

(EU

RO)

3,0%

0-8

5.23

8-8

7.79

5-9

0.42

9-9

3.14

1-9

5.93

6-9

8.81

4-1

01.7

78-1

04.8

31-1

07.9

76-1

11.2

16Re

newa

l Fun

d (EU

RO)

1,0%

0-2

09.0

85-2

15.3

58-2

21.8

19-2

28.4

73-2

35.3

27-2

42.3

87-2

49.6

59-2

57.1

49-2

64.8

63-2

72.8

09TO

TAL

OPE

RATI

ON

CO

STS

(EUR

O)

-5.5

39.0

220

-584

.121

-571

.034

-572

.401

-557

.098

-573

.811

-504

.895

-520

.042

-535

.643

-551

.713

-568

.264

NET

OPE

RATI

ON

INCO

MES

(EUR

O)

54.9

74.8

870

4.30

3.86

64.

582.

054

4.79

6.28

85.

098.

327

5.25

1.27

75.

828.

270

6.00

3.11

86.

183.

211

6.36

8.70

86.

559.

769

Rate

of Ca

pitali

zatio

n (%

)9,

0%72

.886

.322

NET C

ASH

FLOW

S (E

URO)

04.

303.

866

4.58

2.05

44.

796.

288

5.09

8.32

75.

251.

277

5.82

8.27

06.

003.

118

6.18

3.21

16.

368.

708

79.4

46.0

91CU

MULA

TIVE

NET

FLO

W (E

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04.

303.

866

8.88

5.92

013

.682

.207

18.7

80.5

3424

.031

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29.8

60.0

8135

.863

.199

42.0

46.4

1048

.415

.118

127.

861.

209



73

7.2.4 Evaluation of the Results of the Analysis

During the value appraisal on the subject immovable property, the cost analysis approach and development approach methods were used. In line with the customer’s request, a valuation report has been prepared for the shopping center within the scope in the modification project to be developed on section 46522, parcel 5, by the customer. In the valuation study, this value has been provided for informative purposes.

Alışveriş merkezinde yer The independent sections available in the shopping center definitely should not be leased or sold to the local public; instead they should be leased to companies that have built reputations in their own fields. The management at the shopping center should be performed by expert individuals within its own organization or by working with a single company that is professional in this field. Otherwise, it is believed that the operation of the shopping center will not prove to be efficient.

� According to the cost approach, the market value of the real properties has been calculated as 27.382.000.- TL (Twentysevenmillionthreehundredeightytwothousand.- Turkish Liras) (10.030.000.- EURO).

� According to the revenue discount approach, the market value of the shopping center was calculated as 165.459.000.- TL (Onehundredsixtyfivemillionfourhundredfiftyninethousand.- Turkish Liras) (60.608.000.- EURO) in the modification project that will be developed on section 46522, parcel no. 5. This value has been calculated over the data of the modification project to be implemented by the customer, and has been provided for informative purposes.



74

SECTION 8

CONCLUSION



75

All characteristics which might have an influence on the value of the property such as its location in Istanbul Thrace Free Zone, infrastructure and means of access, its facade to the street, land area, its zoning status, the construction system of the building, its age, the workmanship and the quality of the products, the construction completion rate of interior design have been taken into account and detailed market research has been undertaken on location. Taking into consideration the economic conditions experienced in the recent period the value of the immovable has been estimated as follows by TSKB Gayrimenkul Değerleme A.Ş.

MARKET VALUE OF THE PARCEL ON 07.10.2013 (EXCLUDED VAT)

27.382.000.- TL (Ttwentysevenmillionthreehundred eightytwothousand.- Turkish Liras)

10.030.000.- EURO

(Tenmillionthirtythousand.- EURO)

MARKET VALUE OF THE SHOPPING CENTER INCLUDED IN THE PROJECT TO BE DEVELOPED ON SECTION

46522, PARCEL 5, AS OF 07.10.2013 (EXCLUDING VAT)

165.459.000.- TL (Onehundredsixtyfivemillionfourhundred

fiftyninethousand.- Turkish Liras)

60.608.000.- EURO

(Sixtymillionsixhundredeightthousand.- EURO)

* This value has been calculated over the project data to be applied by the customer and has been given for information purposes only.

We hereby submit our report expressing our point of view and opinion with respects.

SECTION 8

CONCLUSION

1- This value is net present value.

2- VAT is excluded. 3- Exchange rate has been taken as EURO 1 = 2,73. The value in EURO is given only for information purpose. 4- This report has been prepared further to the related provisions of the Capital Markets Regulation.

5- This page is an inseparable part of the appraisal report, it is complete with the detailed information in the report and it can not be used separately.

Bilge KALYONCU Senior Appraiser

Derya ALAN ERDEM Branch Responsible / Appraiser



76

SECTION 9

APPENDIX



77

Additional List 1 Copy of the Title Deed

2 Building Licences and Occupancy Permits

3 Approved Architectural Project

4 Lease Contract

5 Photographs

6 CV’s

SECTION 9

APPENDIX

Documents

PG PROJE GELİŞTİRME GAYRİMENKUL KİRALAMA VE İNŞAAT … · pg proje gelİŞtİrme gayrİmenkul kİralama ve İnŞaat a.Ş. etİmesgut / pg proje gelİŞtİrme gayrİmenkul kİralama