Akfen REIT quickly erased the negative impact of the coronavirus in 7 months and carried its revenues to the pre-pandemic period with an increase of 200%. The revenues of the company, which has signed an important transformation operation, increased by 200 percent to 83 million TL in the first 7 months of 2021 compared to the previous year, and the pre-epidemic period figures were also captured.

In 2021, Akfen GYO’s revenues in the 7-month period between January and July, by taking precautions and by adding Bodrum Loft Holiday Village, Isparta and Kütahya student dormitories to its portfolio, reached 83 million TL, an increase of 200% compared to the same period of the previous year.

Akfen Gayrimenkul Yatırım Ortaklığı (Akfen GYO), which started to take precautions with the beginning of 2021 against the negativities brought by the coronavirus epidemic that affected the world, continues to receive the results of these steps quickly.

With the measures taken by Akfen GYO in 2021 and the Bodrum Loft Holiday Village, Isparta and Kütahya student dormitories added to its portfolio, the company’s total rental income in July increased by 267% compared to the same month of the previous year and reached 20 million TL.

The company’s revenues for the 7-month period, which included the January-July period, which was 27 million TL last year, reached 83 million TL with an increase of 200% in the same period of this year.

NEGATIVE EFFECT OF THE PANDEMIC RECOVERED WITHIN 7 MONTHS

Starting out with the concept of city hotel management with an investment of 300 million Euros between 2007 and 2017, Akfen GYO took quick steps for its financial structure, which was adversely affected by the pandemic period that the world entered with the coronavirus epidemic. The company managed to catch the pre-pandemic period in 7 months with its consecutive decisions.

Adding Bodrum Loft Holiday Village and Isparta and Kütahya student dormitories to its portfolio consisting mainly of city hotels with an investment of 59 million Euros since the beginning of 2021, Akfen GYO has restructured its portfolio as 21 hotels, 2 student dormitories and 1 office building..

As a second step, Akfen GYO revised and improved its lease agreement with Accor Group, one of the world’s leading chains, that operates 19 hotels, 15 of which are in Turkey and 4 in Russia. This change was reflected in the rental income of Akfen GYO as an increase since the beginning of the year.

In the third step, Akfen GYO agreed with its creditors and restructured its existing debt of EUR 178 million with a maturity of 10 years. Then, with the new capital increase made by Akfen GYO, the company paid 44 million Euros early.

Supporting these steps with capital increases, Akfen GYO has realized 3 capital increases since the beginning of 2021. Thus, the company’s capital grew 5 times in just 8 months. With these steps, Akfen GYO was also awarded the “investable” rating by the credit rating company JCR Avrasya.

The revenues of the company, which has completed an important transformation operation, increased by 200 percent to 83 million TL in the first 7 months of 2021 compared to the previous year, and the pre-pandemic period figures were also caught.

In July, Akfen GYO’s rental income from 19 hotels, 15 of which are in Turkey and 4 in Russia, increased by 339% compared to the same month of 2020 and reached 1.1 million Euros. January-July revenues increased by 111% compared to the previous year and reached 3.7 million Euros.