Sinpas Gayrimenkul Yatirim Ortakligi A.S. (IST:SNGYO) Logo

About Sinpas Gayrimenkul Yatirim Ortakligi A.S. (IST:SNGYO)

Sinpas Insaat Anonim Sirketi (Sinpas Insaat), which was established on 22 December 2006 with the aim of transforming into a Real Estate Investment Partnership (REIT), applied to the Capital Markets Board (CMB) with the request to transform into a REIT and following the approval of the relevant request, it was transformed into a REIT by being registered in the trade registry on 3 May 2007 and its title was changed to Sinpas Gayrimenkul Yatirim Ortakligi A.S. (Sinpas GYO). The main operation of the Group is to develop residential and sales real estate projects. The Group is under the roof of Sinpas Group Companies, one of the leading real estate investment and development groups in the sector. The Group was established in Turkiye and operates in Turkiye. The main shareholder of the Group is Avni Celik. Considering the advantages and synergy that the merger of Sinpas GYO and Sinpas Yapi, which operate in the same sector, will create in terms of economic, operational and competitive power, and the benefits that the opportunities and possibilities that will arise from the company size after the merger will provide to all Capital Market stakeholders, it was decided to merge Sinpas GYO and Sinpas Yapi based on the balance sheets of 30.06.2017, within the framework of the relevant legislation, with the decision of the Board of Directors taken on 21.11.2017 by the Board of Directors of Sinpas GYO. At the Extraordinary General Assembly meeting held on 29.12.2017, it was decided by majority vote that Sinpas Yapi would be taken over by Sinpas GYO and merged within Sinpas GYO. The Extraordinary General Assembly meeting was registered on 28.02.2018. Due to the merger transaction, the issued capital of Sinpas GYO was increased by 600,000,000 TL to 873,193,432 TL. The merger was realized within the Group and the merger transaction was evaluated within the framework of the provisions of TFRS standards and a combined group balance sheet was created as required by the standard. Sinpas Yapi's net assets underlying the merger were determined by valuing investment properties and stocks at fair value. As of 31 March 2025, the Group has 188 employees. (31 December 2024: 205 employees.) The Group's registered address is Sinpas Plaza, Dikilitas Mahallesi Yenidogan Sokak. No:36 34349 Besiktas, Istanbul.

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