Akfen Gayrimenkul Yatirim Ortakligi A.S. was formed because of the name change and restructuring of Aksel Tourism Investments and Management Inc. (Aksel) into a real estate investment partnership. Aksel was initially established as a partnership between Hamdi Akin and Yüksel Insaat A.S. with the aim of investing in the domestic tourism sector. Subsequently, the shares of Yüksel Insaat A.S. were acquired by Akfen Holding A.S. (Akfen Holding) in 2006, and the Company became a subsidiary of Akfen Holding. The restructuring was finalized with the transformation of the Company into a (Real Estate Investment Trust) following the Board of Directors' decision dated April 25, 2006, and the Capital Markets Board's (CMB) decision numbered 31/894 dated July 14, 2006, which was registered on August 25, 2006. The adoption of the title (Real Estate Investment Trust) and the change in the scope of activity were published in the Trade Registry Gazette on August 31, 2006. On August 6, 2018, 1000 Class A and 1000 Class D preferred shares of Akfen GYO, owned by Akfen Holding, were transferred to Hamdi Akin, who is the indirect ultimate owner of management control of these shares. The company's main activity is investing in real estate-based capital market instruments, creating and developing a real estate portfolio, and engaging in the purposes and activities described in Articles 5, 23, and 25 of the Capital Markets Board's Communiqué on Principles Regarding Real Estate Investment Trusts (Series III, No: 48.1). In 2005, the company signed a framework agreement with ACCOR SA, one of the world's leading hotel chains, to develop hotel projects in Türkiye under the Novotel and Ibis Hotel brands. The company primarily develops Novotel and Ibis branded hotel projects and leases them to Tamaris Turizm A.S. (Tamaris), a wholly owned subsidiary of ACCOR SA operating in Türkiye. The company was listed on the Istanbul Stock Exchange (BIST) on May 11, 2011. Akfen Gayrimenkul Yatirim Ortakligi A.S. was established on June 25, 1997.
