Akis REIT (Real Estate Investment Trust)



Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

28 Mar 2018



PSD disclosed:

23 Apr 2018

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

EBRD participated in the accelerated book building ("ABB") of AKIS GYO Gayrimenkul Yatirim Ortakligi A.S. ("AKIS REIT" or "the Company"), a real estate investment trust part of Akkok Holding ("the Group"), Turkey. The Bank equity investment amounted to Turkish Lira equivalent of USD 25 million of the Company's secondary treasury shares.

The proceeds of the ABB will be used to help finance the Company's development pipeline and improve its balance sheet by reducing the outstanding loans. The proceeds of EBRD investment will finance the capex of Beykoz project, a residential development targeting LEED Silver or above energy efficiency certification (the "Project").


Project Objectives

The Project will support the growth of the Company by providing financing specifically to residential development project in Beykoz and reducing the bank debt leverage.

Transition Impact

ETI score: 61

The expected transition impact of the Project will stem from its contribution to the Inclusive and Green qualities, namely supporting the Company to (i) train up to 100 people whose skills will be certified formally through testing in a Vocational Testing Center and (ii) help the Company to achieve a minimum LEED Silver certification for the largest residential project from its development portfolio.

Client Information


AKIS REIT is one of the leading companies in Turkey in terms of quality of its real estate developments and asset management, high corporate governance principals and business ethics, ambitious targets in sustainability of its projects. The Company's current commercial portfolio includes two major shopping malls (Akasya Shopping Mall and Akbati Shopping Mall) with gross leasable area of 145k m2 , high street retail real estates and residential assets.

EBRD Finance Summary

USD 7,300,128.75

Total Project Cost

USD 43,588,833.38

Environmental and Social Summary

Categorized B (ESP 2014). The environmental and social issues associated with the equity investment in the real estate investment trust are site specific and can be addressed through standard mitigation measures. Environmental and social due diligence (ESDD) of the Company's operations, carried out by ESD, demonstrated that the Company operates its property investment and operation in compliance with relevant national law. At the group level, the Group is a member of the UN Global Compact (GC) and applies all ten UN GC principles for its activities.  Again at the Group level, the Group has been providing satisfactory annual environmental and social reports for the preceding projects with the Bank.  The Group's HR policy including an employee grievance mechanism, which is in line with PR2, is applied for the trust fund with 26 employees.

The ESDD was based on reviews of the completed corporate questionnaire and property specific questionnaire, documents and other information supplied by the client (Sustainability Reports 2013-2016 and Akis REIT portfolio presentation). The ESDD showed that the Company's activities are carried out in compliance with national legislation related to environmental permitting, and there were no significant environmental issues associated with their current operations.  There were no biodiversity, cultural heritage and resettlement issues associated with the client. Two of the Company's existing retail properties, shopping centres Akasya and Akbati are BREEAM certified "Good" and "Excellent", respectively. The Company will commit to attain, at least, LEED "Silver" for the largest residential project in its development pipeline, Beykoz.

The Company asserted that national construction and fire safety regulations are applied during development of their assets. No incidents resulting from fire accidents were reported in the last three years. The Company uses third parties (contractors) for the provision of construction and maintenance services. The ESDD specifically on the investment trust (the Company), however, identified that it needs robust supply chain and contractor management related to labour practices for this project to satisfy EBRD PRs. An Environmental and Social Action Plan (ESAP) has been developed for the project and will be agreed with the client to be incorporated into the legal agreement. The ESAP will address overarching E &S risk management, contractor management in relation to their construction and maintenance labour and OHS issues and environmental, labour and OHS legal compliance requirements in the bidding and contractor documents, life and fire safety in the client's properties, grievance mechanism and stakeholder engagement. The Company is required to ensure that all the operations under the investment trust comply with EBRD PRs.  The Bank will monitor the project's environmental and social performance by reviewing the annual reports as well as monitoring visits.

Technical Cooperation and Grant Financing

Technical Corporation might be provided under Inclusion Assistance Framework to support the Company to development of training programme & its materials and supervision of pilot implementation of the training programme.

Company Contact Information

I. Goksin Durusoy
+90 212 393 01 00
+90 212 393 01 02
Acibadem Mah. Çeçen sok. No:25 Akasya AVM 34660

Implementation summary

The Project is an equity investment to Akii Gayrimenkul Yatirim Ortakliii A.i. ("Akis" or the "Company") to purchase Akis' secondary treasury shares, which were sold through the accelerated book building ("ABB"). The proceeds of the ABB was envisaged to be used: to (i) help finance its development pipeline and  (ii) to improve its balance sheet by reducing the outstanding debt. The transition impact of the project is expected to come from Inclusive and Green qualities, namely (i) training people whose skills will be certified formally through testing in a Vocational Testing Centre  (Inclusive quality) and (ii) achieving a minimum LEED Silver certification for the largest residential project (Beykoz).

Since 2019, the EBRD has been working closely with Akis in providing structured professional development programmes for its mid- and high-level staff including facility directors and managers. With the support of the EBRD, Akis extended its professional development trainings to entry-level staff (receptionists, concierge, cleaning staff, parking attendant, security and others) in 2019. The programme contributed to the Company's efforts to upgrade the skills of all of its employees as well as its service providers' young staff in customer contact and service disciplines. The training program was designed and conducted with the motto of "You are one of us" for the development of the Company's subcontractor employees. As of December 2020, within the scope of "You are one of us i You are the Power" training programme the Company provided trainings to 972 employees to upgrade the skills of entry-level staff of the Akasya, Akbati and Akyasam Malls as well as the service providers' young staff in customer contact and service disciplines. The training programme has been awarded with the second prize in the category "Best Training and Development Programme" by TEGEP Learning and Development Association.

With regards to the Green quality, the Beykoz residential project (large residential development) that is at the core of this quality objectives has been waiting for zoning plans and construction permits. Therefore, the achievement of the related transition impact objectives remains delayed.

PSD last updated

08 Dec 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


Share this page: