With the new Capital Markets Law (CML) No. 6362, which was published in the Official Gazette No.28513 dated 30.12.2012, real estate investment funds were given a legal infrastructure for the first time in our country. With the Communique on the Principles Regarding Real Estate Investment Funds published in the Official Gazette No. 28871 dated 03.01.2014 and based on the authority given to CMB by the CML, the principles regarding the establishment, activities, sales and activities of these funds to qualified investors are regulated in detail. Such funds, which are frequently seen abroad, and established mostly for corporate domestic and global investors, are capital market institutions that allow securitization of real estates, bring liquidity to large-scale real estate, and gather investors with real estate owners. The regulations introduced with the Communique on Principles Regarding Real Estate Investment Funds (III-52.3) are summarized below. Real estate investment funds (REIF) can be established by portfolio management companies and real estate portfolio management companies, and the REIF participation shares will be sold to qualified investors. It is obligatory that at least 80% of the total REIF value consists of real estate investments. Real estate investments can be field, land, residence, office, shopping mall, hotel, logistics center, warehouse, park, hospital and all types of real estate. Parallel to the international applications, the assets in the REIF portfolio should be held by an independent portfolio custodian. REIF has been deemed to have legal personality, limited only to land registry and registration-related amendments, abandonment and correction. It is obligatory that the minimum portfolio size of the funds reach 10.000.000 TL in one year at most following the sale of the participation shares. The funds were allowed to be established with or without duration. Provided that it is included in the fund's bylaw, it is possible to charge a performance fee for the part of the portfolio that consist of real estate investments. The appraisal of real estate investments has been made obligatory as a minimum at the end of each calendar year by the appraisal institutions approved by the Board.