Frequently Asked Questions

Real Estate Investment Fund is an investment instrument that brings together individual savings and collectively evaluates these savings in real estate investments by professional managers.

Communique on the Principles Regarding Real Estate Investment Funds entered into force by being published in the Official Gazette no. 28871 dated 03.01.2014, through which the principles regarding the real estate investment funds establishment and activities were arranged in detail.

Real estate investment funds, managed under the audit and supervision of the Capital Markets Board in accordance with legal permissions and limitations; stand out as a reliable and transparent investment instrument.

Real Estate Investment Funds can be established by Portfolio Management Companies or Real Estate Portfolio Management Companies that have obtained an operation license from the Capital Markets Board.

Real Estate Investment Funds can be established in 2 types "Definite" or "Indefinite". Definite funds enter into liquidation process after a certain period defined at the establishment stage. Indefinite funds can be liquidated at any time by the decision of founders or investors.

The qualified investors with a minimum amount of 1 million TRY or equivalent foreign currency money and capital market instruments can invest in Real Estate Investment Funds.

Real estate investment funds can; buy, sell, rent, lease, and promise to buy or sell any immovable such as field, land, residential unit, office, shopping mall, hotel, logistics center, warehouse, park, hospital, etc. As a rule, a minimum of 80% of REIF investments are required to be in real estate assets.

Every fund has an Investment Committee. All decisions -like purchase, sale, lease- are made upon the approval of the Investment Committee.

The REIF investment committee consists of a minimum of 3 members; 1 of whom is a board member of the portfolio management company, 1 of which is the general manager and the last one is a licensed real estate appraiser. Apart from this, any number of people desired to participate in the investment strategy and management of the fund are included in the investment committee by the decision of the board of directors of the portfolio management company.

Unless otherwise stated in the issuance document, fund investments are not subject to any limitations in purchase and sale amounts. It is imperative that real estate investment funds reach 10 million TRY within 1 calendar year from its establishment.

Real estate investment funds cannot invest in immovable properties that have not been completed and / or were not issued the occupancy permit yet. The projects carried out by the Housing Development Administration (TOKİ), Emlak Konut, İller Bankası, Municipalities and companies with their subsidiaries, affiliates and / or companies that have the privilege to nominate the board of directors are exceptions. However, the funds are prohibited from participating in real estate development and / or operating activities.

All REIF investments must be made domestically. Apart from this, there are no restrictions on the choice of region.

The portfolio management company manages the buying, selling, leasing, evacuation, collection, debt tracking, accounting, tax and other legal processes of the properties invested by the fund; investors do not need to deal with these tasks and transactions.

Independent Audit, Risk Management, Internal Control, Inspection institutions and Real Estate Appraisal form the main audit mechanism of the fund.

It is not legally possible for the investor assets to be held by the Portfolio Management Companies or in their accounts. The custody duty is carried out by a Custodian Institution (Bank) authorised by the CMB. Therefore, the portfolio management companies make a portfolio custody agreement with the custodian institution in order to protect the investor assets.

The value of the properties to be included in the fund portfolio and the value increase of the properties in the portfolio; are determined by the reports prepared by the appraisal companies licensed by the Capital Markets Board.

The founder shares the changes in the fund composition with its investors through periodic and instant announcements. The financial results of these changes are also included in regular notifications to the CMB and PDP.

The REIF participation shares owned by the investor are kept by the Custodian institution licensed by the Capital Markets Board and are registered by the Central Securities Depository (CSD) -where the assets the like stocks, treasury bills, government bonds, etc. are also registered.

The assets of the fund are kept by the custodian institution. Real estate purchase and sale transactions that will be made on behalf of the fund take place under the custodian’s supervision.

The areas where the fund can spend is specified in the issue document by items. It is not possible for the Fund to make an expenditure other than the ones mentioned. The expenditures that are made from the fund are made with the approval of the custodian organization.

Investors get 2 types of profits from REIF investments. One is the value increase gain arising from the purchase and sale profits and the price changes of the real estates, and the other is the dividend payments. As a result of the definitions and assumptions made in the bylaw and issuance document, the gains from the purchase and sale can be paid at the investor's exit from the fund as well as during the liquidation period of the fund. Dividend payments are paid to the investor in periods determined by the founder's decision.

Since the fund asset is separate from the founder and custodian assets, in case of the founder or custodian’s bankruptcy the fund asset is protected. Even if the founder or custodian’s management and audit are transferred to public organizations, the fund asset cannot be seized, restricted, or be subject to bankruptcy.

Real estate investment fund are divided into 2; closed-ended and open-ended. In closed-ended funds, entry into the fund is only possible during the first issuance, i.e. the fund establishment period. After this period, no new investors are accepted to the fund. In open-ended funds, it is possible to enter the fund during the periods defined in the issuance document. In this type of fund, the investor may decide to enter a fund after observing the performance of the fund.

The investor may exit the fund by returning his participation shares to the founder during the exit periods specified in the issuance document. However, it is always possible for an investor to exit from the fund by tranferring their share to a third party.

If there is no contrary provision in the issuance document, the investor may partially or fully transfer their participation shares to a 3^rd party at any time. The full transfer of participation shares to the 3^rd party means an exit from the fund.

Real estate investment funds provide many tax advantages to investors. Moreover, since the fund itself is exempt from corporate tax, fund profits are not taxed.

Pursuant to legal regulations, real estate investment funds cannot make any return commitments.

The investor may purchase the REIF participation share he is interested in by contacting the founding portfolio management company. If you want to buy a participation share from Altınbaşak REIF, you may fill in the information request or contact form on our website or send an e-mail to info@altinbasakrgyf.com.

You can reach the legal announcements on the fund, bylaw and issuance document, and learn further details by visiting both our website altinbasakrgyf.com and www.kap.org.tr website.

It is possible to purchase a real estate that has already been purchased by a REIF. Please click here to get our help in this topic.

You can move your existing real estate investments under REIF. This change gives you significant operational and tax benefits. Please click here to get our help in this topic.

Yes, a 100% owned REIF can be established for you from your existing real estate. This is not different than owning each of your properties separately. You will be able to earn more from the same real estate, thanks to the managerial and tax benefits provided by managing the properties through REIF. Please click here to get our help in this topic.