Real Estate Investment Fund (REIF)

The fund is an asset which does not have a legal entity and established within the fund rules by portfolio management companies and real estate portfolio management companies which hold an operating license received from the Capital Market Board in order to manage the portfolios comprised of assets and transactions specified in Communique on Real Estate Investment Funds (III-52.3) (this communique), with the money collected from qualified investors in return for fund units, in accordance with fiduciary ownership principles and pursuant to the provisions of the Capital Market Law.

Real Investment Funds can engage in purchasing, renting, leasing of real estates with the purpose of buying and selling profit or rental income or pledging for buying or selling. 80% of the total fund value must comprise of real estate investment.

Real Investment Funds cannot invest in real estate projects and cannot undertake construction works. Real Investment Funds cannot run hotels, hospitals, malls, commerce centres, commerce parks, commerce storehouses, housing estates, supermarkets and real estates in similar qualification for commercial purpose.

Real Investment Funds can manage the portfolios comprised of assets and transactions specified by the related legislation, with the money collected from qualified investors in return for fund units, in accordance with fiduciary ownership principles and pursuant to the provisions of the Law.

Shares of real investment funds can be sold only to qualified investors.

The marketing and distribution of fund shares can be carried out by the founder of the fund and also by means of a signed contract by the personnel of the authorized portfolio management companies and investment institutions who have sufficient knowledge about the risks that these funds contain.

Following the approval of the certificate of issuance by the Capital Markets Board, pursuant to fundamentals of internal regulations, certificate of issuance and if available the investor information document; shares can be presented to investors via distribution channels announced in the certificate of issuance as of the beginning date indicated in the certificate of issuance.

Investor Information Document is a summary document which consists of strategy and risks of the investment.

Real Estates Funds can be established buy portfolio management companies and real estate and venture capital investment companies.

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