Sector note · Real estate
Real estate: the buyers are Turkish
Turkish property is bought by Turkish buyers: listed REITs and companies that already run shopping centres are buying them from foreign owners. In construction, foreign capital goes mostly to cement.
Named deals
- 1Esentepe Gayrimenkul, 50% Rönesans · EUR 63.7m · 2025
- 2Traçim Çimento Titan · about USD 190m · 2025
- 3Forum Mersin and Forum Kayseri Torunlar GYO · about EUR 350m · 2026
- 4Akçansa, 39.72% Heidelberg Materials · USD 427.9m · 2026
- 01
Since January 2023, Turkish buyers made 52 of the 56 real estate transactions in Orion’s register; in construction, 5 of 22 had a foreign buyer.
Orion Capital Partners register, January 2023 to September 2026
- 02
Torunlar GYO signed on 30 January 2026 to buy the companies that own two shopping centres, Forum Mersin and Forum Kayseri, from Germany’s Union Investment, for about EUR 350m in total, subject to adjustment after an audit.
Torunlar GYO, KAP, 30 January 2026 (Forum Mersin)
Torunlar GYO, KAP, 30 January 2026 (Forum Kayseri) - 03
Rönesans Gayrimenkul Yatırım bought out Euro Crescent, a company of the GIC group, from two joint ventures: 50% of Esentepe Gayrimenkul for EUR 63.7m in September 2025, and 50% of the company that owns İstanbul Optimum Premium Outlet for EUR 68.9m in September 2026.
Rönesans Gayrimenkul Yatırım, KAP, 30 September 2025
Rönesans Gayrimenkul Yatırım, KAP, 4 June 2026
Rönesans Gayrimenkul Yatırım, KAP, 9 September 2026 - 04
Heidelberg Materials bought Sabancı Holding’s 39.72% of Akçansa, a cement maker, for USD 427.9m, completed on 18 June 2026; its holding rose to 79.44%, giving it control.
Heidelberg Materials, 20 April 2026
Sabancı Holding, 18 June 2026 - 05
Titan Group bought all of Traçim Çimento, a plant in the greater Istanbul market with about 2.5 million tonnes of annual capacity that can also export to the United States, for about USD 190m; it signed in December 2025 and completed in March 2026.
Orion view
For a property owner, the likely buyers are Turkish REITs and groups that already run shopping centres and know the assets as well as the seller. They buy on income: lead with rents by tenant and currency, occupancy and lease terms. A foreign investor bidding against them needs the same knowledge and as fast a decision. In construction materials, European cement groups are buying; a producer with permits and capacity near a large market has a foreign buyer to talk to.
Sources: as cited above, read October 2026; Orion Capital Partners analysis.
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