Kaan Aytogu, CFO of Kiler Real Estate Investment Trust's parent company
The planned sukuk bonds will be backed by Kiler REIT's mixed-use project Sapphire's revenues, and the company plans to use the revenues from the issue to extend maturity of its short-term debt and to finance its new projects, according to Aytogu.
Kiler REIT plans to develop shopping mall, residence and tourism-related projects on its lands in
Kiler REIT's total assets currently stands at TRY 560mn (
On a related note,
Ozdemir also informed that Kiler Alisveris increased its turnover by 8% y/y to more than TRY 1bn in 2013 and also increased the number of its stores to 205 from 190.
Kiler Alisveris currently is not interested in inorganic growth opportunities, Aytogu said.
Last month, Kiler Alisveris Merkezleri signed a Common Terms Agreement worth
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