{"id":175,"date":"2025-12-19T15:35:45","date_gmt":"2025-12-19T12:35:45","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=175"},"modified":"2025-12-19T15:35:45","modified_gmt":"2025-12-19T12:35:45","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-hlgyo-halk-gayrimenkul-yatirim-ortakligi-2025-9-bilanco-analizi-sadece-insaat-degil-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/175","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #HLGYO | Halk Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi | Sadece \u0130n\u015faat De\u011fil \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #HLGYO | Halk Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi | Sadece \u0130n\u015faat De\u011fil \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/CB_-3jX3CFk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Rakamlar\u0131n \u00d6tesinde: Halk GYO Raporlar\u0131ndan Muhtemelen Bilmedi\u011finiz 5 Detay<\/h1>\n<h2><b>Giri\u015f<\/b><\/h2>\n<p>\u015eehirlerimizde y\u00fckselen devasa \u015fantiyeleri, vin\u00e7leri ve modern binalar\u0131 g\u00f6rd\u00fc\u011f\u00fcm\u00fczde, bu projelerin arkas\u0131ndaki g\u00fcc\u00fc merak ederiz. Bu \u015firketler kimdir, nas\u0131l \u00e7al\u0131\u015f\u0131rlar ve ba\u015far\u0131lar\u0131n\u0131n s\u0131rr\u0131 nedir? Bu merakla, T\u00fcrkiye&#8217;nin en b\u00fcy\u00fck gayrimenkul yat\u0131r\u0131m ortakl\u0131klar\u0131ndan biri olan Halk GYO&#8217;nun son kurumsal raporlar\u0131n\u0131 derinlemesine inceledim. Sadece bilan\u00e7o rakamlar\u0131n\u0131n ve finansal tablolar\u0131n \u00f6tesine ge\u00e7erek, \u015firketin stratejisi, vizyonu ve gelece\u011fi hakk\u0131nda \u015fa\u015f\u0131rt\u0131c\u0131 ve etkili \u00e7\u0131kar\u0131mlar ke\u015ffettim. \u0130\u015fte o raporlar\u0131n sat\u0131r aralar\u0131ndan derledi\u011fim 5 \u00f6nemli detay.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Sadece \u0130n\u015faat De\u011fil, S\u00fcrd\u00fcr\u00fclebilir Bir Gelecek \u0130n\u015fas\u0131<\/h2>\n<p>B\u00fcy\u00fck \u00f6l\u00e7ekli bir in\u015faat ve geli\u015ftirme \u015firketinden ilk beklenti genellikle beton ve \u00e7elik odakl\u0131 olmas\u0131d\u0131r. Ancak Halk GYO raporlar\u0131, \u015firketin \u00e7evresel s\u00fcrd\u00fcr\u00fclebilirli\u011fe ne kadar \u00f6nem verdi\u011fini a\u00e7\u0131k\u00e7a ortaya koyuyor. Bu durum, sekt\u00f6rdeki genel alg\u0131ya ayk\u0131r\u0131 ve dikkat \u00e7ekici bir yakla\u015f\u0131m.<\/p>\n<ul>\n<li><b>LEED Gold Sertifikal\u0131 Projeler:<\/b> \u015eirketin portf\u00f6y\u00fcndeki \u0130stanbul&#8217;daki <b>Levent Otel<\/b> ve Kocaeli&#8217;deki <b>\u015eekerp\u0131nar Bankac\u0131l\u0131k Merkezi<\/b> projeleri, \u00e7evre dostu tasar\u0131mlar\u0131 sayesinde uluslararas\u0131 ge\u00e7erlili\u011fi olan &#8220;LEED Gold&#8221; sertifikas\u0131n\u0131 almaya hak kazanm\u0131\u015f.<\/li>\n<li><b>Eski\u015fehir&#8217;de Bir \u0130lk:<\/b> Eski\u015fehir\u2019de hayata ge\u00e7irilen <b>Panorama Plus<\/b> projesi, \u015fehrin en y\u00fcksek puan\u0131yla &#8220;LEED Silver sertifikas\u0131&#8221; alan ilk projesi olma unvan\u0131n\u0131 ta\u015f\u0131yor.<\/li>\n<\/ul>\n<p>Bu ye\u015fil bina oda\u011f\u0131, \u015firketin sadece k\u00e2r odakl\u0131 olmad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda ileri g\u00f6r\u00fc\u015fl\u00fc ve sorumlu bir vizyonla hareket etti\u011fini g\u00f6steriyor. Bu yakla\u015f\u0131m, Halk GYO&#8217;yu sadece gelece\u011fin \u015fehirlerini in\u015fa eden bir oyuncu olarak de\u011fil, ayn\u0131 zamanda \u00e7evresel d\u00fczenlemelerin ve yat\u0131r\u0131mc\u0131 beklentilerinin giderek artt\u0131\u011f\u0131 bir pazarda risklerini azaltan ve marka de\u011ferini y\u00fckselten ak\u0131ll\u0131 bir yat\u0131r\u0131mc\u0131 olarak konumland\u0131r\u0131yor.<\/p>\n<h2>2. Rakamlarla Patlay\u0131c\u0131 B\u00fcy\u00fcme: Bir Finansal G\u00fc\u00e7 Merkezi<\/h2>\n<p>Halk GYO&#8217;nun 2025&#8217;in ilk dokuz ay\u0131ndaki finansal performans\u0131, raporlarda en \u00e7ok g\u00f6ze \u00e7arpan unsurlardan biri. Rakamlar, \u015firketin ne denli b\u00fcy\u00fck bir finansal g\u00fcce ve ivmeye sahip oldu\u011funu net bir \u015fekilde g\u00f6steriyor.<\/p>\n<ul>\n<li><b>Varl\u0131k B\u00fcy\u00fckl\u00fc\u011f\u00fc:<\/b> \u015eirketin toplam varl\u0131klar\u0131, bir \u00f6nceki y\u0131l sonuna g\u00f6re %16,69 oran\u0131nda artarak <b>70,1 Milyar TL<\/b>&#8216;ye ula\u015ft\u0131.<\/li>\n<li><b>Sat\u0131\u015flarda Rekor Art\u0131\u015f:<\/b> Sat\u0131\u015f gelirleri, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla %834,82 gibi ola\u011fan\u00fcst\u00fc bir art\u0131\u015fla <b>7,1 Milyar TL<\/b>&#8216;ye y\u00fckseldi. Bu, bir y\u0131l \u00f6nce 100 TL ciro yapan bir d\u00fckkan\u0131n, ertesi y\u0131l 934 TL ciro yapmas\u0131 gibidir; bu \u00f6l\u00e7ekte bir b\u00fcy\u00fcme, \u015firketin pazar pay\u0131n\u0131 ne kadar agresif bir \u015fekilde art\u0131rd\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/li>\n<li><b>Net K\u00e2rda S\u0131\u00e7rama:<\/b> Net d\u00f6nem k\u00e2r\u0131, %175,54&#8217;l\u00fck bir art\u0131\u015f g\u00f6stererek <b>4,4 Milyar TL<\/b>&#8216;ye ula\u015ft\u0131.<\/li>\n<\/ul>\n<p>Bu rakamlar, sadece birer istatistik de\u011fil; \u015firketin stratejisini ba\u015far\u0131l\u0131 bir \u015fekilde uygulad\u0131\u011f\u0131n\u0131n ve pazardaki g\u00fc\u00e7l\u00fc konumunu daha da peki\u015ftirdi\u011finin somut birer kan\u0131t\u0131.<\/p>\n<h2>3. Konuttan \u00c7ok Daha Fazlas\u0131: T\u00fcrkiye&#8217;nin \u0130konik Projelerine At\u0131lan \u0130mza<\/h2>\n<p>Halk GYO denince akla genellikle konut projeleri gelse de, \u015firketin portf\u00f6y\u00fc bundan \u00e7ok daha fazlas\u0131n\u0131 i\u00e7eriyor. Raporlar, \u015firketin ulusal \u00f6l\u00e7ekte \u00f6nemli ve \u00e7e\u015fitli ticari projelere imza att\u0131\u011f\u0131n\u0131 g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<ul>\n<li><b>\u0130stanbul Finans Merkezi&#8217;nin Kalbinde:<\/b> \u015eirket, T\u00fcrkiye ekonomisinin yeni merkezi olacak <b>\u0130stanbul Finans Merkezi (\u0130FM)<\/b> projesinin en b\u00fcy\u00fck payda\u015flar\u0131ndan biri. Proje b\u00fcnyesindeki &#8220;Halk Ofis Kuleleri&#8221;nin Eyl\u00fcl 2025 itibar\u0131yla ger\u00e7e\u011fe uygun de\u011feri 36,4 milyar TL olarak raporlanm\u0131\u015f.<\/li>\n<li><b>\u00c7e\u015fitlendirilmi\u015f Portf\u00f6y:<\/b> \u015eirketin yat\u0131r\u0131m yelpazesi olduk\u00e7a geni\u015f:\n<ul>\n<li><b>Turizm:<\/b> \u0130stanbul&#8217;daki Levent Otel ve Sal\u0131pazar\u0131 Otel gibi yat\u0131r\u0131mlar.<\/li>\n<li><b>Sanayi:<\/b> \u0130stanbul-Bursa-Kocaeli sanayi geli\u015fim aks\u0131n\u0131n merkezinde yer alan Dilovas\u0131 Modern Sanayi Sitesi projesi.<\/li>\n<li><b>Karma Kullan\u0131m:<\/b> \u0130zmir&#8217;deki devasa Evora \u0130zmir projesi, ki bu proje Sign of the City Awards&#8217;da &#8220;En \u0130yi Mimari Tasar\u0131m&#8221; \u00f6d\u00fcl\u00fcn\u00fc kazanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Bu projeler sadece birer bina de\u011fil; Levent&#8217;teki otel \u0130stanbul&#8217;un i\u015f merkezine, Dilovas\u0131&#8217;ndaki sanayi sitesi ise T\u00fcrkiye&#8217;nin \u00fcretim koridoruna yap\u0131lan birer yat\u0131r\u0131md\u0131r. Bu \u00e7e\u015fitlendirilmi\u015f portf\u00f6y, Halk GYO&#8217;nun sadece gayrimenkul sekt\u00f6r\u00fcne de\u011fil, ayn\u0131 zamanda T\u00fcrkiye ekonomisinin turizm, sanayi ve ticaret gibi farkl\u0131 lokomotif sekt\u00f6rlerine de stratejik yat\u0131r\u0131m yapt\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<h2>4. Birlikten Do\u011fan Kuvvet: Stratejik Ortakl\u0131k Modeli<\/h2>\n<p>Raporlar\u0131 incelerken tekrar eden bir i\u015f modeli dikkat \u00e7ekiyor: &#8220;Adi Ortakl\u0131k&#8221; (T\u00fcrkiye&#8217;de b\u00fcy\u00fck projeler i\u00e7in s\u0131k\u00e7a kullan\u0131lan, taraflar\u0131n belirli bir i\u015fi tamamlamak \u00fczere bir araya geldi\u011fi basit bir i\u015f ortakl\u0131\u011f\u0131 modeli). Halk GYO, b\u00fcy\u00fck projeleri hayata ge\u00e7irmek i\u00e7in s\u0131k s\u0131k sekt\u00f6r\u00fcn di\u011fer \u00f6nemli oyuncular\u0131yla g\u00fc\u00e7lerini birle\u015ftiriyor.<\/p>\n<ul>\n<li><b>Bizimtepe Aydos:<\/b> Bu konut projesi, Vak\u0131f GYO ile kurulan bir ortakl\u0131k \u00fczerinden geli\u015ftirildi.<\/li>\n<li><b>Evora \u0130zmir:<\/b> Alsancak&#8217;taki bu b\u00fcy\u00fck karma kullan\u0131m projesi i\u00e7in &#8220;Teknik Yap\u0131 &#8211; Halk GYO Adi Ortakl\u0131\u011f\u0131&#8221; kurularak bir gelir payla\u015f\u0131m\u0131 modeline gidildi.<\/li>\n<li><b>Devam Eden Strateji:<\/b> Raporlarda ad\u0131 ge\u00e7en G\u00f6kt\u00fcrk Adi Ortakl\u0131\u011f\u0131 ve Kemerburgaz Adi Ortakl\u0131\u011f\u0131 gibi yeni giri\u015fimler, bu modelin devam eden bir strateji oldu\u011funu kan\u0131tl\u0131yor.<\/li>\n<\/ul>\n<p>Bu i\u015f birli\u011fi yakla\u015f\u0131m\u0131, \u015firketin riskleri payla\u015fmas\u0131na, farkl\u0131 uzmanl\u0131k alanlar\u0131n\u0131 bir araya getirmesine ve tek ba\u015f\u0131na \u00fcstlenilmesi zor olan daha b\u00fcy\u00fck ve karma\u015f\u0131k projeleri ba\u015far\u0131yla y\u00f6netmesine olanak tan\u0131yan ak\u0131ll\u0131 bir i\u015f stratejisi olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n<h2>5. Yat\u0131r\u0131mc\u0131lara Net Bir Vaat: \u015eeffaf K\u00e2r Da\u011f\u0131t\u0131m Politikas\u0131<\/h2>\n<p>Bir \u015firketin yat\u0131r\u0131mc\u0131lar\u0131na olan ba\u011fl\u0131l\u0131\u011f\u0131n\u0131 g\u00f6steren en \u00f6nemli unsurlardan biri, k\u00e2r da\u011f\u0131t\u0131m politikas\u0131d\u0131r. Halk GYO&#8217;nun raporlar\u0131nda bu konuda olduk\u00e7a net ve iddial\u0131 bir taahh\u00fct yer al\u0131yor.<\/p>\n<ul>\n<li><b>En Az %50 Da\u011f\u0131t\u0131m \u0130lkesi:<\/b> \u015eirket, portf\u00f6y\u00fcndeki gayrimenkul varl\u0131klar\u0131ndan elde etti\u011fi k\u00e2r\u0131n <b>en az %50&#8217;sini<\/b> bedelsiz hisse veya nakit olarak Genel Kurul&#8217;a da\u011f\u0131tmay\u0131 teklif etme politikas\u0131n\u0131 benimsedi\u011fini a\u00e7\u0131k\u00e7a belirtiyor.<\/li>\n<\/ul>\n<p>Bu politika, \u015firketin sadece b\u00fcy\u00fcme odakl\u0131 olmad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda elde etti\u011fi ba\u015far\u0131y\u0131 hissedarlar\u0131yla payla\u015fma konusunda g\u00fc\u00e7l\u00fc bir kararl\u0131l\u0131\u011fa sahip oldu\u011funu g\u00f6steriyor. Bu durum, \u015firketin uzun vadeli k\u00e2rl\u0131l\u0131\u011f\u0131na ve finansal istikrar\u0131na duydu\u011fu g\u00fcvenin de bir sinyali olarak okunabilir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2><b>Sonu\u00e7<\/b><\/h2>\n<p>Halk GYO&#8217;nun kurumsal raporlar\u0131, rakamlar\u0131n arkas\u0131nda yatan stratejik bir zek\u00e2y\u0131 ve \u00e7ok y\u00f6nl\u00fc bir vizyonu ortaya koyuyor. Raporlar, Halk GYO&#8217;nun sadece finansal kas g\u00fcc\u00fcyle de\u011fil, ayn\u0131 zamanda stratejik bir vizyonla hareket etti\u011fini g\u00f6steriyor: S\u00fcrd\u00fcr\u00fclebilirlik ile gelece\u011fi g\u00fcvence alt\u0131na al\u0131rken, \u00e7e\u015fitlendirilmi\u015f portf\u00f6y\u00fc ve ak\u0131lc\u0131 ortakl\u0131klar\u0131 ile riskleri da\u011f\u0131t\u0131yor ve t\u00fcm bu operasyonel ba\u015far\u0131y\u0131 \u015feffaf bir k\u00e2r da\u011f\u0131t\u0131m politikas\u0131yla do\u011frudan yat\u0131r\u0131mc\u0131s\u0131na yans\u0131t\u0131yor. T\u00fcm bunlar bir araya geldi\u011finde, sadece binalar in\u015fa eden bir \u015firket de\u011fil, ayn\u0131 zamanda \u00fclkenin gelece\u011fine yat\u0131r\u0131m yapan bir g\u00fc\u00e7 merkezi tablosu \u00e7iziliyor. Peki, T\u00fcrkiye&#8217;nin siluetini \u015fekillendiren bu devin bir sonraki b\u00fcy\u00fck ad\u0131m\u0131 ne olacak?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Halk GYO A.\u015e. 01.01.2025 \u2013 30.09.2025 D\u00f6nemi Bilgilendirme Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu bilgilendirme raporu, Halk Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. (Halk GYO) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n 30 Eyl\u00fcl 2025 tarihinde sona eren dokuz ayl\u0131k d\u00f6neme ait faaliyetlerini, finansal durumunu ve stratejik geli\u015fmelerini kapsaml\u0131 bir \u015fekilde analiz etmektedir. Rapor, \u015firketin konsolide finansal tablolar\u0131 ve ara d\u00f6nem faaliyet raporundan derlenen bilgilere dayanmaktad\u0131r.<\/p>\n<p>D\u00f6nemin \u00f6ne \u00e7\u0131kan finansal sonu\u00e7lar\u0131, \u015firketin g\u00fc\u00e7l\u00fc b\u00fcy\u00fcme trendini ortaya koymaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla Halk GYO&#8217;nun toplam aktifleri, 2024 y\u0131l sonuna g\u00f6re %16,69 art\u0131\u015fla 70,1 milyar TL&#8217;ye, \u00f6zkaynaklar\u0131 ise %11,20 art\u0131\u015fla 43,7 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. \u015eirketin has\u0131lat\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla %834,82&#8217;lik ola\u011fan\u00fcst\u00fc bir art\u0131\u015fla 7,1 milyar TL&#8217;ye y\u00fckselirken, net d\u00f6nem k\u00e2r\u0131 %175,54 artarak 4,4 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<p>Stratejik portf\u00f6y y\u00f6netimi kapsam\u0131nda d\u00f6nem i\u00e7inde \u00f6nemli ad\u0131mlar at\u0131lm\u0131\u015ft\u0131r. \u0130stanbul Finans Merkezi&#8217;ndeki (\u0130FM) Halk Ofis B Blok&#8217;un bir k\u0131sm\u0131n\u0131n ana ortak T\u00fcrkiye Halk Bankas\u0131 A.\u015e.&#8217;ye 4,5 milyar TL bedelle sat\u0131\u015f\u0131 ve d\u00f6nem sonras\u0131nda ek sat\u0131\u015f kararlar\u0131, \u015firketin nakit pozisyonunu g\u00fc\u00e7lendiren en \u00f6nemli i\u015flemler olmu\u015ftur. Ayr\u0131ca, \u0130stanbul&#8217;da &#8220;Next Level Kemer&#8221; ve &#8220;Next Level Country&#8221; projelerini geli\u015ftirmek \u00fczere G\u00f6kt\u00fcrk ve Kemerburgaz Adi Ortakl\u0131klar\u0131na %57,5 oran\u0131nda i\u015ftirak edilmi\u015f, Bah\u00e7elievler&#8217;de yeni bir kentsel d\u00f6n\u00fc\u015f\u00fcm projesine %50 pay ile ortak olunmu\u015ftur.<\/p>\n<p>\u015eirket, devam eden b\u00fcy\u00fck \u00f6l\u00e7ekli projelerinde de \u00f6nemli ilerlemeler kaydetmi\u015ftir. Evora \u0130zmir projesinin in\u015faat\u0131 %91, Dilovas\u0131 Modern Sanayi Sitesi projesi %95 oran\u0131nda tamamlanm\u0131\u015ft\u0131r. Paye Sakarya projesinde %48, Next Level Kemer projesinde ise %56&#8217;l\u0131k tamamlanma oran\u0131na ula\u015f\u0131lm\u0131\u015ft\u0131r. Bu projelerdeki sat\u0131\u015f faaliyetleri de planland\u0131\u011f\u0131 \u015fekilde devam etmektedir.<\/p>\n<p>Finansal yap\u0131 taraf\u0131nda, \u015firket 18 Eyl\u00fcl 2025&#8217;te 160 milyon TL&#8217;lik bedelsiz sermaye art\u0131r\u0131m\u0131 ger\u00e7ekle\u015ftirerek \u00e7\u0131kar\u0131lm\u0131\u015f sermayesini 3,84 milyar TL&#8217;ye y\u00fckseltmi\u015ftir. 7 \u015eubat 2023&#8217;te ba\u015flat\u0131lan pay geri al\u0131m program\u0131 kapsam\u0131nda 4,93 milyon adet pay geri al\u0131nm\u0131\u015ft\u0131r. Ayr\u0131ca, 1 Ocak 2025&#8217;te y\u00fcr\u00fcrl\u00fc\u011fe girecek yeni vergi d\u00fczenlemeleri, GYO&#8217;lar\u0131n kurumlar vergisi istisnas\u0131ndan yararlanabilmesi i\u00e7in ta\u015f\u0131nmazlardan elde edilen kazan\u00e7lar\u0131n en az %50&#8217;sinin k\u00e2r pay\u0131 olarak da\u011f\u0131t\u0131lmas\u0131 \u015fart\u0131n\u0131 getirmi\u015ftir. Bu do\u011frultuda, \u015eirket k\u00e2r da\u011f\u0131t\u0131m politikas\u0131n\u0131 g\u00fcncellemi\u015ftir.<\/p>\n<p>Sonu\u00e7 olarak, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131, Halk GYO i\u00e7in hem finansal b\u00fcy\u00fcme hem de stratejik portf\u00f6y optimizasyonu a\u00e7\u0131s\u0131ndan olduk\u00e7a ba\u015far\u0131l\u0131 bir d\u00f6nem olmu\u015ftur. \u015eirket, g\u00fc\u00e7l\u00fc proje portf\u00f6y\u00fc, etkin risk y\u00f6netimi ve dinamik finansal yap\u0131s\u0131 ile sekt\u00f6rdeki lider konumunu peki\u015ftirmeye devam etmektedir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Kurumsal Profil ve Y\u00f6netim Yap\u0131s\u0131<\/h2>\n<h3>1.1. \u015eirket Hakk\u0131nda Genel Bilgiler<\/h3>\n<p>Halk Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. (Halk GYO), 2010 y\u0131l\u0131nda T\u00fcrkiye Halk Bankas\u0131 A.\u015e.&#8217;nin ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olarak kurulmu\u015f; gayrimenkullere, gayrimenkul projelerine, gayrimenkule dayal\u0131 haklara ve sermaye piyasas\u0131 ara\u00e7lar\u0131na yat\u0131r\u0131m yapan bir \u015firkettir. Faaliyetlerini Sermaye Piyasas\u0131 Kurulu (SPK) d\u00fczenlemeleri ve ilgili mevzuat \u00e7er\u00e7evesinde y\u00fcr\u00fctmektedir.<\/p>\n<p>\u015eirket, 22 \u015eubat 2013 tarihinde halka arz edilmi\u015f olup, paylar\u0131n\u0131n %28&#8217;i &#8220;HLGYO&#8221; kodu ile Borsa \u0130stanbul&#8217;da (B\u0130ST) YILDIZ PAZAR&#8217;da i\u015flem g\u00f6rmektedir. Halk GYO paylar\u0131, BIST GYO, BIST T\u00dcM, BIST MAL\u0130, BIST KURUMSAL Y\u00d6NET\u0130M, BIST T\u00dcM-100, BIST GER\u0130 ALIM, BIST YILDIZ ve BIST 500 endekslerine dahildir.<\/p>\n<p><b>Vizyon, Misyon ve Strateji<\/b><\/p>\n<ul>\n<li><b>Vizyon:<\/b> \u015eeffaf bir y\u00f6netim yap\u0131s\u0131 olu\u015fturarak payda\u015f haklar\u0131n\u0131 koruyan, yat\u0131r\u0131mc\u0131lar taraf\u0131ndan tercih edilen ve GYO sekt\u00f6r\u00fcn\u00fcn \u00f6nde gelen kurumlar\u0131ndan biri olmak.<\/li>\n<li><b>Misyon:<\/b> T\u00fcm payda\u015flar\u0131na s\u00fcrekli katma de\u011fer yaratmak, GYO sekt\u00f6r\u00fcn\u00fcn geli\u015fimine katk\u0131da bulunmak ve k\u00fcresel \u00f6l\u00e7ekte sayg\u0131n bir kurum haline gelmek.<\/li>\n<li><b>Strateji:<\/b> Gayrimenkul portf\u00f6y\u00fcn\u00fc, y\u00fcksek kira geliri elde edilebilecek ticari m\u00fclk a\u011f\u0131rl\u0131kl\u0131 geli\u015ftirerek, \u00f6zkaynak a\u011f\u0131rl\u0131kl\u0131 finansman modeli ile hissedarlar\u0131na y\u00fcksek getiri sunmak.<\/li>\n<\/ul>\n<p><b>\u015eirket K\u00fcnyesi<\/b> | Bilgi | Detay | | :&#8212; | :&#8212; | | <b>Kay\u0131tl\u0131 Sermaye Tavan\u0131<\/b> | 7.500.000.000 TL | | <b>\u00c7\u0131kar\u0131lm\u0131\u015f Sermaye<\/b> | 3.840.000.000 TL | | <b>Vergi Dairesi \/ No<\/b> | Kozyata\u011f\u0131 Vergi Dairesi \/ 4560466076 | | <b>Ticaret Sicil No<\/b> | 751122 | | <b>Mersis No<\/b> | 0456046607600015 | | <b>Merkez Adresi<\/b> | Barbaros Mah. Begonya Sok. WBC \u0130\u015f Merkezi No: 2h Ata\u015fehir\/\u0130stanbul | | <b>\u0130nternet Adresi<\/b> | www.halkgyo.com.tr | | <b>Ba\u011f\u0131ms\u0131z Denetim<\/b> | KPMG Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e. |<\/p>\n<h3>1.2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 3.840.000.000 TL&#8217;dir. Ortakl\u0131k yap\u0131s\u0131nda ana hissedar T\u00fcrkiye Halk Bankas\u0131 A.\u015e.&#8217;dir.<\/p>\n<p><b>Ortakl\u0131k Da\u011f\u0131l\u0131m\u0131 (30.09.2025)<\/b> | Orta\u011f\u0131n Unvan\u0131 | Grubu | Pay Oran\u0131 (%) | Pay Tutar\u0131 (TL) | | :&#8212; | :&#8212; | :&#8212; | :&#8212; | | T\u00fcrkiye Halk Bankas\u0131 A.\u015e. | A | %1,58 | 60.674.767,38 | | T\u00fcrkiye Halk Bankas\u0131 A.\u015e. | B | %77,75 | 2.985.469.064,80 | | Halk Yat\u0131r\u0131m A.\u015e. | A | %0,04 | 1.449.055,57 | | Halk Finansal Kiralama A.\u015e. | A | %0,00 | 5,77 | | Di\u011fer | | %20,63 | 792.407.106,48 | | <b>Toplam<\/b> | | <b>%100,00<\/b> | <b>3.840.000.000,00<\/b> |<\/p>\n<p>Sermayenin %5&#8217;inden fazlas\u0131na sahip olan tek ortak, toplam %79,33 pay ile T\u00fcrkiye Halk Bankas\u0131 A.\u015e.&#8217;dir.<\/p>\n<h3>1.3. Y\u00f6netim Kurulu ve \u00dcst Y\u00f6netim<\/h3>\n<p>Y\u00f6netim Kurulu, ikisi ba\u011f\u0131ms\u0131z olmak \u00fczere toplam alt\u0131 \u00fcyeden olu\u015fmaktad\u0131r. 01.01.2025 \u2013 30.09.2025 d\u00f6neminde Y\u00f6netim Kurulu Ba\u015fkan\u0131 Fatih \u015eAHBAZ&#8217;\u0131n g\u00f6revinden ayr\u0131lmas\u0131 \u00fczerine, Y\u00f6netim Kurulu Ba\u015fkan Vekili Yal\u00e7\u0131n MADENC\u0130 Y\u00f6netim Kurulu Ba\u015fkan\u0131 olarak, bo\u015falan Ba\u015fkan Vekilli\u011fine ise G\u00f6kay \u00d6ZDER se\u00e7ilmi\u015ftir.<\/p>\n<p><b>Y\u00f6netim Kurulu \u00dcyeleri (30.09.2025)<\/b> | Ad\u0131-Soyad\u0131 | G\u00f6revi | | :&#8212; | :&#8212; | | Yal\u00e7\u0131n MADENC\u0130 | \u00dcye \/ Ba\u015fkan | | G\u00f6kay \u00d6ZDER | \u00dcye \/ Ba\u015fkan Vekili | | Mehmet Hakan TERCAN | \u00dcye | | Raci Kaptan KOLAYLI | \u00dcye \/ Ba\u011f\u0131ms\u0131z | | Fuat GED\u0130K | \u00dcye \/ Ba\u011f\u0131ms\u0131z | | Erdal BEK\u0130N | \u00dcye \/ Genel M\u00fcd\u00fcr |<\/p>\n<p><b>\u00dcst Y\u00f6netim<\/b> | Ad\u0131 &#8211; Soyad\u0131 | G\u00f6revi | | :&#8212; | :&#8212; | | Erdal BEK\u0130N | Genel M\u00fcd\u00fcr \/ Y\u00f6netim Kurulu \u00dcyesi | | Ya\u015far G\u00d6KTA\u015e | Finansal Y\u00f6netim ve Planlama Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131 | | Hakan AYBAR | Tasar\u0131m, Proje Geli\u015ftirme ve Uygulama Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131 |<\/p>\n<p>D\u00f6nem i\u00e7erisinde \u00fcst d\u00fczey y\u00f6neticilere sa\u011flanan \u00fccret, prim, sa\u011fl\u0131k sigortas\u0131 gibi faydalar\u0131n toplam tutar\u0131 21.451.663 TL&#8217;dir. 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin personel say\u0131s\u0131 31&#8217;i erkek, 16&#8217;s\u0131 kad\u0131n olmak \u00fczere toplam 47&#8217;dir.<\/p>\n<h3>1.4. Kurumsal Y\u00f6netim ve Komiteler<\/h3>\n<p>\u015eirket, SPK Kurumsal Y\u00f6netim \u0130lkeleri&#8217;ne uyum sa\u011flamak amac\u0131yla b\u00fcnyesinde \u00e7e\u015fitli komiteler olu\u015fturmu\u015ftur. 2025 Ocak &#8211; Eyl\u00fcl d\u00f6neminde Y\u00f6netim Kurulu 85 kez toplanarak 142 adet karar alm\u0131\u015ft\u0131r.<\/p>\n<p><b>Y\u00f6netim Kurulu Komiteleri ve D\u00f6nem \u0130\u00e7i Faaliyetleri<\/b> | Komite Ad\u0131 | D\u00f6nem \u0130\u00e7i Toplant\u0131 Say\u0131s\u0131 | D\u00f6nem \u0130\u00e7i Karar Say\u0131s\u0131 | | :&#8212; | :&#8212; | :&#8212; | | Kurumsal Y\u00f6netim Komitesi | 4 | 4 | | Denetimden Sorumlu Komite | 7 | 4 | | Riskin Erken Saptanmas\u0131 Komitesi | 4 | &#8211; | | \u00dccretlendirme Komitesi | 1 | 1 | | S\u00fcrd\u00fcr\u00fclebilirlik Komitesi | &#8211; | &#8211; |<\/p>\n<p><b>Derecelendirme Notlar\u0131<\/b><\/p>\n<ul>\n<li><b>Kurumsal Y\u00f6netim Derecelendirme:<\/b> JCR Avrasya Derecelendirme A.\u015e. taraf\u0131ndan 24 \u015eubat 2025&#8217;te yap\u0131lan de\u011ferlendirmede \u015firketin SPK Kurumsal Y\u00f6netim \u0130lkelerine Uyum Notu <b>(9,21)<\/b> ve g\u00f6r\u00fcn\u00fcm\u00fc <b>(Stabil)<\/b> olarak belirlenmi\u015ftir.<\/li>\n<li><b>Kredi Derecelendirme:<\/b> JCR Avrasya taraf\u0131ndan 25 Nisan 2025&#8217;te yap\u0131lan de\u011ferlendirmede Uzun Vadeli Ulusal Kurum Kredi Rating Notu <b>&#8220;AAA (tr)&#8221;<\/b> ve g\u00f6r\u00fcn\u00fcm\u00fc <b>(Stabil)<\/b> olarak teyit edilmi\u015ftir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Finansal Performans ve Yap\u0131<\/h2>\n<p>Halk GYO&#8217;nun konsolide finansal tablolar\u0131, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na g\u00f6re enflasyon etkisine g\u00f6re d\u00fczeltilmi\u015f olarak haz\u0131rlanm\u0131\u015ft\u0131r.<\/p>\n<h3>2.1. Bilan\u00e7o ve Gelir Tablosu Analizi<\/h3>\n<p>\u015eirketin finansal performans\u0131, 2025&#8217;in ilk dokuz ay\u0131nda varl\u0131k b\u00fcy\u00fcmesi ve k\u00e2rl\u0131l\u0131kta \u00f6nemli art\u0131\u015flar g\u00f6stermi\u015ftir.<\/p>\n<p><b>\u00d6zet Konsolide Bilan\u00e7o (TL)<\/b> | Bilan\u00e7o Kalemleri | 30.09.2025 | 31.12.2024 | | :&#8212; | :&#8212; | :&#8212; | | <b>D\u00f6nen Varl\u0131klar<\/b> | 13.454.225.913 | 9.925.121.584 | | <b>Duran Varl\u0131klar<\/b> | 56.652.640.242 | 50.155.353.163 | | <b>TOPLAM AKT\u0130FLER<\/b> | <b>70.106.866.155<\/b> | <b>60.080.474.747<\/b> | | <b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b> | 17.108.106.756 | 13.097.262.083 | | <b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b> | 9.273.253.742 | 7.661.796.168 | | <b>\u00d6zkaynaklar<\/b> | 43.725.505.657 | 39.321.416.496 | | <b>TOPLAM PAS\u0130FLER<\/b> | <b>70.106.866.155<\/b> | <b>60.080.474.747<\/b> |<\/p>\n<p><b>\u00d6zet Konsolide Gelir Tablosu (TL)<\/b> | Gelir Tablosu Kalemleri | 01.01-30.09.2025 | 01.01-30.09.2024 | | :&#8212; | :&#8212; | :&#8212; | | <b>Has\u0131lat<\/b> | 7.145.181.962 | 764.337.030 | | <b>Br\u00fct K\u00e2r\/Zarar<\/b> | 1.520.203.625 | 708.837.704 | | <b>Esas Faaliyet K\u00e2r\u0131<\/b> | 8.630.439.688 | 2.645.624.817 | | <b>Vergi \u00d6ncesi K\u00e2r<\/b> | 7.220.867.998 | 1.497.823.290 | | <b>Net D\u00f6nem K\u00e2r\u0131<\/b> | <b>4.426.729.003<\/b> | <b>1.606.545.695<\/b> | | <b>Pay Ba\u015f\u0131na Kazan\u00e7<\/b> | 1,20 | 0,53 |<\/p>\n<h3>2.2. Finansal Oranlar<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Oranlar<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<\/tr>\n<tr>\n<td><b>Mali Yap\u0131 &#8211; Karl\u0131l\u0131k<\/b><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynak \/ Aktifler<\/td>\n<td>62,37%<\/td>\n<td>65,45%<\/td>\n<\/tr>\n<tr>\n<td>Toplam Bor\u00e7 \/ \u00d6zkaynaklar<\/td>\n<td>60,33%<\/td>\n<td>52,79%<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynak K\u00e2rl\u0131l\u0131\u011f\u0131<\/td>\n<td>10,12%<\/td>\n<td>3,90%<\/td>\n<\/tr>\n<tr>\n<td>Aktif K\u00e2rl\u0131l\u0131\u011f\u0131<\/td>\n<td>6,31%<\/td>\n<td>2,67%<\/td>\n<\/tr>\n<tr>\n<td><b>Likidite<\/b><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Cari Oran<\/td>\n<td>0,79<\/td>\n<td>0,76<\/td>\n<\/tr>\n<tr>\n<td>Asit-Test Oran\u0131<\/td>\n<td>0,10<\/td>\n<td>0,12<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.3. Sermaye Art\u0131r\u0131mlar\u0131 ve K\u00e2r Da\u011f\u0131t\u0131m\u0131<\/h3>\n<p>\u015eirket, b\u00fcy\u00fcme stratejisi do\u011frultusunda d\u00fczenli olarak sermaye art\u0131r\u0131mlar\u0131 ger\u00e7ekle\u015ftirmektedir. 18 Eyl\u00fcl 2025&#8217;te tamamlanan son i\u015flemle 2024 y\u0131l\u0131 d\u00f6nem k\u00e2r\u0131ndan 160 milyon TL&#8217;lik bedelsiz sermaye art\u0131r\u0131m\u0131 yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p><b>2022 Sonras\u0131 Sermaye Art\u0131r\u0131mlar\u0131 ve Temett\u00fc Da\u011f\u0131t\u0131mlar\u0131<\/b> | Tamamlanma Tarihi | Kaynak | Oran (%) | Art\u0131\u015f Tutar\u0131 (TL) | Yeni Sermaye (TL) | Nakit K\u00e2r (TL) | | :&#8212; | :&#8212; | :&#8212; | :&#8212; | :&#8212; | :&#8212; | | 29.03.2022 | Bedelli sermaye art\u0131r\u0131m\u0131 | 50,00 | 510.000.000 | 1.530.000.000 | &#8211; | | 01.06.2022 | 2021 y\u0131l\u0131 k\u00e2r\u0131ndan bedelsiz | 2,61 | 40.000.000 | 1.570.000.000 | 4,0 milyon | | 21.09.2023 | 2022 y\u0131l\u0131 k\u00e2r\u0131ndan bedelsiz | 4,78 | 75.000.000 | 1.645.000.000 | 7,5 milyon | | 25.01.2024 | Bedelli sermaye art\u0131r\u0131m\u0131 | 91,19 | 1.500.000.000 | 3.145.000.000 | &#8211; | | 06.09.2024 | 2023 y\u0131l\u0131 k\u00e2r\u0131ndan bedelsiz | 17,01 | 535.000.000 | 3.680.000.000 | 53,5 milyon | | 18.09.2025 | 2024 y\u0131l\u0131 k\u00e2r\u0131ndan bedelsiz | 4,35 | 160.000.000 | 3.840.000.000 | 16,0 milyon |<\/p>\n<p><b>K\u00e2r Da\u011f\u0131t\u0131m Politikas\u0131:<\/b> \u015eirket, 2025 y\u0131l\u0131 ve sonras\u0131 i\u00e7in portf\u00f6ydeki ta\u015f\u0131nmazlardan elde edilen kazan\u00e7lar\u0131n <b>en az %50&#8217;sinin<\/b> bedelsiz veya nakit olarak da\u011f\u0131t\u0131lmas\u0131n\u0131 Genel Kurul&#8217;a teklif etme esas\u0131na dayal\u0131 bir politika benimsemi\u015ftir. Bu politika, yeni vergi mevzuat\u0131yla da uyumludur.<\/p>\n<h3>2.4. Pay Geri Al\u0131m Program\u0131<\/h3>\n<p>Y\u00f6netim Kurulu&#8217;nun 7 \u015eubat 2023 tarihli karar\u0131yla bir pay geri al\u0131m program\u0131 ba\u015flat\u0131lm\u0131\u015ft\u0131r. Program i\u00e7in azami fon tutar\u0131 250.000.000 TL, geri al\u0131nacak azami pay say\u0131s\u0131 40.000.000 adet ve s\u00fcre 3 y\u0131l olarak belirlenmi\u015ftir. 30 Eyl\u00fcl 2025 itibar\u0131yla toplam <b>4.934.528 adet pay<\/b>, 3,83 TL ortalama fiyatla geri al\u0131nm\u0131\u015ft\u0131r.<\/p>\n<h3>2.5. Bor\u00e7lanma Ara\u00e7lar\u0131<\/h3>\n<p>\u015eirket, finansman kaynaklar\u0131n\u0131 \u00e7e\u015fitlendirmek amac\u0131yla kira sertifikas\u0131 (sukuk) ihra\u00e7 etmektedir. SPK&#8217;n\u0131n 14.11.2024 tarihli onay\u0131yla 8 milyar TL&#8217;lik ihra\u00e7 tavan\u0131 al\u0131nm\u0131\u015f, bu tavan dahilinde 1.830.000.000 TL&#8217;lik sat\u0131\u015f yap\u0131lm\u0131\u015ft\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla tedav\u00fclde 300 milyon TL nominal de\u011ferli, %39 y\u0131ll\u0131k basit getiri oranl\u0131 bir kira sertifikas\u0131 bulunmaktad\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Portf\u00f6y ve Proje Faaliyetleri<\/h2>\n<h3>3.1. Portf\u00f6y Da\u011f\u0131l\u0131m\u0131 ve De\u011ferlemesi<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerinin toplam ger\u00e7e\u011fe uygun de\u011feri yakla\u015f\u0131k <b>53,25 milyar TL<\/b>&#8216;dir. Portf\u00f6y; arsalar, geli\u015ftirilmekte olan projeler ve kira geliri \u00fcreten binalardan olu\u015fmaktad\u0131r.<\/p>\n<p><b>Portf\u00f6y \u00d6zeti (30.09.2025)<\/b> | Varl\u0131k Kategorisi | Ger\u00e7e\u011fe Uygun De\u011fer (TL) | | :&#8212; | :&#8212; | | <b>Arsalar<\/b> | 1.314.923.721 | | Antalya Arsas\u0131 | 679.438.443 | | Beykoz Arsas\u0131 | 576.967.418 | | Sal\u0131pazar\u0131 Arsas\u0131 | 58.517.860 | | <b>Projeler ve Projelendirilmi\u015f Arsalar<\/b> | 38.008.575.820 | | Dilovas\u0131 Modern Sanayi Sitesi | 26.662.520.000 | | Next Level Kemer | 4.431.980.000 | | Paye Sakarya | 3.810.888.000 | | Next Level Country | 2.768.900.000 | | <b>Binalar (Kira Geliri Elde Edilen)<\/b> | 51.935.538.091 | | \u0130FM Halk Ofis A ve B Blok | 36.375.778.712 | | Ata\u015fehir Finans Kule | 4.569.129.741 | | \u0130stanbul Levent Otel | 4.394.452.227 | | Di\u011fer Binalar | 6.596.177.411 | | <b>PORTF\u00d6Y TOPLAMI (Stoklar Dahil)<\/b> | <b>53.250.461.812<\/b> |<\/p>\n<p><i>Not: Proje de\u011ferleri, raporlardaki natamam veya potansiyel de\u011ferleri yans\u0131tmaktad\u0131r.<\/i><\/p>\n<p>2025&#8217;in ilk dokuz ay\u0131nda binalardan elde edilen toplam kira geliri <b>1.301.767.879 TL<\/b> olmu\u015ftur.<\/p>\n<h3>3.2. D\u00f6nem \u0130\u00e7indeki \u00d6nemli Portf\u00f6y Geli\u015fmeleri<\/h3>\n<ul>\n<li><b>Varl\u0131k Sat\u0131\u015flar\u0131:<\/b>\n<ul>\n<li><b>\u0130FM Halk Ofis B Blok:<\/b> \u0130stanbul Finans Merkezi&#8217;ndeki binan\u0131n 36.655,89 m\u00b2&#8217;lik k\u0131sm\u0131, ana hissedar T\u00fcrkiye Halk Bankas\u0131 A.\u015e.&#8217;ye 4.527.002.415 TL + KDV bedelle 28 Mart 2025&#8217;te sat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Antalya Arsalar\u0131:<\/b> Muratpa\u015fa&#8217;da bulunan 8 adet arsa\/tarla nitelikli ta\u015f\u0131nmaz\u0131n 654,5 milyon TL + KDV bedelle sat\u0131\u015f\u0131 i\u00e7in Zeren Gayrimenkul A.\u015e. ve EKPA Turizm A.\u015e. ile 27 Haziran 2025&#8217;te Sat\u0131\u015f Vaadi S\u00f6zle\u015fmesi imzalanm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u0130zmir Konak Binas\u0131:<\/b> Konak&#8217;taki binan\u0131n 370 milyon TL + KDV bedelle Megapol Emlak Yat\u0131r\u0131m A.\u015e.&#8217;ye sat\u0131\u015f\u0131 i\u00e7in 26 Haziran 2025&#8217;te Sat\u0131\u015f Vaadi S\u00f6zle\u015fmesi imzalanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Yeni Proje ve \u0130\u015ftirakler:<\/b>\n<ul>\n<li><b>Bah\u00e7elievler Kentsel D\u00f6n\u00fc\u015f\u00fcm:<\/b> \u0130stanbul Bah\u00e7elievler&#8217;deki arsan\u0131n %23&#8217;l\u00fck k\u0131sm\u0131 194,8 milyon TL&#8217;ye sat\u0131n al\u0131nm\u0131\u015f ve Novi\u2013Do\u011f Yap Adi Ortakl\u0131\u011f\u0131 taraf\u0131ndan geli\u015ftirilecek projeye %50 oran\u0131nda ortak olunmu\u015ftur.<\/li>\n<li><b>G\u00f6kt\u00fcrk ve Kemerburgaz Projeleri:<\/b> Ey\u00fcpsultan&#8217;da geli\u015ftirilen &#8220;Next Level Kemer&#8221; ve &#8220;Next Level Country&#8221; projeleri i\u00e7in s\u0131ras\u0131yla G\u00f6kt\u00fcrk Adi Ortakl\u0131\u011f\u0131&#8217;na 280 milyon TL ve Kemerburgaz Adi Ortakl\u0131\u011f\u0131&#8217;na 575 milyon TL bedelle %57,5 oran\u0131nda i\u015ftirak edilmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Kiralama Faaliyetleri:<\/b>\n<ul>\n<li>\u0130FM Halk Ofis A Blok&#8217;taki 244 ba\u011f\u0131ms\u0131z b\u00f6l\u00fcm i\u00e7in T\u00fcrkiye Halk Bankas\u0131 A.\u015e. ile 12 Haziran 2025 ba\u015flang\u0131\u00e7 tarihli, 5 y\u0131l s\u00fcreli ve ayl\u0131k 103,8 milyon TL + KDV bedelli yeni bir kira s\u00f6zle\u015fmesi imzalanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>3.3. Tamamlanan Projeler<\/h3>\n<p>\u015eirket, bug\u00fcne kadar bir\u00e7ok ba\u015far\u0131l\u0131 projeyi tamamlam\u0131\u015ft\u0131r. Bu projeler aras\u0131nda konut, ofis ve otel yat\u0131r\u0131mlar\u0131 bulunmaktad\u0131r:<\/p>\n<ul>\n<li><b>Referans Bak\u0131rk\u00f6y (2014):<\/b> 327 ba\u011f\u0131ms\u0131z b\u00f6l\u00fcmden olu\u015fan ilk konut projesi.<\/li>\n<li><b>Levent Otel (2015):<\/b> LEED Gold sertifikal\u0131 \u015fehir oteli.<\/li>\n<li><b>Panorama Plus (Eski\u015fehir, 2015):<\/b> LEED Silver sertifikal\u0131 102 ba\u011f\u0131ms\u0131z b\u00f6l\u00fcml\u00fc konut projesi.<\/li>\n<li><b>\u015eekerp\u0131nar Bankac\u0131l\u0131k Merkezi (2015):<\/b> LEED Gold sertifikal\u0131 ofis projesi.<\/li>\n<li><b>Bizimtepe Aydos (Sancaktepe, 2018):<\/b> Vak\u0131f GYO ile ortakla\u015fa geli\u015ftirilen 1.037 konutluk proje.<\/li>\n<li><b>\u015eehristan Konutlar\u0131 (Erzurum, 2018):<\/b> 632 dairelik konut projesi.<\/li>\n<li><b>Sal\u0131pazar\u0131 Otel (2018):<\/b> Mevcut binan\u0131n otele d\u00f6n\u00fc\u015ft\u00fcr\u00fclmesi projesi.<\/li>\n<li><b>\u0130FM Halk Ofis Kuleleri (2023):<\/b> 46 ve 34 katl\u0131 iki kuleden olu\u015fan, \u0130FM&#8217;nin en b\u00fcy\u00fck payda\u015flar\u0131ndan biri olunan proje.<\/li>\n<\/ul>\n<h3>3.4. Devam Eden Projeler<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Proje Ad\u0131<\/td>\n<td>Konum<\/td>\n<td>Tamamlanma Oran\u0131 (%)<\/td>\n<td>Planlanan Biti\u015f<\/td>\n<td>Sat\u0131\u015f Durumu (30.09.2025)<\/td>\n<\/tr>\n<tr>\n<td><b>Evora \u0130zmir<\/b><\/td>\n<td>\u0130zmir, Alsancak<\/td>\n<td>91<\/td>\n<td>&#8211;<\/td>\n<td>1195 b\u00f6l\u00fcmden 843&#8217;\u00fc sat\u0131ld\u0131.<\/td>\n<\/tr>\n<tr>\n<td><b>Dilovas\u0131 Modern Sanayi Sitesi<\/b><\/td>\n<td>Kocaeli, Dilovas\u0131<\/td>\n<td>95<\/td>\n<td>&#8211;<\/td>\n<td>350 b\u00f6l\u00fcmden 223&#8217;\u00fc sat\u0131ld\u0131.<\/td>\n<\/tr>\n<tr>\n<td><b>Paye Sakarya<\/b><\/td>\n<td>Sakarya, Adapazar\u0131<\/td>\n<td>48<\/td>\n<td>Eyl\u00fcl 2026<\/td>\n<td>460 b\u00f6l\u00fcmden 225&#8217;i sat\u0131ld\u0131.<\/td>\n<\/tr>\n<tr>\n<td><b>Next Level Kemer<\/b><\/td>\n<td>\u0130stanbul, Ey\u00fcpsultan<\/td>\n<td>56<\/td>\n<td>Temmuz 2027<\/td>\n<td>274 daireden 61&#8217;i sat\u0131ld\u0131.<\/td>\n<\/tr>\n<tr>\n<td><b>Next Level Country<\/b><\/td>\n<td>\u0130stanbul, Ey\u00fcpsultan<\/td>\n<td>3<\/td>\n<td>Temmuz 2029<\/td>\n<td>\u0130n\u015faat May\u0131s 2023&#8217;te ba\u015flad\u0131.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Risk Y\u00f6netimi ve Mevzuat<\/h2>\n<h3>4.1. Risk Y\u00f6netim Politikas\u0131<\/h3>\n<p>\u015eirket, faaliyetlerinden kaynaklanabilecek riskleri y\u00f6netmek amac\u0131yla &#8220;\u0130\u00e7 Denetim, Risk Y\u00f6netimi ve Uyum M\u00fcd\u00fcrl\u00fc\u011f\u00fc&#8221; taraf\u0131ndan y\u00fcr\u00fct\u00fclen sistematik bir yap\u0131 kurmu\u015ftur. Riskler be\u015f ana kategoride izlenmektedir:<\/p>\n<ol>\n<li><b>Operasyonel Risk:<\/b> S\u00fcre\u00e7ler, \u00e7al\u0131\u015fanlar ve teknolojiden kaynaklanan zararlar.<\/li>\n<li><b>Piyasa Riski:<\/b> Para ve sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n de\u011ferindeki de\u011fi\u015fimler.<\/li>\n<li><b>Kredi Riski:<\/b> Kira ve proje sat\u0131\u015flar\u0131ndan do\u011fan alacaklar\u0131n tahsil edilememesi.<\/li>\n<li><b>Likidite Riski:<\/b> Nakit ak\u0131\u015f\u0131n\u0131 y\u00f6netememe ve y\u00fck\u00fcml\u00fcl\u00fckleri kar\u015f\u0131layamama.<\/li>\n<li><b>Uyum Riski:<\/b> SPK&#8217;n\u0131n portf\u00f6y s\u0131n\u0131rlamalar\u0131 gibi yasal mevzuata uyum.<\/li>\n<\/ol>\n<p>Bu riskler periyodik olarak Denetimden Sorumlu Komite, Riskin Erken Saptanmas\u0131 Komitesi ve \u00fcst y\u00f6netime raporlanmaktad\u0131r.<\/p>\n<h3>4.2. Yasal S\u00fcre\u00e7ler<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla Grubun taraf oldu\u011fu \u00e7e\u015fitli davalar bulunmaktad\u0131r.<\/p>\n<ul>\n<li><b>Halk GYO taraf\u0131ndan a\u00e7\u0131lan davalar:<\/b> 2 asliye ticaret, 2 idare, 2 vergi ve 2 asliye ceza mahkemesi davas\u0131.<\/li>\n<li><b>Halk GYO aleyhine a\u00e7\u0131lan dava\/takipler:<\/b> 1 t\u00fcketici, 1 menfi tespit, 1 tazminat davas\u0131 ve 1 icra takibi.<\/li>\n<li><b>Adi Ortakl\u0131klar ile ilgili davalar:<\/b> Halk GYO-Vak\u0131f GYO, Teknik Yap\u0131-Halk GYO gibi ortakl\u0131klar nezdinde devam eden t\u00fcketici, tazminat ve i\u015f davalar\u0131 bulunmaktad\u0131r. \u015eirket y\u00f6netimi, avukatlar\u0131n de\u011ferlendirmeleri sonucunda bu davalar i\u00e7in kar\u015f\u0131l\u0131k ayr\u0131lmas\u0131na gerek g\u00f6rmemi\u015ftir.<\/li>\n<\/ul>\n<h3>4.3. \u00d6nemli Mevzuat De\u011fi\u015fiklikleri<\/h3>\n<p>7524 Say\u0131l\u0131 Vergi Kanunu ile 1 Ocak 2025&#8217;ten itibaren ge\u00e7erli olmak \u00fczere GYO&#8217;lar\u0131 etkileyen \u00f6nemli de\u011fi\u015fiklikler yap\u0131lm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>K\u00e2r Da\u011f\u0131t\u0131m \u015eart\u0131:<\/b> GYO&#8217;lar\u0131n kurumlar vergisi istisnas\u0131ndan yararlanmaya devam edebilmesi i\u00e7in, sahip olduklar\u0131 ta\u015f\u0131nmazlardan elde ettikleri kazan\u00e7lar\u0131n <b>en az %50&#8217;sinin<\/b>, kurumlar vergisi beyannamesinin verilmesi gereken ay\u0131 izleyen ikinci ay\u0131n sonuna kadar k\u00e2r pay\u0131 olarak da\u011f\u0131t\u0131lmas\u0131 zorunlu hale getirilmi\u015ftir.<\/li>\n<li><b>Asgari Kurumlar Vergisi:<\/b> %10 oran\u0131nda bir yurt i\u00e7i asgari kurumlar vergisi uygulamas\u0131 getirilmi\u015ftir. Bu verginin hesaplanmas\u0131nda, GYO&#8217;lar\u0131n ta\u015f\u0131nmaz kazan\u00e7lar\u0131na ili\u015fkin istisnalar indirim olarak dikkate al\u0131namayacakt\u0131r.<\/li>\n<\/ul>\n<p>Bu de\u011fi\u015fiklikler do\u011frultusunda \u015eirket, 1 Ocak 2025&#8217;ten itibaren da\u011f\u0131t\u0131lmayan k\u00e2rlar i\u00e7in ge\u00e7erli vergi oran\u0131 olan %30&#8217;u kullanacakt\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. Di\u011fer \u00d6nemli Hususlar<\/h2>\n<h3>5.1. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h3>\n<p>Grup, ana orta\u011f\u0131 T\u00fcrkiye Halk Bankas\u0131 A.\u015e. ve di\u011fer grup \u015firketleri ile ticari faaliyetleri kapsam\u0131nda i\u015flemler ger\u00e7ekle\u015ftirmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla \u00f6ne \u00e7\u0131kan ili\u015fkili taraf bakiyeleri \u015funlard\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u0130li\u015fkili Taraf Bakiyeleri<\/td>\n<td>Tutar (30.09.2025 &#8211; TL)<\/td>\n<\/tr>\n<tr>\n<td><b>Halk Bankas\u0131&#8217;ndaki Mevduatlar (Toplam)<\/b><\/td>\n<td><b>254.238.090<\/b><\/td>\n<\/tr>\n<tr>\n<td>Halk Varl\u0131k Y\u00f6netimi A\u015e kira sertifikas\u0131 ihrac\u0131<\/td>\n<td>301.923.288<\/td>\n<\/tr>\n<tr>\n<td><b>Halk Bankas\u0131&#8217;ndan al\u0131nan krediler (k\u0131sa+uzun vadeli)<\/b><\/td>\n<td><b>10.968.997.307<\/b><\/td>\n<\/tr>\n<tr>\n<td>Halk Finansal Kiralama s\u00f6zle\u015fmesi bor\u00e7lar\u0131<\/td>\n<td>111.314.773<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM \u0130L\u0130\u015eK\u0130L\u0130 TARAF BAK\u0130YELER\u0130 (BOR\u00c7)<\/b><\/td>\n<td><b>11.382.235.369<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>5.2. D\u00f6nem Sonras\u0131 Geli\u015fmeler<\/h3>\n<p>30 Eyl\u00fcl 2025 tarihinden sonra a\u015fa\u011f\u0131daki \u00f6nemli i\u015flemler ger\u00e7ekle\u015ftirilmi\u015ftir:<\/p>\n<ul>\n<li><b>22 Ekim 2025:<\/b> Dilovas\u0131 Modern Sanayi Sitesi projesindeki C Blok binas\u0131n\u0131n 1.450.000.000 TL bedelle T\u00fcrkiye Halk Bankas\u0131 A.\u015e.&#8217;ye sat\u0131lmas\u0131na karar verilmi\u015ftir.<\/li>\n<li><b>22 Ekim 2025:<\/b> \u0130FM Finans Kule B Blok&#8217;un 31.909 m\u00b2&#8217;lik k\u0131sm\u0131n\u0131n 8.320.135.000 TL + KDV bedelle T\u00fcrkiye Halk Bankas\u0131 A.\u015e.&#8217;ye sat\u0131\u015f\u0131na karar verilmi\u015f, tapu devri 3 Kas\u0131m 2025&#8217;te tamamlanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"175\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Rakamlar\u0131n \u00d6tesinde: Halk GYO Raporlar\u0131ndan Muhtemelen Bilmedi\u011finiz 5 Detay Giri\u015f \u015eehirlerimizde y\u00fckselen devasa \u015fantiyeleri, vin\u00e7leri ve modern binalar\u0131 g\u00f6rd\u00fc\u011f\u00fcm\u00fczde, bu projelerin arkas\u0131ndaki g\u00fcc\u00fc merak ederiz. Bu \u015firketler kimdir, nas\u0131l \u00e7al\u0131\u015f\u0131rlar ve ba\u015far\u0131lar\u0131n\u0131n s\u0131rr\u0131 nedir? Bu merakla, T\u00fcrkiye&#8217;nin en b\u00fcy\u00fck gayrimenkul&#8230; <\/p>\n","protected":false},"author":1,"featured_media":186,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,33],"class_list":["post-175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-hlgyo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/175","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=175"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/175\/revisions"}],"predecessor-version":[{"id":187,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/175\/revisions\/187"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/186"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}