The 15 Billion Lira Portfolio Managed by Just 11 People: Inside Martı GYO’s 2025 Strategy

In the heart of Istanbul’s Gümüşsuyu district, tucked away in the modest corridors of Dersan Han, sits the nerve center of a Mediterranean empire. To the casual observer, Martı GYO appears to be a boutique operation, yet this 11-person team oversees a real estate portfolio valued at a staggering 15.7 billion Turkish Liras.

Navigating the Turkish economy in 2025 requires more than just prime assets; it requires a sophisticated mastery of narrative economics. For Martı GYO, the story is defined by a “tale of two currencies.” While the company reports in Turkish Lira (TL) to satisfy local regulations, its soul—and its functional currency—is anchored in the Euro. This strategic positioning allows the firm to weather the storms of currency volatility while managing some of the most iconic tourism and residential assets in the region.

The Lean Giant: 15.7 Billion TL and the Efficiency of 11

The scale of Martı GYO’s efficiency is difficult to overstate. According to the financial position statement for the period ending December 31, 2025, total assets have reached 15,727,454,809 TL. Despite this multi-billion lira valuation, Note 1 of the corporate filings confirms that the average employee count remains exactly 11 people.

From an analyst’s perspective, this lean model is the ultimate expression of the Real Estate Investment Trust (REIT) structure. By focusing strictly on asset ownership and strategic management—rather than the labor-intensive day-to-day operations of the hospitality sector—Martı GYO maintains an incredibly light footprint. The rationale for this model is found in the “Portföy Sınırlamaları” (Portfolio Limitations) table, which shows that 97.83% of the company’s assets are concentrated directly in real estate and rights. It is a portfolio designed for appreciation and yield, managed by a core team of strategic engineers.

The Currency Shield: Bypassing Inflation Accounting

One of the most critical, yet technical, pillars of the 2025 strategy is found in Note 2.01: the “Functional Para Birimi” (Functional Currency). Because Martı GYO identifies the Euro as its functional currency—the primary currency of its economic environment—it is granted a unique accounting advantage.

Unlike many Turkish firms, Martı GYO does not apply “TMS 29 Financial Reporting in Hyperinflationary Economies.” Because its value is anchored to the Euro, its balance sheet remains a cleaner reflection of true asset value, insulated from the distortions of local inflation. When the TL depreciates, the Euro-valued assets undergo a massive translation adjustment.

“Foreign Currency Translation Differences (Yabancı Para Çevrim Farkları) added over 2.1 Billion TL to the total comprehensive income in the April-December period.”

This translation gain isn’t just an accounting quirk; it acts as a “Currency Shield” for equity holders, ensuring that the company’s core value remains tethered to a hard-currency anchor.

Liability Management: The 9-Year Masterstroke and Capital Strengthening

In a high-interest-rate climate, Martı GYO has moved aggressively to prune its balance sheet and secure long-term stability. The centerpiece of this effort is a massive debt restructuring with Denizbank:

• Total Restructured Amount: $46,739,271 USD.
• Tenure: 9 years.
• Grace Period: No payments for the first 2 years, allowing for capital reinvestment.

Beyond restructuring, the company has engaged in active liability management. The vadesi geçmiş (overdue) debt to İş Bankası has been fully closed, and the company utilized a strategic 51.8 million TL asset offset (mahsup) via the sale of the Narin Tekstil property to further reduce its obligations.

To solidify the equity base, the 2025 strategy includes a 120% capital increase, raising the total capital from 1.09 billion TL to over 2.4 billion TL. In a significant show of support, the majority shareholder, Martı Otel İşletmeleri A.Ş., is contributing land in Çerkezköy (929 ada, 3 parsel) as capital-in-kind, effectively swapping high-value real estate for equity to strengthen the GYO’s financial foundation.

The “Pandemic Discount” is Officially Over

For the Turkish tourism sector, 2025 marks the definitive “return to normalcy.” During the height of COVID-19, Martı GYO slashed rent ratios to between 13.5% and 17% to support its operators.

Those relief measures are now history. Updated rental protocols with Martı Otel İşletmeleri A.Ş. have reverted to the standard 20% + VAT net revenue sharing for flagship properties, including Martı Myra and Martı Marina. This shift back to full-earning capacity is expected to drive a significant boost to the company’s top-line revenue as luxury tourism rebounds.

Beyond Hotels: Marinas, Archeology, and the Çerkezköy Hedge

Martı GYO is pivoting toward niche, high-margin luxury and geographic diversification:

• Martı Marina & Yacht Club: This “5 Gold Anchor” facility in Hisarönü remains a crown jewel, with a 480-vessel capacity (380 at sea, 100 on land). Marinas offer a “sticky” revenue stream and higher margins than traditional sun-and-sea resorts.
• Martı Aphrodisias: The most evocative project in the pipeline is a boutique hotel in Aydın. It will be the first hotel located within an archaeological zone that welcomes 300,000 tourists annually. With a projected 5.5 million investment**, it is expected to generate **2.5 million in annual revenue, a remarkably high-margin prospect.
• The Narin Park Project: Located in the industrial hinterland of Çerkezköy, this project serves as a strategic hedge. With a local population and surrounding district reach of over 346,000 people, Narin Park taps into residential demand that is independent of the seasonal tourism cycle.

Conclusion: The Sustainability Premium and the 2069 Horizon

As Martı GYO looks toward 2030, its value is increasingly tied to its commitment to “green” prestige. A signatory of the UN Global Compact, the company holds an array of environmental accolades, including the Blue Flag and the A(+) Certificate for Sustainable Environment and Efficiency. At the 551-room Martı Myra, for instance, the luxury experience is defined by the preservation of 1,601 ancient pine trees.

However, the ultimate “moat” for this 11-person team is time itself. In a masterful long-term play, the company paid 37,582,855 TL to secure the extension of land use rights (üst hakkı) for the prime Mediterranean coastline at Martı Myra until the year 2069.

The Ponder Point: In an era where climate change and currency volatility are the two greatest threats to real estate, can “asset-heavy” portfolios survive without the lean, strategic agility shown by Martı GYO? Their 2025 performance suggests that the future belongs to those who can manage billions in assets while maintaining the footprint—and the focus—of a specialized strike team.

Martı Gayrimenkul Yatırım Ortaklığı A.Ş.: Performance and Strategic Outlook (April 1, 2025 – December 31, 2025)

Executive Summary

Martı Gayrimenkul Yatırım Ortaklığı A.Ş. (Martı GYO) has demonstrated significant asset appreciation and strategic consolidation during the interim period ending December 31, 2025. The company’s total assets rose to approximately 15.73 billion TL, driven primarily by the valuation of its core investment properties, which reached 15.39 billion TL. Despite a challenging economic environment, the company maintained profitability with a net period profit of 27.88 million TL.

Key highlights include the successful extension of the Martı Myra concession until 2069, the full settlement of overdue debts to Türkiye İş Bankası A.Ş., and a revised capital increase strategy. The company is transitioning towards a balanced portfolio of revenue-generating tourism assets and residential development projects, supported by a long-term debt restructuring agreement with Denizbank.

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1. Organizational Profile and Governance

1.1 Company Purpose and Structure

Founded in 1987 and converted into a Real Estate Investment Trust (GYO) in 2006, Martı GYO focuses on investing in real estate, real estate-based rights, and projects. Its shares are traded on Borsa İstanbul (BİST).

• Major Shareholder: Martı Otel İşletmeleri A.Ş. (27.48% stake).
• Public Float: 68.94%.
• Personnel: The company maintains an average staff of 11 employees.

1.2 Corporate Governance and Committees

The company is governed by an eight-member Board of Directors (selected in July 2025) and operates several oversight committees to ensure regulatory compliance and risk mitigation:

• Audit Committee: Comprised of two independent members.
• Corporate Governance Committee: Oversees investor relations and compliance.
• Early Detection of Risk Committee: Focuses on identifying and managing financial and operational threats.

1.3 Corporate Values and Sustainability

Martı GYO is a member of the United Nations Global Compact (since 2012), committing to ten principles across human rights, labor standards, environment, and anti-corruption. Its mission emphasizes “leveraging 55 years of Martı experience to create profitable, high-quality projects in tourism and housing.”

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2. Financial Performance Analysis

2.1 Balance Sheet Highlights (As of 31.12.2025)

2.2 Income Statement and Profitability

For the period between April 1 and December 31, 2025:

• Revenue (Hasılat): 200,366,298 TL (Up from 139,079,560 TL in the previous year’s corresponding period).
• Gross Profit: 178,690,223 TL.
• Operating Profit: 280,277,654 TL.
• Net Period Profit: 27,878,113 TL.
• Earnings Per Share: 0.0256 TL.

2.3 Tax and Regulatory Changes

As of January 1, 2025, new tax regulations (Law No. 7524) require GYOs to distribute at least 50% of their real estate income to maintain corporate tax exemptions. Failure to meet this condition results in a 30% corporate tax rate; otherwise, a 10% minimum corporate tax applies to real estate gains.

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3. Real Estate Investment Portfolio

The company’s portfolio is concentrated in high-value tourism and development assets.

3.1 Key Revenue-Generating Assets

• Martı Myra (Tekirova, Antalya):
  • Description: A 5-star resort with 551 rooms and 1,209 beds.
  • Valuation: 9,022,000,000 TL (as of 30.09.2025).
  • Status: Concession extended to 2069. Operated by Martı Otel İşletmeleri A.Ş. under a net revenue-sharing agreement (currently 20% + VAT).
• Martı Marina & Yacht Club (Orhaniye, Muğla):
  • Description: A “5 Gold Anchor” marina with a 480-vessel capacity (380 sea, 100 land).
  • Valuation: 3,690,000,000 TL (as of 30.09.2025).
  • Status: Concession valid until 2058.

3.2 Development Projects and Land Holdings

• Narin Park (Çerkezköy, Tekirdağ): Lands held for the third phase of a residential project. Total valuation: 1,107,000,000 TL.
• Martı Aphrodisias (Aydın): A planned 50-room boutique hotel in a high-tourist archaeological zone. Estimated investment: $5.5M USD.
• Martı Giova (Marmaris, Muğla): A planned boutique hotel and restaurant project on 89,230 m² of land. Valuation: 785,100,000 TL.

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4. Financial Risk and Debt Management

4.1 Debt Restructuring (Denizbank)

Martı GYO and its parent company entered a “Restructuring Agreement” with Denizbank and Deniz Faktoring in February 2021.

• Total Restructured Debt (Consolidated): $46.7M USD for Martı GYO and $81.1M USD for Martı Otel.
• Terms: 9-year maturity with a 2-year grace period.
• Recent Settlements: In September 2025, the company fully cleared its overdue credit debt to Türkiye İş Bankası A.Ş.

4.2 Financial Liabilities (as of 31.12.2025)

• Total Financial Debt: 1,021,768,081 TL.
• Short-term portion: 51,745,460 TL.
• Long-term portion: 970,022,621 TL.
• Currency Exposure: A substantial portion of the bank loans are denominated in USD (weighted average interest rate of 2.50%).

4.3 Capital Structure Adjustments

In April 2025, the Board revised its capital increase plan:

• Revised Increase Rate: 120% (previously 200%).
• New Target Capital: 2,400,156,000 TL.
• In-kind Contribution: Martı Otel İşletmeleri A.Ş. intends to fulfill its portion of the capital increase by transferring property (land in Çerkezköy, Block 929, Parcel 3) to the company.

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5. Strategic Legal and Portfolio Issues

• Bodrum Kızılağaç Tender: The company won a 49-year right for a 55,634 m² parcel in 2014. Following a cancellation by the Ministry of Culture and Tourism, the Muğla 2nd Administrative Court ruled in favor of the company. The process is currently under review by the Constitutional Court.
• Sarıgerme Asset: A property in Muğla was transferred to Denizbank as part of the debt restructuring protocol in 2021, resulting in its removal from the portfolio.
• Portfolio Limitations: The company remains compliant with SPK regulations, with real estate and rights constituting 97.83% of the portfolio (exceeding the 51% minimum requirement). Atlan (idle) lands comprise 7.30% of the portfolio, well below the 20% limit.