Turkcell buys two Istanbul Financial Center buildings from a wealth fund unit for TL 16.5 billion

Turkcell Iletisim Hizmetleri and its research and development subsidiary have bought two buildings with 171 independent units in the Istanbul Financial Center for TL 16.51 billion, excluding VAT, from a subsidiary of the Türkiye Wealth Fund, the operator's controlling shareholder, according to a Form 6-K dated 22 October. The filing gives 22 October as the completion date, and the price is paid in cash.

The seller, TVF İFM Gayrimenkul İnşaat ve Yönetim, is a related party under the rules of Türkiye's Capital Markets Board, the filing says. Turkcell takes Building B for TL 6,983,204,159 and Turkcell Teknoloji Araştırma ve Geliştirme (TTECH) takes Building A for TL 9,528,495,841. Both stand on Plot 2 of Block 3328 in Finanskent, in Istanbul's Ümraniye district. The stated purpose is a Technology and Management Center.

Price against valuation

A valuation by Denge Gayrimenkul, in a report dated 3 August 2026 that used the market approach, put Building A at TL 9.879 billion and Building B at TL 7.2381 billion, or TL 17.1171 billion together, the filing says. It describes the price as 4 per cent below that valuation, reached by negotiation. On the filing's own figures the gap is TL 605.4 million, or 3.5 per cent of the combined valuation, and the discount on each building is also about 3.5 per cent, by Corridor Signal's calculation.

The board approved the purchase on 24 September and the agreement was signed on 9 October. The board postponed public disclosure under Article 6 of the Capital Markets Board's communiqué on material events, citing the risk to the acquisition and to the company's legal rights if the deal became public before the title deeds were transferred, the filing says.

How large the deal is

The filing measures the purchase against the company's own accounts: 2.5 per cent of total assets, 6.8 per cent of the latest annual sales, 8.5 per cent of total net non-current assets, 5.87 per cent of the average daily market value over six months and 751 per cent of paid-in capital.

The asset ratio matches Turkcell's balance sheet. Total assets were TL 659.9 billion at 30 June, according to its second-quarter results, and 2.5 per cent of that is TL 16.5 billion. The same results show cash and cash equivalents of TL 89.3 billion, net debt of TL 44.5 billion and capital expenditure of TL 106.8 billion in the first half. Corridor Signal set out the operator's leverage after those payments in an analysis of the two largest operators' first-half accounts.

Another dealing with the fund

The purchase is not the only matter between Turkcell and the wealth fund on the record this autumn. In a statement dated 31 August the company said talks with the fund on a transaction involving shares of the carmaker TOGG were ongoing, without saying who would buy or sell, as Corridor Signal reported. No filing up to 17 October gave terms, Corridor Signal found.

The property purchase also comes in a period of active short-term funding. Turkcell sold a TL 500 million 91-day bill on 9 October at a simple annual rate of 37 per cent according to its financing disclosures.

What the filing leaves out

The 6-K does not give the floor area, the number of staff who would move, a timetable for occupying the buildings or any fit-out cost. Turkcell's second-quarter filing gives its principal executive offices as Aydınevler Mahallesi in Küçükyalı, Maltepe, and the new filing does not say whether that campus will be kept, leased or sold. It also gives no account of how the price compares with renting similar space.

The next document is the third-quarter report. Turkcell plans to publish results for July to September on 9 November, after Borsa Istanbul trading hours, according to a filing of 20 October. The purchase is dated for completion on 22 October, after the quarter closed.