Eroğlu Holding Yönetim Kurulu Başkanı Nurettin Eroğlu Basın Toplantısı

We operate in three textile areas: fabric production in Egypt (25 million meters annually), garment production where we are number one in Turkey (1.5 million pants per month, 1 million t-shirts, 30 million pieces yearly), and retail brands Colin's, Max, and Loft with 760 stores worldwide. We produce only 25% for our own brands; 75% for international brands. In real estate, we started in 2007, completed 13 of 15 projects. The Skyland project represents an $800 million investment with three towers (office, residential, hotel), delayed due to extremely hard ground. We have sold 65% of saleable area, 70% of residential. Delivery is expected early next month. I welcome you all.

I don't know the exact height, I didn't measure it.

Prices currently range from 10,500 to 12,500 Turkish lira per square meter. Initially, they were 5,500 to 6,500.

Office prices are about 20... you can ask about that.

We have many customers among football players, referees, and coaches. Also fanatical fans. The stadium provides access both from above and below through a circular road inside the building.

If you have questions, I'll answer them in a Q&A format.

Prices for residential and offices are around 10,000–11,000 TL per square meter. Offices are slightly lower due to display equipment. We plan to start the new projects by year-end.

Approximately close to 1 trillion Turkish lira total for all three.

You see, even with currency changes, it's a huge amount. Two residential projects and one AVM, 1 billion TL.

We haven't opened those top floors for sale yet. After completion, we will sell them at twice the price.

It didn't affect us because we have a strong established presence in Russia with 216 stores and have been there for 23 years. We have 2,500 employees in Russia, only 11 of whom are Turkish. We are almost a Russian company.

We produce in Egypt, Bangladesh, China, India, and supply to our stores in Turkey. For the Max brand, we are opening stores in Turkey; we have leased 10 locations, and the first store will open next month in Istiklal Avenue. We will have a press launch later.

I don't go there often since I'm on the European side. I can't describe the location.

We are textile people; before real estate, we thought Anatolia was Ankara. Now we travel there for projects. Textile is a very time-consuming business.

The textile business requires logistical and mental complexity. We source products from 22 countries and sell to nearly 50 countries with Max. Our annual group turnover is around 1.3–1.4 billion dollars, but currency devaluations reduced it. Without that, it would be close to 2 billion.

When we acquired Max, it was a major brand with 3.5 billion Euro turnover. It opens doors for us in European department stores. Max's perfume and eyewear royalties are significant.

We also have 105 stores in Ukraine, but their currency has depreciated significantly.

With a concept this unique, it's hard to say. If you divide 40,000 square meters by average 200 sqm, you get about 200 stores. But we haven't finalized.

For example, Edirne AVM, which is 35,000 sqm rentable area, has 96 stores and is already 90% leased. It's a historic city with tourism from Bulgaria and Greece.

We also built an AVM in Tekirdağ but sold it. We are looking at a project in Çorlu due to our factory there.

For 2017, we have plans but no completed project site yet.

Real estate is not like textile with continuous cycles. I think it's better to handle a maximum of 5 large projects at a time. We once handled 8, but it increases the chance of mistakes.

Urban transformation is difficult. We are working on a project in Ataşehir for 2.5 years. It's like pulling a wisdom tooth. Each owner cherishes their single apartment.

The government is putting effort into urban transformation. I attended a key handover ceremony in Esenler. It's a positive change, but it takes decades. I am hopeful for areas like Kağıthane and the Belgrade Forest region.