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Is GYO Targets $100 Million Annual Rent Income, Milliyet Says

Dec. 22 (Bloomberg) -- Is Gayrimenkul Yatirim Ortakligi AS, a Turkish real estate investment trust, aims to increase its annual rental income to $100 million in five years from current $61 million, Milliyet reported, citing chief executive Turgay Tanes.

The company, known as Is GYO, bought two hotels in Turkey’s tourist hubs of Nevsehir and Antalya and an office building in Istanbul for a total of $40 million, Tanes said, according to Istanbul-based Milliyet. Is GYO will reduce the weight of office space in its real estate portfolio from a current 60 percent, Tanes said.

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To contact the editor responsible for this story: Aydan Eksin at aeksin@bloomberg.net

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