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English
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oda_MaterialEventDisclosureGeneralAbstract|
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oda_UpdateAnnouncementFlag|
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Evet (Yes)
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oda_CorrectionAnnouncementFlag|
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Hayır (No)
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oda_DateOfThePreviousNotificationAboutTheSameSubject|
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10.05.2022,15.02.2023
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oda_DelayedAnnouncementFlag|
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Hayır (No)
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oda_ExplanationSection|
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oda_ExplanationTextBlock|
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In our material event disclosure dated 15.02.2023; we have indicated that; our company has started negotiations with Artaş İnşaat Sanayi ve Ticaret A.Ş. ("Artaş"/"Contractor") in order to develop a real estate project based on revenue sharing on our land ("Land") registered at İstanbul City, Sarıyer District, K. Ayazağa Neighborhood, layout 2, plots no. 36, 41, 398, 399, 400, 401, 403 , provided that the necessary zoning and legal procedures are completed, and that further announcements will be made to public if a binding contract is signed as a result of such negotiations. As a result of the negotiations; a Revenue Share in Return of Land Share and Construction in Return of Flat Agreement ("Agreement") has been signed with Artaş on 10.07.2023 (today); provided that all legal procedures and conditions foreseen in the Agreement are completed, including those regarding Zoning Code article 18 application on the Land having a surface of 75.370 squaremeters, zoning plan and construction permit to be obtained as per the zoning plan then in force. As per the Agreement, the Contractor shall be responsible for conducting project procedures, obtaining necessary permits and licenses. The Contractor shall develop independent units for sale to third parties by way of assuming all costs including construction, marketing, sales, and other expenses. The revenue share in the Project shall be 47% for our Company (as the owner of the Land) and 53%for the Contractor. Additionally, the legal process regarding Zoning Code article 18 application with regards to the Land, which is indicated in our material event disclosure dated 10.05.2022 continues as of the signing date of the Agreement and our Company shall inform the public with regards to any developments that become definitive during the process.
This statement has been translated into English for informational purposes. In case of a discrepancy between the Turkish and the English versions of this disclosure statement, the Turkish version shall prevail.
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