EVA REAL ESTATE APPRAISAL COMPANY COMPANY PRESENTATION. Real Professionalism in Real Estate. May EVA / March 2013 Regulated by RICS

Transcription

1 EVA REAL ESTATE APPRAISAL COMPANY COMPANY PRESENTATION May 2013 Real Professionalism in Real Estate EVA / March 2013

2 EVA REAL ESTATE APPRAISAL CONSULTANCY COMPANY COMPANY PRESENTATION TABLE OF CONTENTS 1.) Our Company, Who are we? ) Knowledge and Experience in the Sector ) Confidentiality and Ethics ) Our Fields of Services ) Our Standards ) Our Client Portfolio ) Our Public Disclosure Project ) References ) Appraisal Work, Definitions, Methods and Methodology ) Definitions and Methodology of Appraisal ) Methods Used for Appraisal ) Sales Comparison Approach ) Income Capitalization Approach ) Cost Approach ) Development Approach ) Contact Us ) Our Managers, Founders and Staff... 8 EVA / May

3 EVA REAL ESTATE APPRAISAL CONSULTANCY COMPANY COMPANY PRESENTATION Please find below the detailed presentation of our company including our services, principles and methodologies of work, which we have prepared in order to provide a detailed description of our company. 1.) Our Company, Who are we? EVA Real Estate Appraisal & Consultancy Company was founded in Istanbul in September 2008 as a Joint Stock Company. Our company accepted as Licensed Company by Capital Markets Board of Turkey (CMB) as of March With the resolution by the Banking Regulation and Supervision Agency dated and numbered 4030, in accordance with the article 11 of the Regulations for the Authorization of the Institutions that Will Provide Appraisal Services for Banks, our company was entitled for carrying out appraisal for banks. On , our company regulated by RICS (Royal Institute of Chartered Surveyors), which is an international professional organization that was first established in the United Kingdom in 1868 and which currently has more than members in more than 120 countries across the world. Eva Real Estate Appraisal was recognized as Turkey s Best Real Estate Advisory Firm in Valuation and awarded by Euromoney in 2011.The leading magazine of Euromoney Institutional Investor, one of the worldwide primary authorities in financial markets, singles out the outstanding institutions in most of the world countries in several categories by a scientific annual study. The award was announced on September 20th, 2011 and delivered to EVA in a ceremony in Turkey. EVA has ISO 9001 Quality Management Certification and also has ISO Environment Management Certification as a first in Turkish appraisal sector. 2.) Knowledge and Experience in the Sector The foundation of the knowledge of our company is based on the long-years experience of our founders and employees in the sector, on real estate and machinery and equipment appraisal. The employees and founders of our organization are the representatives of knowledge and expertise in the real estate and construction industry, and they are pioneering for the sector with a professional approach based on their vast experiences. EVA / May

4 The employees of our company create a highly professional team with many years of experience in the sector and various professional education backgrounds such as architecture, city planning and engineering. 6 of the personnel within the staff and with founder status are people who were licensed by the Capital Market Board (SPK). Also, the general director and managing partner of our Company, Cansel Turgut Yazıcı has international certification from a British institution, Royal Institue of Chartered Surveyors (FRICS). Our managers share our sectoral experiences with the audiences through various press channels. Our publications, which indicate our opinions, based on regular or irregular researches can be found on Internet, periodicals or on certain real estate supplements of newspapers and the number of our publications are continuing to increase. Apart from these activities, the managers of our company are also sought after in the sector as tutors. For this reason, they are also lecturing at Doğuş University and Garanti Bank on Appraisal Techniques. 3.) Confidentiality and Ethics Our most prominent principles and ethics of work are: Confidentiality, Full Independence, Reliability and Impartiality. Our services are prepared and presented as professional, high quality and certainly scientific. Due to the principle of confidentiality, the reports and studies are not shared by any third parties without the written approval of our clients. 4.) Our Fields of Services Our company is able to offer appraisal activities in various areas of specialization owing to the vast experiences of our employees. Especially during the project appraisal and best use studies, the works are carried out through the matrix system created by our team formed from different occupational disciplines. Our services mainly include: EVA / May

5 I) APPRAISAL & COUNSELING SERVICES Real Estate Appraisal, Plots and lands Factories and Production Plants Commercial Buildings (Offices, Stores etc.) Shopping Centers Hotels, Holiday Villages, Accommodation Facilities Marinas and Ports Golf Facilities Fuel Oil Stations Logistics Buildings Residential Properties Entertainment Facilities and Theme Parks Quarries and Mines Dorms Highway Recreation Facilities Appraisal of the Real Estate-Related Rights and Interests, Rent Value Appraisal Superficies Value Appraisal Resource Rights Appraisal Market and Sectoral Research Reports, Shopping Centers, Hotels, Lojistics, Ofices, Student Dormitories, Service Station Sector..etc EVA / May

6 Feasibility Studies, Location Analysis, Strategic Advisory, Project Appraisal Studies, Highest and Best Use Studies, Tender Process Management Counseling, Portfolio and NPL appraisals, Real Estate Training Activities, Title Deed Due Diligence Reports, Opinion Reports for Evaluation of the Assets II) CONSTRUCTION INVESTMENT PROGRES REPORTS Preparation of Const.Invest.Advancement Reports for Financial Organizations Finance organizations especially work with us to control the expenditures of the investments which they finance. EVA Techincal department gives the appraisal services for machinery and equipment valuation. Machinery & Equipment Appraisal, Machinery Park and Fixed Asset Appraisals Appraisal of All Industrial Machinery & Equipment Cement Facilities Refineries Ships Shipbuilding Yards Fleets of Vehicles Appraisal of Renewable Energy Sources o Hydroelectric Power Plants o Wind Turbines III) EVA + APPRISAL SERVİCES FOR MORTGAGES The EVA + Department of our company offers appraisal services for the Credit Appraisal of Banks. This department continues working with solution partners from various professional disciplines around Turkey, that are specialized and able to receive all sorts of technical support from us. EVA / May

7 5.) Our Standards Our studies are based on the standards of International Valuation Standards Council (IVSC) and also for RED BOOK -which Royal Institute of Chartered Surveyor- (RICS) or according to International Finance Regulation Standards (IFRS). In addition to the aforementioned, in case of demand, it is also possible for us to prepare reports in compliance with the standards set by the Capital Market Board (SPK). Our Company principles include following up the international activities and innovations, share the developments with our customers and include the applicable techniques in our studies. The studies can be conducted in Turkish and/or in English according to the demands from our customers. 6.) Our Client Portfolio Banks Real Estate Funds Real Estate Investors Real Estate Project Developers Real Estate Investment Trusts Financial Leasing Companies Industrial Enterprises Independent Audit Companies Insurance Companies Private Finance Organizations Attorneys and Lawyer Companies Energy Development Companies Construction Companies Participation Banks 7.) Our Public Disclosure Project EVA s research working group is publication each quarter named PERİSKOP which includes latest information and developments from Real Estate Industry and our short term expectations. 8.) References Our company serves for national and international companies. Due to the last experiences of the employees of our company, appraisal services can be given in the fields that require very different specializations. Some of the references of EVA Real Estate Appraisal Consultancy are stated as follows; EVA / May

8 APPRAISAL & COUNSELING SERVICES Real Estate Development & Construction Companies - CORIO GAYRİMENKUL YÖNETİMİ VE YATIRIM, VARDE PARTNERS EUROPE, DOLPHIN LLP, KREA GAYRİMENKUL GELİŞTİRME, MİRATUR GAYRİMENKUL YATIRIM, METRO MAM ASSET MANAGEMENT, DEMİR GROUP, KARSAN KARADENİZ KİMYA SANAYİ, TESCO-KİPA KİTLE PAZARLAMA, TURKVEN REAL ESTATE, SİLVAN SANAYİ, TRAKYA SANAYİ, ARMADA OTEL, ALBAYRAK TURİZM SEYAHAT İNŞAAT, İNANLAR İNŞAAT, EGE AKTİF TEKSTİL, ASTAY GAYRİMENKUL, RÖNESANS GAYRİMENKUL, ZORLU GAYRİMENKUL, EFE AKTİF TEKSTİL, ERIA PARTNERS, DAIHATSU ALC OTOMOTİV, APEC YAPI, SOYAK YAPI, MİLPA- MİLLİYET PAZARLAMA, FER YAPI, EROĞLU GAYRİMENKUL, BAINBRIDGE, AĞAOĞLU AKDENİZ İNŞAAT, GEDİZLER OTOMOTİV, YAMATA, DEDEMAN GAY. GELİŞTİRME, ESKİDJİ GAYRİMENKUL, İŞ KORAY, DUMANKAYA GAYRİMENKUL, REGNUM GAYRİMENKUL, UKRA İNŞAAT, KONYA GAYRİMENKUL GELİŞTİRME VE YATIRIM A.Ş., ORTAKLAR GAYRİMENKUL, VENİVEST GAYRİMENKUL, MODERN YAPI Real Estate Investment Companies (GYO) MARTI GYO, AKMERKEZ GYO, İŞ GYO, Y&Y GYO, ATAKULE GYO Industry Companies - UNILEVER TÜRK TİCARET, GOODYEAR, CP STANDART GIDA SANAYİ VE TİCARET, BESAN BESİN SANAYİ VE TİCARET, EGEPLAST EGE PLASTİK TİCARET VE SANAYİ, KENT-CADBURY GIDA MADDELERİ, TATA MOTORS LTD.-INDIA, DS SMITH COPIKAS, ALMANA YİYECEK İÇECEK (KATAR), LC WAIKIKI TEMA MAĞAZACILIK, BAHÇIVAN GIDA, DR. F.FRIK İLAÇLARI, BETOPAN, GERSAN ELEKTRİK, HIZIROĞLU SERNİKEL GRUBU, MEY İÇKİ, KONYA ŞEKER SANAYİ VE TİCARET A.Ş. Consultancy Companies & Attorney Offices KRONUS KURUMSAL FİNANS DANIŞMANLIK, BASE HUKUK BÜROSU, MOROĞLU&ARSEVEN&ÖZDEMİR HUKUK BÜROSU, PRICEWATERHOUSE COOPERS KURUMSAL FİNANSMAN, ERKE DANIŞMANLIK, EGELİ&CO HEDGE FOUND, GERSAN, VATAN KABLO, BIÇAKÇILAR TIBBİ CİHAZLAR, ÖNCÜ GRUP, DÜ FİNANS Others SEDES HOLDING, TURKCELL İLETİŞİM HİZMETLERİ A.Ş. (Kira Değeri Tespiti Çalışmaları), ANADOLU SİGORTA, POAŞ-PETROL OFİSİ, TNT EXPRESS, SELAHATTİN BEYAZIT MÜESSESESİ, HÜRRİYET GAZETECİLİK, EVA / May

9 ROSY BLUE-DGM, ÖZEL AYDEM SAĞLIK HİZMETLERİ, OXFORD GROUP, DATATEKNİK BİLGİSAYAR SİSTEMLERİ, TELLCOM İLETİŞİM, BİLGİLİ HOLDING, BIS ULUSAL LOJİSTİK, DİLEK TEKSTİL, ERGO SİGORTA A.Ş., TÜVTÜRK, HIZIR VİNÇ, ARAS KARGO, BURSA TAŞIT MUAYENE, AKTES DOĞALGAZ, DİREN YATIRIM, WEBER YAPI, DİMES, KREDİ GARANTİ FONU, HAK-MET METAL, INAPA INVESTIMENTOS, ILICA HOTEL, VOYAGE TURİZM HOTELCİLİK, BAYSAL TURİZM, MANCHES LLP, ETS GRUP Leasing Companies FORTİS LEASING, HALİÇ LEASING, A LEASING, BNP PARİBAS FİNANSAL KİRALAMA A.Ş. Public, Association, Union and Foundations MİLLİ SAVUNMA BAKANLIĞI, DARÜŞŞAFAKA CEMİYETİ, GALATASARAY SPOR KULUBÜ DERNEĞİ, TÜRKİYE TURİNG VE OTOMOBİL KURUMU, TOPLU KONUT İDARESİ-TOKİ, SOSYAL GÜVENLİK KURUMU, İSTANBUL BÜYÜK ŞEHİR BELEDİYESİ-IBB, İMAR BANKASI EMEKLİ SANDIĞI VAKFI, ORTA ANADOLU İHRACATÇI BİRLİKLERİ, RASİM AKSU YAPI KOORERATİFİ, TARİŞ PAMUK ve YAĞLI TOHUMLAR TARIM SATIŞ KOOP.BİRLİĞİ., GÜPGÜPZADE HACI EBUBEKİR AĞA VAKFI Financial Institutions TEB-TÜRKİYE EKONOMİ BANK, AKBANK, CITIBANK, STANDART UNLU BANK, OASİS CAPITAL BANK, TÜRKİYE İŞ BANKASI, GARANTİ BANK, FİBA BANK, HSBC BANK, AAREAL BANK, ALTERNATİF BANK CONSTRUCTION INVESTMENT PROGRES REPORTS AKBANK GARANTI BANK YAPI KREDİ BANK T. İŞ BANKASI KARDEMİR A.Ş. ENBATI ELEKTRİK ÜRETİM SAN. VE TİC. A.Ş. ANKARA LOJİSTİK YATIRMLARI VE AKARYAKIT A.Ş. ERİA PRAMERİCA MED GAYRİMENKUL İNŞAAT YÖNETİM VE TİC. A.Ş. T.C. BEYKENT ÜNİVERSİTESİ ATA GAYRİMENKUL GELİŞTİRME YATIRIM VE İNŞAAT A.Ş. ANTALYA AKVARYUM İŞLETMECİLİĞİ İNŞ. TİC. LTD. ŞTİ. KILIÇBEY TURİZM İŞL. SAN. VE TİC. A.Ş. EVA / May

10 Our company staff has served both for the appraisal of many real estates such as Lands, Residences, Buildings, Plazas, Gas Stations, Hotels, Accommodation Facilities, Golf Facilities, Shopping Centers, Logistics Buildings, Shipyards, Ports and Marinas; and for the machinery & equipment park appraisal of various sectors such as Quarries and Mines, Cement Factories, Oil Refineries, Fleets of Vehicles, Power Generation Plants, Ship Building, and Textile. 9.) Appraisal Work, Definitions, Methods and Methodology 9.1.) Definitions and Methodology of Appraisal Appraisal and counseling works may be required for various purposes. The requirement may be for the Market Value ; the estimated amount for which a property should Exchange on the date of valuation between a willing buyer and a willing seller in an arm s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion, or the Worth and Investment Value, Present Use Value, Mortgage Lending Value, Forced Liquidation Value, Regular Liquidation Value and/or Fair Value ) Methods Used for Appraisal The internationally-accepted concepts define four different appraisal approaches (methods). These are Sales Comparison Approach, Income Capitalization Approach, Cost Approach and Development Approach ) Sales Comparison Approach In this approach; the prices of similar properties to the appraised property are taken into consideration. The properties are compared according to the sales/rental price, its date, location, size, occupancy and physical status and all other related data. In this study, the purpose is to estimate the value with a calculation based on the comparison with similar properties exchanged in the market. The bids and quotations of similar properties are also taken into consideration ) Income Capitalization Approach This method takes into consideration the income and expenditure data of the property appraised with sales comparison approach, and the final value is estimated through the capitalization method. This study can be performed with two methodological approaches. Direct Capitalization: This is the calculation of the real estate value by dividing the potential net income to be generated by the property in a year to the capitalization rate according to the current real estate market conditions. 1 The definitions of Fair Value and Market Value were redefined by RICS (Royal Institute of Chartered Surveyors) in 2008 and the concept of Fair Market value was removed. The related modification has been published on the Sixth Edition of RED BOOK, Valuation Standards. EVA / May

11 Yield Capitalization This is the calculation of the potential net value in the future through the rental or operation of the property for a logical sequence of periods, And at the end of the sequence of periods, the calculated income is capitalized to the date of appraisal in accordance with the valid economic conditions, and the final value is estimated as a result ) Cost Approach In this technique, the value of the property is assumed as consisting of two different physical aspects; the land and buildings. In the cost approach, the property is appraised according to the cost that might occur if the property was reconstructed, or according to the cost of the new construction. The reconstruction cost also includes the estimated venture profit. In this method, it is assumed that the property has a remaining economic lifetime. Therefore, because the value of the property would decrease in times due to physical depreciation, and due to functional and economic outdating; the depreciation is deducted from the reconstruction value. In other words, it is assumed that the building value of an existing property would never be higher than its reconstruction cost. The calculated value is added to the land value in order to identify the final value of both the land and the building. During these studies, the building cost values are appraised according to the Construction Unit Costs of the Ministry of Public Works, the technical characteristics of the buildings, the construction materials consumed, the construction costs of the similar buildings in the market, interviews with contracting companies, and our past experiences. The depreciation cost of buildings is calculated with the consideration of the visible physical condition of the building and the table published on the Official Gazette, which indicates the depreciation rates of buildings per years ) Development Approach In this approach, one or more development projects proposed for the property can be applied as the model. In this study, the designed project and/or projects that might be realized on the land are modeled with assumptions. This modeling should be legally and physically possible, financially feasible and provide the utmost economic efficiency. With these studies, the projects are examined from the entrepreneur s point. Within the scope of the study, the current status of the sector that covers the subject output of the project, and the prospective expectations are examined and appraised. The costs to be incurred upon the realization of the project are estimated, the marketing policies and general feasibility principles of the company are taken into EVA / May

12 account, and the income-cost estimation is concluded with regard to the total income and expenditure. Considering the development, the general status of the sector, the statistical figures of similar projects and the current economic conditions and expectations are taken into consideration to determine the assumptions related with the project. As a result of these studies, the performance of the project is estimated and the net present value is calculated with the capitalization of the income to be obtained from the project. Actually, this approach is in a sense, a different model of income capitalization approach. 10.) Contact Us Please do not hesitate to contact us for any requirements on appraisal and counseling, or for any technical questions related with appraisal. Our specialists will reply you as soon as possible. EVA REAL ESTATE APPRIASAL CONSULTANCY COMPANY Head Office Bostanci E5 Kavsagi, Sebnem Sok. Tavukcuoglu Is Merkezi No:10 Kat: Bostanci Kadikoy Istanbul / TURKEY Tel Fax mail@evagyd.com Izmir Branch Kultur Mah Sk. Akademi Apt. No:6/A K:1, Daire:3 Alsancak/Konak/Izmir Tel: Faks: mail@evagyd.com Ankara Branch Armada Is Merkezi Eskisehir Yolu No: 6 Kat: 14/1427 Sogutozu - Yenimahalle /Ankara Tel: Faks: mail@evagyd.com EVA / May

13 11.) Our Managers, Founders and Staff Cansel Turgut Yazıcı, who is the Company s General Director and Managing Partner, has business experience for more than 19 years on subjects of investment, development, consultation and valuation in Turkish real estate market. Yazıcı became the first personnel of Real Estate Valuation Consultation Company TSKB Real Estate Appraisal, which had been the subsidiary company of Industrial Development Bank of Turkey for 5 years between , and in time been assigned to General Manager. Yazıcı, who is a founder member of Association of Turkish Real Estate Apraisers, carried out Executive Board Membership in the association for 6 years. Yazıcı, who continued duty as the Founding Chairman of Lidebir - Association of Certified Real Estate Companies Union for nearly two years, is one of the first certified real estate appraisers from Turkish Capital Market Board (CMB). Also, she has the FRICS title, which is an internationally important authorization license in valuation field. Yazıcı is selected as board member of newly established Union of Turkish Real Estate Appraisers by Ministry of Internal Affairs. She is also member of board of Association of Real Estate Investment Companies. Zuhal Balsarı, who is the Company s Development Director, has business experience for more than 13 years on subjects of investment, development, consultation and valuation in Turkish real estate market. She has started her business life in Turyap Real Estate Appraisal Company in year 1999, and attend as manager between the years in TSKB Real Estate Appraisal Company. She has employed in Standard Ünlü Menkul Değerler A.Ş. in last 2,5 years in Real Estate Department as Manager. She is an expert Certified from CMB. Ozdil Sahin, who is Director in Appraisal Department of Eva Real Estate Appraisal Company. She has a 12 years of business experience in Turkish real estate market, especially on subjects of consultation, planning, valuation and appraisal. Sahin, employed in TSKB Real Estate Appraisal Company in the period of and who has taken the task of Management in Special Projects Department, is an expert Certified from CMB. She has also MRICS title. Ozhan Yurtseven, who is the Director in Technical Department of EVA Real Estate Appraisal Company. He has a 11 years of business experience in Turkish real estate market, especially on subjects of construction and valuation. Between years, he accepted the administration duty together with Cansel Turgut Yazıcı in TSKB Real Estate Valuation. Yurtseven is an expert Certified from CMB. EVA / March 2013

14 Filiz AKKAYA is Izmir Regional Director of EVA PLUS Değerleme and has 7 years of working experience in Turkish real estate market for real estate and real estate Project development, site selection, appraisal and feasibility. Between 2006 and 2008, she worked as a Real Estate Appraisal Expert for TSKB Gayrimenkul Değerleme A.Ş. Fort he last 2,5 years, she worked as Izmir Branch Office Director at Reel Gayrimenkul Değerleme A.Ş. Filiz AKKAYA is an appraisal expert with certification from the Capital Market Board. Burcu Hakan Ekol is the Manager of Appraisal Department within EVA Değerleme. She has working experience of about 7 years in planning, consultancy and appraisal. Ekol previously worked for GAYA Gayrimenkul Geliştirme Yatırım A.Ş. as a Project development expert. Bora Tunabay is the Manager at EVA Değerleme. He has working experience of about 5 years in appraisal. Tunabay previously worked for TSKB Gayrimenkul Değerleme, together with Cansel Turgut Yazıcı. EVA / May