REIT Shares Strengthened Following Kanal Istanbul News

Following the Kanal Istanbul news, REIT shares strengthened. Minister Kurum made a statement on Kanal Istanbul.

Minister of Environment and Urban Planning Murat Kurum announced that they approved and suspended the zoning plans for Kanal Istanbul at the weekend. Following this news, on the first trading day of the week, BIST Real Estate Investment Trust Index and BIST Cement Index increased sharply. With this rise, which includes companies such as Emlak Konut, Halk, Vakıf and Kiler real estate investment trust and the BIST Real Estate Investment Trust Index increased by 4.1 percent on Monday. While Emlak Konut became the leader of the index with 8,65 percent gain in value, Kiler ranked second with 8.41 percent and Halk ranked third with 7.23 percent. The BIST Cement Index gained 5.7 percent as Çim Beton, Oyak Çimento, Akçansa Çimento and Nuh Çimento pioneered the rise. Çim Beton ranked first with an increase of 9.97 percent, followed by Akçansa Çimento with an increase of 9.92 percent and Oyak Çimento with an increase of 8.1 percent.

Statement About Kanal Istanbul Has Been Made By Minister Kurum

Speaking at the situation assessment meeting of Çekmeköy Municipality at the weekend, Minister Kurum made the following statements: “We previously suspended 1/100 thousand, 1/5 thousand and 1 thousand implementation zoning plans for the Kanal Istanbul project. We evaluated these objections in line with the requests from our citizens, the requests from our municipalities and public institutions. We suspended our 1/100 thousand plan as of last week. We will add value to Istanbul by evaluating the objections of 5 thousand and thousand implementation zoning plans and solving the problems of our citizens. We have now approved and suspended the zoning plans for the Kanal Istanbul Project. In this context, I hope we will be taking our steps quickly and bringing the Kanal Istanbul project to life.”