| Q4/2009 Minimum free float rate reduced for real estate investment trusts (REITS) |
| On 16 November 2009 the CMB announced a new communiqué draft, which introduced important changes to the Communiqué on Principles regarding Real Estate Investment Trusts (Serial VI, No:11). Subsequently, this draft became effective as of the date of its publication in the Official Gazette on 31 December 2009. Following the amendment, changes have been made to provisions in relation to (i) incorporation prerequisites, (ii) prerequisites to become a majority shareholder, and (iii) the minimum free float rate (rate of the shares of REITs which must be offered to the public), which, significantly, has been reduced from 49% to 25%. This reduction seems to be effective in encouraging investors to incorporate REITs in Turkey. |
