Nef’s paid-up capital rises to 406.6 million TL

Nef, the company with the most property sales in the real estate sector, and the most prominent developer, has increased its capital. As well as having the highest credit score in the sector, Nef has paid-up capital of 406.6 million TL.

Successful sector leader, Nef, which has sold more than 4,500 properties, has increased its paid-up capital from 52.39 million TL to 459.17 million TL. With this increase, Nef's own funds have risen to one billion TL.

Head of Nef’s Board of Directors, Erden Timur, said: “a few days ago, international credit valuation company JCR raised our credit score by two levels, to A+, and, therefore, Nef has the highest credit rating in the sector. The decision to increase our capital is a demonstration of the belief that we have in the long- and short-term in the Turkish economy, and the future of the real estate sector.”

TURNOVER OF 1.1 BILLION TL IN SIX MONTHS

Timur said: “Nef has handed over more than 4,500 properties in the last three years, and within four years we have become the leader in property sales. In 2018, we are also continuing to grow. In the first half of the year we had a turnover of 1.1 billion TL, which is an increase of 40% compared to last year.” Timur, who also indicated that they were sector leader in terms of assets, continued: “EBRD, which is one of the most prominent financial institutions in the world, and which invests over two billion euros into our country each year, made its first property sector deal with Nef. Following this, we received an increase in score from JCR, and our ability to make investments was given an A+ rating, the highest possible. The decision to increase our capital is a demonstration of the belief that we have in the long- and short-term Turkish economy, and the future of the real estate sector.”

JCR CREDIT RATING ANNOUNCED

A few days ago, the international credit valuation company, JCR, increased Nef’s credit score by two levels, to A+, and Nef now has the highest credit score in the real estate sector. In the report released by JCR, the justification for the increased score was described as a strong financial structure, an expected increase in sales revenue and profitability, and the company’s liquid position. The increase in Nef’s paid-up capital to 407 million TL also served to strengthen these reasons.