Historic Frej Apartment building changes hands for a significant sum
The sale of the Frej Apartment building, one of the landmarks of Istanbul's Beyoğlu district, has been completed at a notable price. As the historic structure located in Şişhane Square changes hands for a high amount, the details of the sales process have also been disclosed.
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The Frej Apartment building, which was held for investment purposes by Park Elektrik and is located in one of Istanbul's most prime spots, has been transferred to the company's controlling shareholder, Park Holding. According to the disclosure made to the Public Disclosure Platform (KAP), the apartment was sold to its new owner for 780 million TL plus VAT. It was stated that the building has a gross indoor area of 2,904 square meters.
The value of the building was determined according to a valuation report prepared by TSKB Gayrimenkul Değerleme A.Ş. According to the report, the value, which was calculated as 769 million 560 thousand TL as of December 31, 2025, was reflected in the sale price by taking current market conditions into account.
A CENTURY OF HISTORY AND ARCHITECTURAL TEXTURE
The Frej Apartment building bears the signature of Greek architect Konstantinos Kyriakidis from the years 1905-1906. The structure was built at the request of Lebanese Levantine Selim Hanna Frej and was also known as the "Sarkuysan Building" over time. Known for its strategic location at the intersection of Bankalar Street and Meşrutiyet Street, the apartment stands out with its architectural elegance.
The building, which was purchased by the Sarkuysan company in 1983, served as a site for business operations for many years. The historic apartment has managed to survive to the present day thanks to restorations it underwent in various periods. This prestigious structure, which eventually began hosting the Istanbul Galata University, has drawn attention with both its architectural value and its sale price.
DETAILS OF THE SALE AND THE PUBLIC DISCLOSURE PLATFORM STATEMENT
The announcement made to KAP included the following statements:
“It has been decided to sell the real estate, which is owned by the Company and is classified as investment property, located in Istanbul province, Beyoğlu district, Bereketzade neighborhood, block 156, parcel 1, with an actual gross indoor area of 2,904 square meters, to the controlling shareholder, Park Holding A.Ş.
The sale price has been determined according to the valuation report dated February 17, 2026, and numbered 2025REV1420, prepared by TSKB Gayrimenkul Değerleme A.Ş., and a cash sale price of 780,000,000 TL, excluding VAT, has been set, taking into account the current market value of the real estate, which was appraised at 769,560,000 TL as of December 31, 2025.
The cash sale price will be valid until the date when the relevant transfer procedures are completed at the land registry office.
If all or part of the sale price is not paid on the date of the title deed transfer, the intra-group TL interest rate, which is applied among the group companies to which the Company belongs and is updated every quarter, will be applied to the unpaid amount.
The transaction will not be considered a ‘significant transaction’ in accordance with the Capital Markets Board Communiqué No. II-23.3, as it remains below the 75% threshold.”
The apartment, for which title deed procedures are expected to be completed in April, has stood out in the Istanbul real estate market for both its historical nature and its record price.