Real estate investment companies in American and Turkish Law

IV ABSTRACT REAL ESTATE INVESTMENT COMPANIES IN AMERICAN AND TURKISH LAW Hülya GÖKTEPE Department of Business Administration Anadolu University Social Science institute, January 2003 Advisor: Doç. Dr. Ayşe Tülin YÜRÜK Real estate investment companies are able to invest in real estates, securities related to real estates, real estate projects, real estate rights and other securities. In able to make certain projects, real estate investment companies which are capital markets institutions, can establish ordinary partnership. They are placed in real estate and finance sectors. REICs are first set up with the amendment of Internal Revenue Code in USA 1960's. It was with the amendment of Capital Markets Law and the official publication by the Capital Markets Board in 1995 of the Notification of Establishment of Real Estate Investment Trusts that REICs come into being in Turkey. In a response to problems and needs that arose with the operations of these companies, a new notification was published that replaced the are published in 1998 in the Official Gazette of the Rebuplic of Turkey (no:23517).İn this study, REICs are examined acording to the investment companies, legal status, establishment and operation requirements, management and laws related to terminating companies and also American and Turkish Law is compared according to the regulations. Apart from these, inable to find out legal problems that can be come acrossed during the operations and if REICs' regulations can solve these problems, a research done about REICs' listed Istanbul Stock Exchange. Hence, subjects related to the regulations and change about REICs and Notification of Establishment Real Estate Investment Trusts are determined and proposels related to regulations and changes are submitted. Also with the research releated to REICs' problems excluded legal issues are determined and discussed.