Polat Gülman, Chairman of the Board of Directors of Gülman Group: We will reduce operational activities and focus on investment.

Explaining that they invest in ventures through various funds to capitalise on global opportunities, Polat Gülman pointed out that such investments are risky. Gülman said, ‘Rule number one: don't rush into things. I don't have a partner, I'm not publicly listed, but I do have an advisory board.’

We discussed opportunities in Turkey and around the world with Polat Gülman, a second-generation representative of the Gülman family. Polat Gülman, Chairman of the Board of Directors of the Gülman Group, has begun investing in ventures in various fields to preserve capital accumulated over many years. Gülman noted that the family's investment company, Gulman Ventures, works with approximately 250 companies and funds in 25 countries, adding that five investments are made directly, while the others are made through funds.

‘We've become a global company in the investment business.’

Gulman, who stated, ‘We wanted to reduce operational tasks and focus on investment,’ said, "Very niche opportunities can arise. We made a direct investment in SpaceX. It took us four years to get in. When funds like this make a call, you need to be able to make quick decisions," he said. Gulman Ventures' investment areas focus on financial technology, agricultural technologies, insurance technologies, software, and the gaming sector. Gülman said they also invested in a publicly traded student housing company in Sweden, adding, "The first rule of investing is not to rush. The spirit of businesspeople in Turkey is entrepreneurial. They make deals even when they have no money, they stock up the grocery store. It was my father who steered me towards this business. We have invested in areas such as the gaming sector, fintech and real estate technologies. These types of investments are inherently risky. The investments we made when we started this business have begun to pay off. It has become a self-sustaining structure."

Real estate in a stagnant period

Gülman stated that they came from a trading tradition, with his father Kemal Gülman importing chemical substances and materials from the 1950s onwards, saying, "My father was a merchant. He was involved in import business between 1952 and 1977. He had accumulated a great fortune, but his vision was very clear. He encouraged us to invest in land in Bodrum, Marmaris and Izmir, saying, “The land is gold”. Gülman stated that from 1977 onwards, the family focused on real estate and diversified its land portfolio, particularly with the rapid increase in value during the Turgut Özal era, adding, "While the management of the chemical business was divided within the family, after 1995, the plots of land were given to contractors in exchange for apartments. Significant land investments were made in Istanbul and Kocaeli, but the past 10–15 years have seen a stagnant period in real estate."

Following the slowdown in real estate, the Gülman family turned to different areas. The growth of e-commerce and the increase in shopping centre rents changed the storage and display strategies of major brands. Gülman noted that they had entered into logistics warehouse investments with Reysaş, saying, "Turkey is very valuable in terms of location. Both the trade volume and the Asia-Europe connection have made warehouses and logistics structures strategic.‘ Gülman also mentioned that they had invested in unlicensed solar power plants (SPPs), saying, ’We purchased ready-made SPPs. They are not very large-scale, but the business model is efficient; they generate sustainable income with few employees. Scale is important. It becomes meaningful when you reach 100 MW. The certificate for the electricity produced can be sold. This business is a bit like agriculture; it's enough for the panels to work well."

I am not publicly listed, but I have an advisory board.

Gülman summarised the company's strategic transformation as follows: "We are an investment company working with global funds. We have reduced our operational activities and shifted our focus to strategic investments. We will continue to develop high-quality logistics warehouses in Turkey. We have plans for five warehouses; we prefer to build these using our own resources. Only 10 per cent of our investments are abroad; we are still predominantly in Turkey. However, when we wanted to invest in start-ups through these funds, none of them returned. As soon as I acquired a company in Europe, they all returned with presentations. Turkey's removal from the grey list also had a positive impact.‘ ’I am not publicly listed, I have no debt, I have no foreign partners, I play in the field as I wish, but I have an advisory board,‘ said Polat Gülman, adding, ’I am very satisfied, my vision has changed a bit. I want to develop high-quality logistics warehouses in Turkey. Once it meets global standards, you can sell the building anywhere. We are planning five warehouses. We want to do it with our own resources. Due to high credit costs, we will sell some assets."