Real Estate - Property developer and manager Corio has signed an agreement for the acquisition of a €49m retail centre under development in Turkey, the firm announced.
The complex – AdaCenter, in the provincial capital Adapazari – comprises 25,000m2 gross lettable area. Its opening will be no later than the first quarter of 2008, Corio said in a statement.
However, because the transaction is subject to approval of the Turkish Competition Board, it will be included in the variable pipeline for the time being, the company made clear.
According to Corio, Adapazari is the fast growing centre of north-western Turkey’s industrial heartland. The income and consumption per capita is growing faster than the national average, it said.
The two-floors AdaCenter is located four kilometres from the city centre, next to the road connecting the city centre to the Istanbul-Ankara highway. It will have a primary catchment area of 350,000 inhabitants, Corio added.
The ground floor will be anchored by a hypermarket, surrounded by shops and a department store. On the first floor, next to more shops, a cinema, a kids’ land and a food court are planned.
Corio indicated that the lease contracts in AdaCenter will be in US dollars. The company will manage the complex, which has the potential for future extension.
The developer and vendor of AdaCenter is Miratur, established in 2006 by the shareholders of Eko Construction and Trade Co Ltd, one of the main construction groups in Turkey, Corio said.
Meanwhile, Corio has been invited to take a 7% (€5.8m) interest in the development of the Acibadem project, a regional retail centre with parking, leisure and residential units in the heart of the Asian side of Istanbul, it stated.
The project is currently under design, whereby Corio can contribute its broad retail experience. According to Corio, this transaction has already been approved by the Turkish Competition Board.
Both transactions are forecast to generate a net yield of at least 8% in the first full year of operation.
Last year, Corio announced the acquisition of a 40% interest (€55m) in the 55,000-m2 Teras Park shopping centre in Denizli.