NETHERLANDS - Dutch real estate firm Corio is planning to invest some $500m (€427m) into Turkish retail real estate market in the next three years.
“Corio aims at investing approximately $500m in Turkey within the next three years, which corresponds to 10% of the total portfolio,” the Utrecht-based group said.
It has a 46.9% interest in Akmerkez, which runs a shopping centre in Istanbul which contributed €6.7m from April 11 to September 30.
It said the value of Akmerkez would be valued externally at the end of the year. “In the Turkish market there also seems to be an increase in prices as a result of great interest in investment properties on the part of foreign investors.”
Corio's property portfolio rose by €194.7m to €4.1bn in the first nine months of the year.
The direct result for the period rose by €11.5m to €151.6m - driven in part by a 2.2% rise in rental income and the Akmerkez stake.
Net profit almost doubled to €309.1m from €158.2m a year before. The company has a pipeline of future projects which amounts to €1.2bn.
With shareholder equity now at €2.39bn, the company reckons it has a “firepower” of around €1bn. Its target is to have 80% of its portfolio in retail.