US-based investment manager Amstar has closed its second international real estate development fund with EUR 95 mln of equity commitments. Amstar Global Property Fund II was raised to invest in three shopping centre developments located in undersupplied cities of Turkey.
US-based investment manager Amstar has closed its second international real estate development fund with EUR 95 mln of equity commitments. Amstar Global Property Fund II was raised to invest in three shopping centre developments located in undersupplied cities of Turkey.
The three development properties are located in the cities of Samsun, Kahramanmaraº (Maras) and ªanliurfa (Urfa), Turkey. Construction of the Samsun and Maras properties is 20% complete with openings planned for March and April of 2013, respectively. Construction of the Urfa mall will begin in September 2012 with the opening scheduled for the third quarter of 2013.
The Amstar fund invests alongside its local Turkish operating partner, Renaissance Development. The two partners use moderate leverage, resulting in a projected portfolio value of EUR 570 mln across the three investments.
Institutional and high-net-worth investors from Europe and the US are participating in the Amstar fund.
Amstar has about $1.9 bn (EUR 1.5 bn) of assets under management.
