Cushman & Wakefield has acquired its alliance partner in Turkey, P&D Real Estate Consultants, as part of the global property adviser's European expansion. Istanbul-based P&D was founded in 1988 and became C&W's partner in the Turkish market three years later. P&D's managing director Rahsan Cebe will become a partner of Cushman & Wakefield and director of the consolidated Turkish office.
Cushman & Wakefield has acquired its alliance partner in Turkey, P&D Real Estate Consultants, as part of the global property adviser's European expansion. Istanbul-based P&D was founded in 1988 and became C&W's partner in the Turkish market three years later. P&D's managing director Rahsan Cebe will become a partner of Cushman & Wakefield and director of the consolidated Turkish office.
'We are seeing increasing numbers of cross-border investors interested in Turkey,' Cebe said in a statement on Wednesday. 'Yields and returns are among the strongest in Europe and the medium-term fundamentals of the market are exciting on the back of one of the best demographic and economic outlooks in the whole European region. What is more, while there are clearly risks to consider, investors are finding this is a market in which they can do business.'
Cushman & Wakefield said EUR 2.7bn was invested in commercial property in Turkey last year, of which 70% was accounted for by the retail sector. This was 163% up on 2006. 'Around one million m2 of gross leaseable area of new shopping centre space is due to open in Turkey in 2008, primarily in the Istanbul area, but also in the capital Ankara and the Mediterranean city of Izmir,' the property adviser said.
Cushman & Wakefield is not the only property adviser to strengthen its presence in Turkey. In March this year, Jones Lang LaSalle announced it was extending its exclusive strategic relationship with Alkas Consulting for the development, leasing and management of shopping centres in Turkey.
