Dutch retail property developer Corio has finalised its 8th retail investment in Turkey with the acquisition of a 75,000-m[sup]2[/sup] shopping centre in Bursa in the north-west of the country. Expected to be anchored by a 24,000-m[sup]2[/sup] home furnishings store, a hypermarket and DIY outlet, the mall will be the most dominant retail centre in the affluent Marmara region. The first phase should be complete by the end of the year while the rest is geared to open early in 2010. The centre will be acquired on a turnkey basis, with the total investment sum based on the amount of space let.
Dutch retail property developer Corio has finalised its 8th retail investment in Turkey with the acquisition of a 75,000-m2 shopping centre in Bursa in the north-west of the country. Expected to be anchored by a 24,000-m2 home furnishings store, a hypermarket and DIY outlet, the mall will be the most dominant retail centre in the affluent Marmara region. The first phase should be complete by the end of the year while the rest is geared to open early in 2010. The centre will be acquired on a turnkey basis, with the total investment sum based on the amount of space let.
The centre will be located in Osmangazi, 5 km north of the city centre, next to both the city’s ring road and the highway connecting Bursa with other major cities. A new metro link is in the pipeline and a metro station is planned next to the new shopping mall, taking shoppers directly from the city centre. Bursa is witnessing a steady process of urbanization and a growing population that currently stands at over 2.4 mln. The university town is the hub of the Turkish car industry, with both Renault and Fiat factories located there.
Maya Holding, headquartered in Istanbul, will develop the site and partner Corio in letting activities; Corio will manage the mall in-house. Maya is the Ikea franchisee in Turkey and has opened two Ikea stores, in Istanbul and Izmir, since 2003. The two companies are planning to maintain a strategic partnership for future real estate developments in Turkey.