Corio, a listed retail property investment company, has acquired a 25,000-m[sup]2[/sup] shopping centre project in the Turkish city of Tarsus. The retail scheme is being developed in cooperation with ACTEEUM, a privately owned real estate developer and asset manager that works for professional investors in emerging markets.
Corio, a listed retail property investment company, has acquired a 25,000-m2 shopping centre project in the Turkish city of Tarsus. The retail scheme is being developed in cooperation with ACTEEUM, a privately owned real estate developer and asset manager that works for professional investors in emerging markets.
Corio said the total investment in the Tarsus shopping centre will be about EUR 50 mln. The net initial yield upon delivery will be at least 8%, which Corio said is in line with the company's other investments in Turkey. Tarsus is in the province of Mersin, in the Eastern Mediterranean part of Turkey
Tarsus shopping centre will be Corio's eleventh shopping centre in Turkey. It is expected to open in 2011.
The project will be developed by ACTEEUM as part of a cooperation agreement between Corio and ACTEEUM with the option for Corio to acquire a number of shopping centres with a total investment volume of approximately EUR 300 mln. These projects will be in second-tier cities of Turkey with 150,000 -400,000 inhabitants.
Corio, which is headquartered in the Netherlands, is one of the largest listed property investment companies with a focus on retail in Europe. Corio's portfolio of EUR 7 bn consists for 84% of shopping centres in The Netherlands, France, Italy, Spain and Turkey.
