Dutch-listed property investor Corio has opened its first shopping centre in Adapazar, Turkey. The ADA shopping centre was due to open in 2008, but as a result of close cooperation between Corio and local developer Miratur, it opened its doors to the public on 15 December 2007.
Dutch-listed property investor Corio has opened its first shopping centre in Adapazar, Turkey. The ADA shopping centre was due to open in 2008, but as a result of close cooperation between Corio and local developer Miratur, it opened its doors to the public on 15 December 2007.
Corio will acquire a 100%-interest in ADA for approximately $ 65 mln (EUR 45 mln) including acquisition costs. Under the deal, Corio has paid 30% upfront and will pay the remainder on 1 May 2008, after which Corio will own the entire shopping centre. Miratur was established in 2006 by the shareholders of Eko Construction and Trade Co and is one of Turkey's leading construction groups.
ADA is Corio's second shopping centre in Turkey that is open for business. It comprises approximately 23,500 m2 of gross lettable area (GLA) divided over two floors. The first floor includes a cinema, children's play area and food court. The ground floor is anchored by hypermarket Carrefour. The first shopping centre to open its doors was the Akmerkez shopping centre in Istanbul.
ADA's tenant mix comprises 82 shops of which 42% are international brands and 58% national. The international brands include Vero Moda, Deichmann, C&A, Reebok, Adidas, Nike, Benetton, Sony and Mc Donalds. According to the company, 99% of the lease contracts have already been signed.
Adapazar is the capital of Sakarya province and is located in northwest Turkey, approximately 150 kilometres east of Istanbul. The centre will have a primary catchment area of 350,000 inhabitants.
