Corio purchases Turkish mall

Corio is to invest some EUR 50 mln in the purchase of Adacenter shopping mall currently under development in Adapazari, north-western Turkey. In addition, the company has been invited to take a 7% stake in the large-scale Acibadem project which is to be developed in the Asian side of Istanbul. The transactions are expected to provide a net yield of 8% in the first full-year of operation, Amsterdam-listed Corio said in a press release on Friday.

Adacenter will include a gross lettable area of about 25,000 m² on two levels and 1,100 parking spaces. The ground floor will be anchored by a hypermarket, and the first floor will feature shops, a cinema, a food court and a children's area. Opening is scheduled for the first quarter of 2008. Developed by Miratur, the centre will have a primary catchment area of 350,000 inhabitants. Corio will be responsible for the management of the mall.

The Acibadem project will include a shopping centre with parking, leisure and residential units. The expected delivery date of the project will be not before 2010, Corio said. The primary catchment area of the centre is 600,000 inhabitants within a 10-minute driving time.

Corio acquired a 40% stake in the Teras Park shopping mall development from the Turkish textile manufacturer Tan Group for about EUR 55 mln at the beginning on February.