Corio, the Amsterdam and Paris listed property company, is to take stakes in two shopping centres under construction in Istanbul. The acquisitions fit into its strategy to build a critical mass in Turkey, one of its core markets, the company said. The first agreement involves Corio and Akis, a shareholder in another Istanbul mall, acquiring a 50% interest in the Esenyurt shopping centre on the European side of Istanbul for EUR 45 mln.

Corio, the Amsterdam and Paris listed property company, is to take stakes in two shopping centres under construction in Istanbul. The acquisitions fit into its strategy to build a critical mass in Turkey, one of its core markets, the company said. The first agreement involves Corio and Akis, a shareholder in another Istanbul mall, acquiring a 50% interest in the Esenyurt shopping centre on the European side of Istanbul for EUR 45 mln.

When completed, the shopping centre will comprise approximately 45,000 m2 of gross lettable area. The mall, scheduled to open in the first half of 2009, is expected to generate a net yield of at least 8% in the first year of operation. Developer Garanti Koza is to retain the other 50% interest in the shopping centre, which will have a catchment area of 400,000 inhabitants.

Corio has also announced it is taking a 35% interest in the Edip shopping centre development for EUR 22.2 mln. Edip, on the western side of Istanbul, will comprise 65,000 m2 gross lettable area and is scheduled to open in the first half of 2009. The transaction is forecast to generate a net yield of at least 8% in the first year. The catchment area has about 550,000 inhabitants. The developer of the mall is retaining a 65% stake in the project.