Germany's ECE Projektmanagement has announced the opening of Marmara Park, its flagship retail development in Istanbul.
Germany's ECE Projektmanagement has announced the opening of Marmara Park, its flagship retail development in Istanbul.
The mall, representing an investment of EUR 220 mln, opened its doors on Thursday after a construction period of 21 months. It comprises some 100,000 m2 of retail space over 250 shops, restaurants, cafés, and a cinema on four floors, as well as around 4,000 parking spaces.
The scheme is 50% owned by Deutsche Bank's DWS closed-end real estate fund, with the remaining 50% owned by ECE/the Otto family. The financing bank is the Turkish Finansbank, which provided a loan of up to EUR 115 mln.
'With the Marmara Park in Istanbul we are continuing our expansion in the growing Turkish market. We are once again setting standards with the unique combination of a galaxy concept and an excellent tenant mixture,' said ECE's CEO Alexander Otto.
The centre is located in Beylikdüzü-Esenyurt, one of Istanbul’s fastest growing districts with a catchment area comprising more than four million people. It is the 11th mall managed by ECE in Turkey.
