ECE JVs invest €250m in Turkish mall projects

German retail specialist ECE Projektmanagement is teaming up with the Turkish Akasya Group to build a new shopping and entertainment scheme in Istanbul.

The two partners plan to invest around €200 mln in Akasya Park Ümraniye, which will include retail space, apartments and office accommodation.

Construction of the project in the Ümraniye district of Istanbul is scheduled to start in 2013.

Located next to a Carrefour hypermarket, the mall will offer over 240 shops and a total leasable area of around 100,000 m2 as well as 3,000 parking spaces.

ECE has been entrusted with the concept design, leasing as well as the management of the shopping centre.

Separately, the company said it will invest €50 mln in the refurbishment and extension of the Ankamall shopping centre in Turkey, together with its project partners Migros und Yeni Gimat.

Opened in 1999, the mall in Ankara will be expanded by 12,000 m2 to 120,000 m2 including over 320 shops, cafés and restaurants.

The revamp is scheduled to start in summer 2013, with the opening scheduled for 2015.

ECE has been responsible for the management of the centre since June 2003.