German shopping centre specialist ECE has secured financing for its EUR 220 mln project Marmara Park in Istanbul days before the first foundation stone is due to be laid on 1 March. The investor is a closed real estate fund of DWS, which is taking over 50% of the planned shopping centre. The other 50% will remain in the hands of ECE and the family of Alexander Otto, CEO of ECE. Turkish lender Finansbank is financing the deal and providing a credit of up to EUR 115 mln.
German shopping centre specialist ECE has secured financing for its EUR 220 mln project Marmara Park in Istanbul days before the first foundation stone is due to be laid on 1 March. The investor is a closed real estate fund of DWS, which is taking over 50% of the planned shopping centre. The other 50% will remain in the hands of ECE and the family of Alexander Otto, CEO of ECE. Turkish lender Finansbank is financing the deal and providing a credit of up to EUR 115 mln.
Marmara Park will be one of Turkey's largest shopping centres, with a total rental space of 100,000 m2, including an adjoining DIY store and hypermarkets. More than 250 shops and around 4,000 parking spaces are planned. The premises are located in the Beylikdüzü/Esenyurt district, one of the fastest growing districts of Istanbul. The centre has a catchment area of more than four million people.
Around 40% of the space is pre-leased ahead of the start of construction. Completion is scheduled for fall 2012.
