ECE Türkiye, the Turkish subsidiary of German shopping centre developer ECE, has formed a partnership with local developer Sur Yapi for new mall projects in the country.
ECE Türkiye, the Turkish subsidiary of German shopping centre developer ECE, has formed a partnership with local developer Sur Yapi for new mall projects in the country.
The two companies will initially work on the realisation of the Axis Istanbul Shopping Center & Office project in Istanbul’s Eyüp district and the Sur Yapi Marka Shopping Center & Residence project in the Nilüfer district of Bursa. ECE will provide concept optimisation, leasing and long-term management services for both malls.
Axis Istanbul is a mixed-use complex which will consist of a 40,000 m² shopping centre in the first phase. An additional 20,000 m² leasable area will be added in the second phase. The complex, in which Sur Yapi and Hayat Holding will invest around €439 mln, is due to open in the first quarter of 2016.
The Sur Yapi Marka Shopping Center and Residence will comprise 65,000 m² of leasable area with 1,500 parking spaces and is scheduled to open in the fourth quarter of 2016. The total investment volume for the multi-functional complex is around €467 mln.
Commenting on the partnership, Altan Elmas, board chairman at Sur Yapi, said: ‘We have decided to join forces with ECE Türkiye for new shopping centre projects. ECE is the leading shopping centre management company in the Turkish market. We will benefit from the company’s experience to meet our future targets.’
Andreas Hohlmann, general manager of ECE Türkiye, added: ‘We are very pleased about this important partnership with Sur Yapi. The company is a leading player in the real estate market that has proven its success with many successful projects. On the other hand, as ECE we will create significant added value by providing nearly 50 years of know-how in the European shopping center industry and 14 years of experience in the Turkish market. The partnership will be an important milestone for the retail industry as well. We hope, we can continue this cooperation in the future by developing further projects together.’
Sur Yapi has completed numerous office and shopping centre developments in Turkey since its establishment in 1992. After opening Axis Kaðýthane Shopping Center in June 2013, Sur Yapi completed Metrogarden Shopping Center in September this year. Besides the projects with ECE, the company is working on Exen Shopping Center and Izmir Complex.
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