McArthurGlen, a European owner, developer and manager of designer outlets, has partnered with Turkey’s international financial and retail Group Fiba to open the first two designer outlets in Istanbul.
McArthurGlen, a European owner, developer and manager of designer outlets, has partnered with Turkey’s international financial and retail Group Fiba to open the first two designer outlets in Istanbul.
Reflecting an investment of over €250 mln, McArthurGlen will open one designer outlet on the European side of Istanbul near the new international airport, and the other in a fast-growing university suburb on the Asian side.
Both centres are expected to benefit from the opening in 2015 of the new North Marmara Highway running across the new third bridge over the Bosphorus.
The two designer outlets will be the partnership’s first in Turkey, with further centres planned across the country. 'Istanbul offers everything we look for in a market: an exceptionally strong local partner in Fiba Group; a large catchment, with significant purchasing power and a love for fashion; a spectacular tourist destination; a developed local fashion industry; and easy access to the chosen locations, both by car and public transport,' commented Claude Hargreave, McArthurGlen’s Regional Development director.
The two planned outlets will initially offer a total of over 66,000 m2, to be built in phases, with the first phases covering 20,000 m2.
Construction of both schemes is planned to begin in 2015, with openings projected for 2016.
McArthurGlen is also planning new centres in the south of France (between Marseilles and Aix-en-Provence), in the Belgian city of Ghent (between Brussels and Bruges) and in the German city of Remscheid (near Cologne and east of Düsseldorf).
