Metro’s Meydan Shopping Square wins Prime Property Award

Metro Group Asset Management was named the winner of Union Investment’s 2008 Prime Property Award at a special ceremony at EXPO REAL on Tuesday. Metro won the prize, which identifies the most sustainable real estate investment in Europe, for its Meydan Shopping Square in Istanbul.

Formerly a tract of wasteland between two main roads, Meydan is a 70,000 m² shopping and leisure mall completed in 2007. Its spacious plaza and stunning architecture – a masterpiece of FOA Foreign Office Architects – now form the urban centre of a new cityscape. ‘Meydan has become a destination location, giving it an important social function and sustained urban impact in this fast-growing suburb of Istanbul that will inspire investors,’ said professor Joan Busquets, an architect and member of the jury.

Explaining its decision, the jury highlighted the shopping centre’s innovative and exemplary approach to indoor climate – it features one of the largest geothermal systems in Europe. Meydan also has one of the largest green roofs in the world, exceeding 30,000 m² in area, which helps to optimise the indoor climate.

In addition, the Metro project sets a new benchmark for shopping centres in terms of commercial sustainability. The geothermal system saves 1.3 million kw hours of primary energy a year. Costs for cooling are reduced by approximately 25% compared to conventional systems, while heating costs are some 30% lower.

The second prize went to the investors behind the Alsion science and cultural centre in Sonderborg, Denmark, which was completed in 2006. The jury praised the group, comprising Universitets- og Bygningsstymelse, Sonderborg Kommune, Forskerparken Syd A/S and Fonden Koncertsalen Alsion, for realising a successful architectural ensemble with a mix of uses spanning leisure, culture and education. Comprising 34,000 m² of space, the Alsion complex combines a university, public concert hall and private technology park, creating a successful platform for interaction between research, education and culture.

The third prize went to investors ING Insurance and Hochtief Projektentwicklung for the WestendDuo office complex in Frankfurt, Germany. The jury hailed their elegant high-rise building in Frankfurt’s Westend commercial district for achieving a balance between ecological and commercial objectives. In addition to the energy efficiency and usage flexibility of the 31,300 m² building, the jury was impressed by the urban sophistication of WestendDuo and the investors’ exemplary treatment of the surrounding area.

Additionally, a special prize was awarded to investor Swiss Life for its Seewürfel project in Zurich. In its inaugural year, the Prime Property Award attracted entries from 90 real estate projects in 18 countries.