Essen-based management company Management fur Immobilien (MFI) is planning to invest up to EUR 1 bn in the Turkish retail market, the company said during a press conference, attended by Turkish prime minister Recep Tayyip Erdogan.
Essen-based management company Management fur Immobilien (MFI) is planning to invest up to EUR 1 bn in the Turkish retail market, the company said during a press conference, attended by Turkish prime minister Recep Tayyip Erdogan.
The shopping centre plan to be completed by 2016 includes the development of six to ten retail centres, as well as four further developments of existing projects. MFI plans to invest EUR 900 mln in the new projects, German newspaper Immobilien Wirtschaft reported. In order to enter the Turkish market, MFI plans to set up a new company in Istanbul.
The investment represents an important step for the firm's internationalisation strategy, MFI's Christina Weiss said. 'We want to diversify our portfolio geographically. Turkey is one of the most dynamic economies of Europe. The favourable demographic development as well as political movement towards a liberal market offer outstanding basic conditions to enter the market.'
The German property group manages real estate assets worth EUR3.9 bn. MFI has 24 retail centres currently in its portfolio or under construction.
