Prime Development eyes new investments in Turkey

Prime Development, the German shopping centre developer, is planning new investments in Turkey in 2013.

After focussing on shopping centres over the past five years, the company is now also considering offices and other property types involving an investment in the triple-digit million range, a spokesman for the company said. He declined to provide further details, but added: ‘We are looking at bigger cities or regions in Turkey.’

At present, Prime Development is building a third shopping centre in the eastern region of Anatolia where it has already completed two malls. Involving an investment volume of approximately €125 mln, Prime Mall Gaziantep is scheduled to open at the end of 2013. Launched in April 2012, the 55,000 m2 project is located in Gaziantep, a Turkish metropolis with a population of more than a million.

The mall with comprise 160 retail units over four floors. A large number of key brands have already been contracted, and the letting rate currently exceeds 55%, the company said in a press release.

Previously, the company completed Prime Mall Antakya and Prime Mall Iskenderun which were opened in 2010 and 2011, respectively. The shopping centres boast weekend footfalls that are significantly above the average peer group in Anatolia, the company said.

Prime Development was formed in 2007 by Carsten Probst and Philipp von Wilmowsky. Based in Istanbul, the company has a staff of 70.