Redevco unveils EUR 1 bn-plus investment programme in Turkey

Redevco presented six projects in Turkey on Thursday as the Dutch real estate company announced it has added Turkey to its investment network. Speaking at a press conference in Istanbul to introduce Redevco Turkey, Jaap Gillis, chief operations officer of Redevco Europe, said the company plans an initial investment of more than EUR 1 bn in the country.

Redevco has already broken ground for shopping centres in the Turkish capital Ankara and in the eastern city of Erzurum. The company has also completed the property acquisition and preliminary paperwork for two malls in Manisa and one in Edirne. In addition, the Dutch company, best known as a retail specialist, has purchased a business centre in the Ümraniye district of Istanbul.

Noting that Redevco is active in 20 European countries, Gillis, who is also chairman of the European board of the International Council of Shopping Centers (ICSC), said Redevco would be highly selective and would opt for projects that deliberately focused on the environment to create value for society and the economy' of the cities in which it invests.

Patrick van Dooyeweert, managing director of Redevco Turkey, said the six projects will provide more than 175,000 m² of lettable space and create jobs for 4,000 people. Redevco Turkey will manage the properties built or acquired in Ankara and Erzurum. Van Dooyeweert said Redevco planned to expand in the major Turkish cities and six projects were already in the design and development stage. While the focus would be on retail property, Redevco's scope includes offices and logistic centres.

The 50,000 m² Gordion Shopping Centre is due to open in the Cayyolu district of Ankara in the first quarter of 2009. Named after the mythical city of Gordion and designed by Chapman Taylor Architects, the property will house nearly 200 stores, a multiplex cinema and a hypermarket.

Redevco's global portfolio is valued at some EUR 7 bn.