Turkey consistently tops investor surveys for prospects and acquisitions and is also being targeted by many real estate investors.
Turkey consistently tops investor surveys for prospects and acquisitions and is also being targeted by many real estate investors.
This March saw Singapore’s wealth fund GIC make its second direct real estate investment in Turkey by taking a 50% share in Optimum Ankara shopping centre in the Turkish capital. The 50-50 joint venture agreement with the real estate arm of Turkey’s Rönesans Group refl ects a property value of $165 mln (€127 mln).
The deal follows the acquisition of a 50% share in Istanbul Optimum Outlet from Rönesans for about €180 mln in December 2012. And last year, US private equity giant Blackstone paid over €200 mln to take over three shopping centres from private Dutch player Redevco.
But despite its potential, the hard facts show that cross-border investors still have to follow through on their intentions. The GIC joint venture was the only international transaction to be recorded in the first quarter of 2013, while the Blackstone acquisition was the sole deal in the second half of 2012.
The full Focus on Turkey feature from our May edition of PropertyEU Magazine is available in the attachment below.