Turkish retail project unaffected by Syrian conflict

The civil war in Syria is not having a noticeable effect on a shopping centre across the border in Turkey, PropertyEU's 2nd investment briefing on Turkey heard in London last week.

European developer Multi Development is set to open Forum Gaziantep in 2013. Gaziantep is about 60 kilometres from the Syrian border and is the largest city in the Southeastern Anatolia Region and the seventh largest Turkish city in terms of urban population.

Forum Gaziantep will offer 44,000 m2 of retail and leisure space over three levels.

Panellist Herman Kok, research director at Dutch retail developer Multi Corporation, said that the conflict has not affected the shopping centre project. 'Syria is pretty close but to be honest when we are talking to investors or tenants - our stakeholders in the project - we are getting a very limited reaction,' Kok said.

'I think the general perception of stakeholders is that while the conflict is nearby it is in another country and that there is no reason to panic. As long as the politicians in Turkey succeed in trying to mediate but do not become party to the conflict - and that is the official policy - I think the risk will be very limited,' Kok said.

Kok recalled that he was based in Hungary during the war in the former Yugoslavia. 'That was pretty close but again in that case it didn't impact the economy,' he said.

Aside from Forum Gaziantep, Multi's Turkish portfolio comprises 10 existing shopping centres and five others in various stages of development.