Pan-European property investment fund VastNed Retail has acquired two high street shops in Bahariye Street in Istanbul for EUR 4 mln. The shops are located on Bahariye Street 58 and 66B in Kadikoy, on the Asian side of Istanbul. It is one of the very best and busiest streets in Istanbul and is for the larger part fully pedestrianised.
Pan-European property investment fund VastNed Retail has acquired two high street shops in Bahariye Street in Istanbul for EUR 4 mln. The shops are located on Bahariye Street 58 and 66B in Kadikoy, on the Asian side of Istanbul. It is one of the very best and busiest streets in Istanbul and is for the larger part fully pedestrianised.
The shop on number 58 has a total GLA of approx. 400 m2, of which 200 m2 qualifies as effective retail space, and will be delivered free of tenant. Number 66B is let to local fashion retailer Herry and will be vacated by the end of Q1 2010. It has a total gross leasable area of 195 m2, of which 140 m2 is
effective retail floor space.
Assuming that the shop units will be leased shortly at market conditions the net initial yield can be expected to come to 7.3%, the company said.
CEO Reinier van Gerrevink: 'With this acquisition we have extended our presence in Istanbul’s prime high streets. Bahariye Street is busy night and day and is seen by international retailers as a prime location to sell their goods. This acquisition confirms our growth path in developing Turkey as VastNed Retail’s fifth investment market.'
