Vastned Retail expands retail portfolio in Istanbul

Listed retail property fund Vastned Retail has acquired a high street shop in the heart of the Nisantasi shopping district of Istanbul. The transaction boosts the value of Vastned Retail's portfolio in Turkey to over EUR 100 mln.

Vastned Retail said it acquired the entire property at Abdi Ipekci Caddesi 37, which now hosts three shops. The total property will be redeveloped and it will then comprise close to 2,000 m² of which some 1,100 m² will be retail space. The redevelopment is expected to be completed no later than August 2013. The expected rental level is EUR 1.4 mln per annum. The sellers of the property are private individuals.

'With this transaction we are now present in three prime high streets in the heart of Istanbul,' said Taco de Groot, Chief Investment Officer of Vastned Retail. 'Acquiring a property in the most prestigious shopping street of Turkey fits in perfectly with our efforts to further build our Istanbul portfolio. Based on past experience we feel comfortable that the redevelopment will result in a top quality retail unit appealing to high-end retailers and shoppers.'

Furthermore, a lease has been signed with a fashionable café operator for the first and second floor of the prime high street shop on Istiklal Caddesi 119, Istanbul resulting in 100% occupancy for the current Istanbul portfolio in operation.

Vastned Retail invests in high street shops, shopping centres and retail warehouses located in its core countries: the Netherlands, Spain, France, Belgium and Turkey. Its portfolio is valued at EUR 2.1 bn.