Dutch property group Corio has acquired Iskenderun, a 55,000 m[sup]2[/sup] shopping centre project located in the Southern Turkish city of Iskenderun-Hatay. The shopping mall, which is being developed by construction firms Yayla Group and Kalyoncu, was bought for EUR 116mln, reflecting a net initial yield of 8%. In a statement, Corio said the deal is in line with its strategy to further strengthen its position in Turkey, where it already owns nine shopping malls.
Dutch property group Corio has acquired Iskenderun, a 55,000 m2 shopping centre project located in the Southern Turkish city of Iskenderun-Hatay. The shopping mall, which is being developed by construction firms Yayla Group and Kalyoncu, was bought for EUR 116mln, reflecting a net initial yield of 8%. In a statement, Corio said the deal is in line with its strategy to further strengthen its position in Turkey, where it already owns nine shopping malls.
The three-level shopping centre is expected to open in the first half of 2010. The ground floor will house two anchor tenants (a 7,000 m2 hypermarket and a DIY store), while the second floor will be dedicated to fashion and the third floor will have a cinema and a food court area. Corio Turkiye will handle the leasing of the shopping centre in-house and manage the centre upon completion.
'Altoon & Porter, based in LA, USA has carried out a concept study which amalgamated a Mediterranean city, warm climate and streets in an air-conditioned environment,' said Koray Ozgul, CEO of Corio Turkiye.
