Company profile ’10 / ’11
Turkey TURKEY - Edirne, Edirne Shopping Center green project
Current and future developments In the short to medium term REDEVCO Turkey will continue to expand its portfolio, focusing on identifying development and investment opportunities in retail real estate. Currently, we have two shopping centers in operation with three more in the development pipeline, representing an investment of over € 500 million and set to provide a total GLA of over 175,000 sq. m. Redevco Turkey’s first shopping centre, the Gordion Shopping Center opened its doors to Ankara’s public on 17 September 2009, since when the footfall has increased 10 to 15% each month. The 152 stores in the 50,000 sq. m. centre provide a multitude of attractive opportunities for shopping, eating and leisure. Gordion adds a new dimension to the shopping culture in Ankara, offering the best national and international retail brands in an attractive shopping atmosphere. Carrefour Express, Electroworld, Zara, C&A and Marks & Spencer are Gordion’s anchor tenants. A DIY brand will be another anchor once it opens in the first quarter of 2011. Some other national and international brands represented are: Gap, Massimo Dutti, Mango, Mudo, LC Waikiki, İpekyol, Sephora, Adidas, Nike, Stefanel, Teknosa, Koton, Beymen Business, Apple and Swarovski. Gordion Shopping Center also has a rich selection of cafés and restaurants, and houses the city’s biggest cinema complex, Cinebonus with 13 screens. Redevco Turkey’s second shopping centre project, covering 32,000 sq. m, in Erzurum, opened on 21 October 2009. Its key tenants are CarrefourSA, whose 8,000 sq. m. unit is the first hypermarket in the region, Boyner Department Store, LC Waikiki and Teknosa, the region’s biggest technology store. It also houses other important national and international brands
such as Nike, Adidas, The North Face & Kar Spor, Intersport, Koton, Benetton, İpekyol, Hotiç, Tekin Acar and Burger King. In addition, the centre has a food court and leisure facilities, including Cinebonus, whose-8-screen cinema complex is the region’s largest, combining the ultimate in cinema comfort with the latest technology. Erzurum Shopping Center was Turkey’s first green shopping centre, as well as being the country’s first BREEAM-certified building. The project also served as a pilot for the development of the BREEAM Europe Retail Scheme. Redevco’s Gordion Shopping Center too was designed as a green shopping centre and became Ankara’s first BREEAM-certified building. REDEVCO Turkey will start constructing a shopping centre in Manisa, one of the most industrialized provinces in Turkey’s Aegean region. The Magnesia Shopping Center will create a new shopping and social environment for the people of Manisa and neighbouring provinces. It will provide some 17,150 sq. m. of lettable space, including a 4,500 sq. m. hypermarket and a 1,500 sq. m. cinema complex. The centre is expected to open towards Q1 2012. Redevco is developing a second shopping centre project in Manisa, which is currently in the design phase. That project will have a more regional character. The third shopping centre in the pipeline will be located in Edirne, on the edge of the city centre. Situated on Turkey’s western border, Edirne is closely linked by highway and railway to Greece and Bulgaria. Edirne Shopping Center with a lettable space of 30,000 sq. m., will house 100 retail units, a hypermarket, a DIY store and a cinema. It will also offer space for 1,000 cars. The shopping centre is scheduled to open in the second quarter of 2012.
Redevco Turkey Büyükdere Caddesi Metrocity İş Merkezi A Blok Kat: 21-24 P.K. 34330 1.Levent İstanbul Turkey T +90 212 385 93 00 F +90 212 385 93 01 E email@example.com www.redevco.com
This brochure is printed on TOP10 Green Gloss paper 100% post-consumer FSC Recycled certified fibres and PCF (Process Chlorine Free). Amsterdam, November 2010 Realized by: Mobile Generation www.mobgen.com
Redevco Turkey, part of Redevco Europe, sees it as its job to provide occupiers with the high quality and functional space they require to carry out their business; understanding our tenants’ needs is therefore vital to our success. Our principal activity is developing and managing a portfolio of sustainable retail properties, mostly high quality shopping centres. Redevco Turkey aims to be a leading real estate company, promoting the interests of its clients to the best of its ability. We set high ethical standards, and by doing so contribute actively to the quality of society. “The pursuit of a balance between economic growth, social responsibility and environmental impact is a key feature of our business.” Our mission is to introduce high quality and sustainable products to the Turkish real estate market. What matters to us is the quality of the portfolio rather than its size. REDEVCO differs from other parties in the real estate sector by taking an integrated approach along the entire real estate chain. Not only do we see opportunities, we create them too. Our profound market insight allows us to take the initiative in developing real estate.
Market insight Turkey is in the fortunate position of enjoying a stable economic environment in its commercial real estate sector – in offices, retail, warehousing and logistics. Turkey has a very young and growing urban population and is one of the fastestgrowing countries in Europe. Many international retailers, foreign funds and institutional investors have entered the Turkish market in the last few years. Redevco Turkey has great confidence in Turkey’s economy and business development potential, especially in the retail real estate sector.
Our focus is on
and sustainable products
Business Strategy The strategy of Redevco Turkey capitalises on our strengths: i.e. excellent relationships with the major Turkish and European retailers, exceptional market contacts and knowledge, speed of decision making, reputation for delivery, and availability of capital. Our innovative and flexible management style offers our customers a reliable and understanding partner and allows us to deliver long-term and sustainable returns for our shareholders. We are able to capitalise on the benefits of cross-border expertise and share best practice from being part of an international family-owned real estate organisation – this will become more valuable in coming years as Europe increasingly becomes a single marketplace. Every country has its own dynamics. We believe real estate is a highly local business, so we have a team of talented professionals who are keen to understand the special requirements of the Turkish real estate market. The experience of our Turkish team, and its ability to draw on a national and international network, combine with our strategy and corporate values to make Redevco a significant
prosper If the retailers
TURKEY - Erzurum, Erzurum Shopping Center Edirne
we prosper too
TURKEY - Erzurum, Erzurum Shopping Center
Key figures Redevco - the name derives from Real Estate Development Company – was created in 1999, although our origins date back to 1861 and lie in the real estate department of C&A. We are a young company but one with over 150 years of history. Today the portfolio is let to many national and multinational companies.
and trusted player in local markets – not just for today, when real estate has become a popular asset class, but also for the long term. We, as long-term investors, are actively looking for long-term opportunities. Short-term returns are important of course, but more important is the long-term potential of an investment.
Retail properties that sell Antalya
TURKEY - Manisa, Magnesia Shopping Center
TURKEY - Ankara, Gordion Shopping Center
Projects under development: € 500 million Projects pipeline: € 500 million Shopping centers in operation: 2 Shopping centers under development: 3 Total site Area (GLA): 175,000 sq. m.
We see it as our mission to make the right type of properties available on the Turkish rental market. Obviously, as a real estate company specialising in retail properties, we have a keen eye for the sales figures of our tenants. If the retailers prosper, we prosper, so we do all we can to offer retail
properties that sell. Properties in the right location that are the right size and have the perfect ambience and state-ofthe-art architecture. Retail properties are dynamic properties, however. What is state of the art today may be obsolete tomorrow. That is why we anticipate changes in consumer buying behaviour. We buy properties when we see opportunities to improve their yield and dispose of properties that no longer fit our strategy. We tailor properties to our tenants’ needs. We do so in a continuous dialogue with retail organisations, as they are the experts when it comes to knowing how to serve their customers. Success is not a matter of chance. It is the result of solid know-how, years of experience, and informed market assessment, combined with a business philosophy based on reliability and fairness. Balancing all these factors in a customer-oriented way adds value to our portfolio.