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SHOPPING CENTER GUIDE TURKEY 2013

EDITORIAL 1

SHOPPING CENTER GUIDE TURKEY 2013 Editor-in-chief Kuyaş Örs Editors Cüneyt Tabanoğlu Sedef Güneş

WELCOME

Advertising sales manager Nuran Yıldız Corporate communication director Mürüvvet Can

Reaping a bounty from strong demographics, the Turkish retail market continues

Publisher Depo Publishing Büyükdere Cad. Kanyon Ofis Binası, 185 K :6 Levent, Istanbul

to grow at sustainable path, together with increasing purchasing power from the

Printer Ofset Yapımevi Yahya Kemal Mah. Şair Sok. 4 Kağıthane, Istanbul

considerable room for new developments in the long term. There has also been a strong

All or some of the content (texts or images) cannot be used without written permission of Depo Publishing. Depo Publishing is not responsible for the accuracy of the information provided by the contributors. Further information Networking Turkey +90 212 251 18 11 info@networkingturkey.net www.networkingturkey.net

population. Turkey is forecast to remain the most active development market with around 3.7 million m² of shopping centre space under construction, according to CBRE’s latest research. Despite the claims that the market is overcrowded, it seems there is still trend towards refurbishments and repositioning of existing assets among landlords that want to upgrade the retail mix in order to make their center more attractive for retailers. Presenting the latest news, professional reviews and a roundtable discussion between real estate professionals as well as shopping center index pages, this guide you are now holding in your hands attempts not only to reveal current conditions of the retail industry in Turkey, but also to provide an insight for global investors. Hope you enjoy it.


2 CONTENTS

SHOPPING CENTER GUIDE TURKEY 2013

SHOPPING CENTER GUIDE TURKEY 2013

4 NEWS

28 WHO’S WHO

16 OUTLOOK: A HIGHLY DEVELOPED, VIBRANT AND ATTRACTIVE MARKET, Nihat Sandıkçıoğlu

28 AVM MFI PARTNERS 30 CEFIC 31 CHAIN STORES ASSOCIATION (CSA/KMD) 32 CORIO TURKEY 33 COUNCIL OF SHOPPING CENTERS - TURKEY (AYD) 34 ECE TÜRKIYE 36 FOOD RETAILERS ASSOCIATION (FRA/GPD) 37 METRO PROPERTIES TURKEY 38 MULTI DEVELOPMENT TÜRKIYE 40 PALLADIUM SHOPPING CENTER ANTAKYA 41 PALLADIUM SHOPPING CENTER ATAŞEHIR 42 TURKMALL REAL ESTATE 43 UNITED BRANDS ASSOCIATION OF TURKEY

Turkish shopping center industry, one of the most vibrant industries of Turkish economy, is still attracting most of the international shopping center investors.

18 OUTLOOK: ADAPTING TO THE CHANGE, Anthony Khoi President of Aerium Turkey, believes that providing high standards and integrating them all stages of management, from the bottom to the top is the key factor for success in Turkish investment market. As a long-term investor in Turkey, he answered our questions and shared his view about the outlook of the investment market.

20 OUTLOOK: STILL ENOUGH SPACE FOR NEW DEVELOPMENTS Despite the claims that the Turkish shopping center market is overcrowded, it seems there is still considerable room for new developments and regeneration projects in the long term, while demand is still strong. Cem Alfar, Cansel Turgut Yazıcı and Halil Ibrahim Zeytin have gathered together for a roundtable discussion moderated by Ersun Bayraktaroğlu over this issue.

46 INDEX


4 NEWS

SHOPPING CENTER GUIDE TURKEY 2013

RETAIL PROPERTY VOLUMES TOP EUR 10 BILLION IN H1 2013 Widening activity across Europe’s retail real estate investment markets pushed volumes beyond the EUR 10 billion mark in the first half of 2013, according to Jones Lang LaSalle. Investment volumes reached EUR

investor demand for European retail

as well as capital cities as investors

5.1 billion in Q2, in line with the

assets.

place greater emphasis on property

previous quarter but up from the EUR

fundamentals JLL said.

4.1 billion recorded in Q2 2012, JLL

markets of the UK, France and in

research has shown.

particular Germany, continue to

European retail capital markets at

At EUR 10.3 billion, half-year

see healthy investment activity,

JLL, commented: “We are seeing

investment volumes were up by over

there is a broadening of investor

a greater presence in the market

40% on the EUR 7.3 billion recorded

horizons across Europe. Sweden,

of opportunistic investors. With

in the first half of 2012. Increased

Poland, Italy, Portugal, Slovenia and

an increase in the amount of debt

transaction volume, JLL said, is being

Austria, as well as Russia and Turkey,

available to the property market,

driven primarily by the increased

all had active quarters. Demand is

we expect further activity by these

availability of stock on the market,

becoming increasingly diversified

investors in the second half of the

which is helping to satisfy the latent

and focusing on regional locations

year.”

Whilst the traditional powerhouse

Jeremy Eddy, director of

CBRE: TURKEY THE MOST ACTIVE SHOPPING CENTER MARKET IN EUROPE An unprecedented 11.9 million m² of shopping center space is currently under construction in Europe, representing a 50% increase year-on-year (7.2 million m² in 2012); according to the latest research by CBRE. Shopping center development

economic growth and rising incomes.

consumer demand for better quality

activity is largely concentrated

The majority of this development is

retail. Retailers are competing

in emerging markets, with a large

concentrated in Moscow, with 1.4

to take advantage of these new

proportion (74%) taking place in

million m² of space due to open over

opportunities.”

Eastern Europe. Similar to last year,

the next two to three years.

“There has also been a strong

Turkey is forecast to remain the

trend towards refurbishments and

most active market with around 3.7

(750,467 m²), Italy (665,779 m²)

repositioning of existing assets

million m² of shopping center space

and France (648,200 m²), also have

among landlords that want to

under construction. Istanbul will be

significant amounts of shopping

upgrade the retail mix in order to

the most active development market

center space under construction.

make their center more attractive

in the coming years with 37 centers

for retailers, in particular in Italy and

currently under construction.

Research, CBRE, commented: “The

rapid growth of new shopping center

Europe’s other highly active

Ukraine (789,888 m²), Poland

Neville Moss, Head of EMEA Retail

shopping center development market

development in emerging markets is

is Russia (2.88 million m²) which,

attributed to a growing middle class,

like Turkey, is benefiting from strong

the urbanization of large cities and

Poland.”


SHOPPING CENTER GUIDE TURKEY 2013

NEWS 5


6 NEWS

SHOPPING CENTER GUIDE TURKEY 2013

RETAIL INDUSTRY UNITES FOR SUSTAINABLE DEVELOPMENT Having been in the agenda of Turkish retail industry, a retail federation has finally established thanks to great efforts of AMPD, AYD, and BMD. Trade Council of Shopping Centers

officially established after a plenary

industry’s position in global scale.

& Retailers (AMPD), Turkish Council

session held on July 8. Gathering

of Shopping Centers (AYD), United

the modern industry of Turkey

in the scope of such mission, the

Brand Association (BMD), Tourism and

under a single roof, the federation

development of modern retailing in

Restaurant Investors and Managers

has appointed Vahap Küçük, Board

Turkey will be accelerated, enhancing

Association (TURYID), Food Retailers

Chairman of LC Waikiki, as chairman of

the quality of services, products and

Association (GMD), and Chain

the board.

life. The federation is expected to play

Stores Association (KMD) have been

a pioneering role in strengthening

united under the umbrella of Turkey

around USD 100 billion turnover

the formal economy, developing the

Shopping Centers and Retailers

as well as 15.5 million m² retail

permanent export, producing more

Federation (TAMPF).

space and 60,000 stores, aims to

value-added products, gaining a

set up substructure for sustainable

strong position in global competition,

in the end of 2012, Turkey Shopping

development of Turkish modern

and creating more employment for

Centers and Retailers Federation has

retail industry and to strengthen the

young people.

Initiated with a protocol signed

The federation, which represents

With the efforts of the federation

SONAE SIERRA ENTERS TURKISH MARKET Sonae Sierra has just entered the Turkish market with the creation of Sierra Reval, the shopping center specialist in Turkey, providing services of development, management and leasing. Sierra Reval gathers the international

offering income growth potential and

pre-development to development,

shopping center know-how of Sonae

capital value.

leasing and property management,

Sierra with local market knowledge

guaranteeing the successful launch

of Reval team, which has been

Sonae Sierra’s CEO, the “entry in the

and ongoing improvement of new

providing services for over 20 years

Turkish market is a significant step

projects as well as of existing

in Turkey and covers the country as

that consolidates our geographical

shopping centers.

a whole. With ten service contracts

diversification while expanding our

country wide - from Development to

service provision business with a solid

Property Management and Leasing

portfolio. Moreover, with our joint-

services - Sierra Reval is responsible

venture with Reval we are able to offer

for a portfolio with a GLA of over

local and international recognized

215,000 m². These include shopping

expertise and know-how in Turkey.

centers between 12,500 to 66,000

We are confident that this step will

m² GLA to which Sierra Reval will

bring continuous growth of successful

present services solutions aiming to

clients’ services over the next years.”

create continued value to its clients,

by minimizing cost and risk while

integrated solution to its clients, from

For Fernando Guedes de Oliveira,

Sierra Reval will provide an


SHOPPING CENTER GUIDE TURKEY 2013

NEWS 7


8 NEWS

SHOPPING CENTER GUIDE TURKEY 2013

TURKISH RETAIL INDUSTRY IS A MODEL FOR ASIA-PACIFIC COUNTRIES Retailers from Asia-Pacific countries believe that Turkey’s experience in the industry can serve as a model for others trying to learn how to build a sustainable base for retail. The Asia Pacific Retail Convention and

immense size of the Turkish retail

Exhibition (APRCE), the largest event

industry makes it a good platform

Shopping Centers & Retailer / Turkey

of the Asia Pacific region organized

for other retailers in the Asia-Pacific

(AMPD) in Istanbul this year, APRCE

by Asia Pacific Retail Associations

region to access global markets for

brought together more than 2,000

Federation (FAPRA), was held in

their products. “The Turkish retail

participants from 33 countries to talk

Istanbul in September. The event

industry is very big as we see most of

about the future of the retail industry

welcomed many delegations from

the products used by Turkish people

and discuss business opportunities

all over the world looking to learn

are domestically produced. They

that may set the stage for new

from Turkey’s experience in the retail

could use their experiences in this

partnerships in Istanbul.

industry.

sector to provide guidance to other

retailers in the Asia-Pacific region,”

Indonesian Retail Merchant

Association Chairman Mr. Pudjianto

he said.

said the growth and stability of

Turkey’s economy provided a good

about selling products to your

base for retail businesses to expand

customers, but you also need to learn

on. “Turkey has a growing economy

how to retain the customers to stay

and saw an increase in its GDP. The

with the products. The exhibition

stability of its economy should be

emphasized much on this principle as

used by retailers to expand their

a core towards good retail services,”

product in this country,” Pudjianto

the director added. “One thing that

told. “From the exhibition, I have been

caught my eye is how Turkey’s retail

able to exchange different opinions

products did not focus on a specific

and experiences from the Turkish

gender. Many retailers in Asia-Pacific

retailers to be brought back to my

region targeted women as their

country,” he added.

primary consumer, leaving male

consumers to turn to international

Pudjianto said that his association

“The retail business is not only

is trying to persuade retailers from

products that are much more

Indonesia to cooperate with their

expensive,” he explained.

Turkish counterparts as this will

benefit both countries’ economies.

Manager of Parkson, one of the

“We will try to introduce Indonesian

largest retail chains in Malaysia, said

products such as our handicraft and

Turkey’s retailers are full of ideas

batik fabric to this region. We believe

and experiences that can be used by

the strong purchasing power in Turkey

Malaysian retailers to expand their

will be beneficial to expand our own

market. “Turkey’s experiences in this

market,” Pudjianto said.

sector will be our guideline for us to

achieve the same growth in the retail

Guan Heng Tan, Director of the

Noriham Abd Jalil, a Branch

Singapore-based International

market on par with other developed

Council of Shopping Centers, said the

countries,” Jalil said.

Hosted by Trade Council of


SHOPPING CENTER GUIDE TURKEY 2013

NEWS 9

TURKMALL TO DEVELOP 9 NEW PROJECTS Invested more than EUR 5 billion in shopping centers with several partners, Turkmall has constructed 5 million m² retail space and developed 30 shopping centers totaling a 2.5 million m² of GLA. Hilmi Özçakır, CEO of Turkmall, has

jointly developing Forum Almaty

announced that Turkmall will develop

with Kassanov Investment Group in

in shopping centers with several

9 new projects abroad – an EUR 100

former capital of Kazakhstan and also

partners since it was founded,

million-shopping center in Bosnia-

realizing Forum Atyrau in collaboration

Turkmall has constructed 5 million

Herzegovina, two shopping centers

with Isker Group in Atyrau district. We

m² retail space and developed 30

in Kazakhstan with an investment

have already taken over leasing and

shopping centers totaling a 2.5

volume amounts to USD 500 million,

management of these projects which

million m² of GLA. The company,

three shopping centers in Northern

are both scheduled to be opened in

which carried out the “Forum”

Iraq totaling an investment of USD 300

2015.”

branded shopping centers in several

million, and three shopping centers in

provinces of Turkey between 2004

Libya for Libya State Fund for Economic

Turkey and abroad since 1992, Turkmall

and 2010, now continues to develop

& Social Development with a total

is providing leasing and management

shopping centers with the brand

investment value of USD 500 million.

services as well as developing projects

name of “Novada” throughout the

with its experienced staff and know-

country.

developing Sarajevo City Center in

how. The company draws together

collaboration with Mazi Land Group

premium brands of the world with

more than 30 partnerships, Turkmall

for Al Shiddi Group in Sarajevo and

prestigious shopping center projects

now has 13 projects in 8 countries.

it has been providing leasing and

while working for global expansion

“We’re planning to double this

management services for Mazi Plus

of the leading Turkish retail brands.

number in the near future,” says

Shopping Center in Dohuk, one of

In 2011, Turkmall named as the “Best

Hilmi Özçakır, “due to our experience

the largest cities of Northern Iraq,

Retail Developer in Western Europe”

in real estate market, our premium

Özçakır stressed that Kazakhstan

by World Finance and granted the

projects, and awards we won, we have

is one of the favorite locations for

“Excellence in Real Estate” in Retail

been receiving many business offers

Turkish investors: “We have been

Developer category of IAIR Awards.

from a lot of countries.”

Noting Turkmall has also been

Forum Almaty Kazakistan

Having been invested both in

Invested more than EUR 5 billion

Operating in 10 countries with


10 NEWS

SHOPPING CENTER GUIDE TURKEY 2013

PRIME MALL OPENS ITS DOORS IN GAZIANTEP Prime Mall Gaziantep, the biggest shopping center in southeast Turkey, was opened in September. The center was constructed in 15 months and opens 90% prelet. The investment volume amounts to EUR 125 million.

Prime Mall Gaziantep

Prime Mall Gaziantep is the biggest

Prime Development, after two other

shopping centers are not only

shopping center in the region with

shopping centers in Iskenderun and

shopping destinations but at the same

169 shops, located on four retail levels

Antakya, which are other provinces of

time a lively local market place and

with a total GLA of 56,100 m². 1,518

the Hatay region.

a meeting point to spend time and

parking lots are arranged as “sandwich

relax. Pure consumption is outdated,

parking” – below the building, on

generation shopping center. This

today leisure life, indulgence and

top and on the ground – and ensure

most recent generation of shopping

fun are important pillars of a modern

optimal flow of visitors in all mall

centers offers apart from a shopping

shopping center concept.” adds

areas.

experience more leisure facilities

Philipp von Wilmowsky, Managing

like restaurants, cafes, cinemas and

Shareholder and Co-founder of Prime

play worlds for children. “Modern

Development.

Prime Mall Gaziantep is the third

investment of the German developer,

Prime Mall Gaziantep is a fourth


SHOPPING CENTER GUIDE TURKEY 2013

NEWS 11

MULTI DEVELOPMENT OPENS FORUM GAZIANTEP Forum Gaziantep opened its doors to the public in October 2013. Multi’s 11th shopping center in Turkey, Forum Gaziantep is located in the city center of Gaziantep in the south of Turkey. Forum Gaziantep, developed by

will become a main meeting and

visitors per year and generating

Multi Development Turkey, is an

shopping destination in Gaziantep.

an estimated 3,500 jobs, Forum

investment of the Forum Turkey Fund.

Gaziantep will be a significant

Gaziantep is one of the largest

m², the center offers commercial,

contribution to the local economy.

and most dynamic cities in Turkey

gastronomy and leisure space on

with a strong production- based

three levels. The center includes

designed and constructed according

economy, a rich history and a

120 retail stores, a movie-theatre-

the highest standards on energy

large university. Forum Gaziantep

complex, entertainment areas,

saving and material use. Daylight

is centrally located between the

supermarket, restaurants, and an

is provided throughout the project,

historic city center and modern

indoor parking with 1,500 spaces.

high efficient climate equipment

residential and office areas. Situated

has been implemented and

on a main boulevard and the main

120 national and international

predominantly local recyclable

tram line of the city, the shopping

brands such as Mediamarkt, Boyner

materials have been selected. The

center has an excellent accessibility.

department store, Koctas home

concept of the project has been

Well integrated in the urban fabric,

improvement store, Starbucks,

designed to optimize the synergy

there will be good synergy between

Migros, Yargici, H&M, Mango and

with the existing urban quarter.

Forum Gaziantep and destinations

TeknoSA and an 11 screen cinema,

Forum Gaziantep will be a long term

like the historic inner-city and

the largest in the region.

success and support for the local

mosaic museum. Forum Gaziantep

economy and labor market.

Forum Gaziantep

Covering an area of 44,000

Forum Gaziantep will host

Preparing to welcome 9 million

Forum Gaziantep has been


12 NEWS

SHOPPING CENTER GUIDE TURKEY 2013

AMSTAR AND RENAISSANCE OPEN PIAZZA SHOPPING CENTER IN URFA Amstar announced the opening of Piazza Urfa Shopping Center, the first institutional-quality shopping center in Şanliurfa, a city in southeastern Turkey with a regional population of more than 1.6 million. The 44,000 m² project is the sixth shopping center developed by the joint venture between Amstar and Renaissance Development. Piazza Urfa was developed on a

shopping destination of the entire

joint venture’s Kozzy Shopping Center,

centrally located infill site along the

region,” said Amstar Global Advisers

which opened in Istanbul in April 2010,

city’s principal east-west highway,

President Jason Lucas.

was awarded Europe’s Best New Retail

providing excellent access and

Project (under 20,000 m²) by ICSC.

visibility. The property is adjacent to

co-own five operational shopping

Adana Optimum Shopping Center, which

the main tourist area of Urfa and will

centers in Turkey totaling 241,000 m²

opened in Adana in April 2011, was

be connected to these historical sites

of GLA, making Amstar one of Turkey’s

recognized by Turkey’s Trade Council of

via a pedestrian walkway.

largest retail property owners. Piazza

Shopping Centers & Retailers as Outlet

Urfa is Amstar and Renaissance’s third

of the Year in 2011.

shopping center to open this year.

Piazza Urfa was constructed over

14 months and was 95% leased at

Amstar and Renaissance now

Piazza Samsun opened

opening. The project includes 125

The 64,000

retail stores, 24 restaurants and

98% leased in March 2013 and the m²

Piazza Maraş opened 95%

According to Lucas, “Amstar and

Renaissance have established a bestin-class development platform. We are

cafes, a family entertainment center,

49,000

skating rink and eight-screen cinema.

leased in April 2013.

term fundamentals and will continue

“The project’s high quality tenant

to leverage this platform for the

mix, including retail, dining and

have been recognized with several of

development of institutional-quality

entertainment will make it the premier

the industry’s most coveted awards. The

real estate.”

Amstar and Renaissance’s properties

confident in the Turkish market’s long-

YILDIZ TO MERGE DIA AND ŞOK RETAIL STORES Turkish conglomerate Yıldız Holding is clearing the deck and preparing to turn all stores of discount supermarket chain Dia into stores of its other discount market, Şok, the Yıldız Holding Chairman has said. Spanish supermarket group Dia

across the country, 360 of which are

Ülker said. He also stressed that the

and Turkey’s Sabancı Holding in

franchises.

group was not planning any other

July sold Dia to Şok Marketler, one

acquisition for now. “We’re trying to

of the subsidiaries of the Turkish

after the acquisition,” Ülker said.

swallow what we have already bitten,”

conglomerate Yıldız Holding, for

However, this level apparently was not

Mr. Ülker said.

approx. EUR 48 million.

satisfying enough for the retail giant,

which recently bought another small

Yıldız Holding Chairman Murat

“Sales in DiaSa rose by up to 50%

Ülker has said that the group is

retail chain, Onur Ekspres Marketçilik,

considering transforming all Dia

through Şok Marketler.

stores, except franchised ones, into

Şok markets by the end of this year.

around half of that of a Şok store. Dias

There are currently 960 Dia stores

will catch up with Şoks in three years,”

“A Dia store makes a turnover


SHOPPING CENTER GUIDE TURKEY 2013

NEWS 13

AKMERKEZ HONORED WITH 12 AWARDS One of the most prestigious shopping centers in Turkey, Akmerkez received a total of 12 awards for six different innovative projects carried out in 2013 from the world’s most outstanding award establishments; Hermes Creative Awards, AVA Digital Awards, Platinum PR Awards, and Stevie Awards.

Akmerkez Shopping Center

For its “Let Your Wishes Fly” event,

categories at the AVA Digital Awards,

Hermes Creative Awards, for its

Akmerkez received two great awards

which rewards the select creative

“Universal Turkish Flavors” project

in Platinum PR Awards and Hermes

projects of the digital communications

and “Snowfall” special event.

Creative Awards. The event was the

industry. The “Quest for 7 Elephants”

Akmerkez also raised the number

first interactive show in Turkey, taking

project received five awards from four

of awards it received in 2013 to 12

place on Twitter.

esteemed international companies

after receiving two others; silver

The “Quest for 7 Elephants” let

last year, as well. The event paved the

and bronze, in two categories for

Akmerkez visitors receive surprise

way in Turkey for a digital application

its “Creative Director’s Head” and

gifts. They downloaded an application

designed for shopping center events

“Boyamiko” projects at the Stevie

on their iPhone, iPad and iPod Touch

and for its use of real and virtual

International Business Awards,

devices, turned on their cameras and

spaces.

which is one of the most prestigious

by looking at the screen were able

Akmerkez received two awards

international award programs in

to catch elephants inside Akmerkez.

from one of the leading marketing

the business world that receives

It received five awards in different

communication award programs,

thousands of applications each year.


14 NEWS

SHOPPING CENTER GUIDE TURKEY 2013

DIXONS RETAIL SELLS ELECTROWORLD TO BIMEKS Dixons Retail, Europe’s leading specialist multi-channel electrical retailing and services company, announced that it has completed the sale of its ElectroWorld operations to Bimeks, one of the leading electrical specialist retailers in Turkey. The transaction will see all 32 ElectroWorld stores, including 18 franchise stores pass to Bimeks.

Commenting on the sale, Sebastian

our Group. By focusing on markets

ElectroWorld, and Dixons Retail staff

James, Dixons Retail Group Chief

where we have leading multi-

who worked extremely hard to make

Executive, said: “I’m delighted to

channel operations, we will be able

this happen. I strongly believe that

have completed this sale so quickly,

to drive even better value for our

ElectroWorld’s store network and

ensuring a smooth transition for our

customers.”

product portfolio complement those

colleagues and for both businesses.

of Bimeks very well.”

“The combined group has an

Commenting on the deal, Murat

Akgiray, the Founder and Chairman

exciting future and I know that it

of Bimeks, said: “I am thrilled today

incorporating ElectroWorld is more

will continue to flourish with an

to have successfully completed

dedicated than ever to providing our

improved geographical spread of

one of the fastest and largest

customers with excellent service

stores across Turkey. For Dixons,

corporate acquisitions in the Turkish

and deals and to continue to grow

this is the first of three important

electronic retail market. I would

on the path to becoming the leading

strategic transactions streamlining

like to personally thank all Bimeks,

electronic retailer in Turkey.”

“The new Bimeks group


SHOPPING CENTER GUIDE TURKEY 2013

NEWS 15


16 OUTLOOK

SHOPPING CENTER GUIDE TURKEY 2013

A HIGHLY DEVELOPED, VIBRANT AND ATTRACTIVE MARKET Turkish shopping center industry, one of the most vibrant industries of Turkish economy, is still attracting most of the international shopping center investors. Pioneered the world’s first shopping center,

shopping center industry. In recent years, the

the 550-year-old Grand Bazaar, Turkey has

industry has usually drawn an upward trend in

given some of the best examples of modern

terms of investors’, tenants’, and consumers’

shopping centers since 1988. The country

satisfaction. Turkish shopping center industry,

has developed a great retail market with

one of the most vibrant industries of Turkish

329 shopping centers, offering 9 million m²

economy, is still attracting most of the

of GLA, as of today. By the end of 2014, the

international shopping center investors.

market is expected to reach 350 shopping

centers with significant developments,

to expand its growth in Turkey. Density

totalling around 10 million m² of GLA.

of shopping centers in many provinces,

Nihat Sandıkçıoğlu

particularly in certain districts is already

Secretary General,

has grown significantly in the last 10 years

initiating discussions. However, there is

Council of Shopping

with numerous prime developments.

still enough space for new developments

Centers - Turkey

Outstandingly well-performing shopping

in some provinces and certain locations,

centers by both local and international

which are attracting investors. Today only

investors, some of which set the best

57 (out of 81) cities have shopping centers

examples throughout the world, have

yet and overall GLA distribution or 120 m²

awarded by international institutions such

per 1,000 population indicates the high

as ICSC. These achievements led by the

investment potential. Besides, 159 of the

competition between local and international

existing shopping centers are offering

developers and shopping center managers

more than a GLA of 20.000 m², which is

have uplifted the overall performance of the

79% of the total GLA.

The shopping center industry in Turkey

Shopping Center Development (GLA - m²)

The shopping center industry continues


SHOPPING CENTER GUIDE TURKEY 2013

New developments, which are already

and growing with door-to-door delivery and

launched or under construction, are mostly

return policy. E-commerce sector is expected

mixed-use projects or they are usually

to grow around 64% in five years, and “Clicks

involving theme parks. Additionally, some of

vs. Bricks� is one of the biggest discussion

the existing shopping centers have already

topics in the world.

started renovations in terms of both concept

and tenant mix, while a few projects have

own seem as a serious threat for shopping

been failing.

centers. However, main threats are no-name

brands. Quality standards, warranties, and

Shopping centers in large cities are

Increasing online sales of retail brands

competing with each other and concentrating

customer satisfaction will be the most

on various marketing strategies for not

important criterions for retailers operating in

only customer retention but also for

the centers. Not only selling products but also

differentiation. Campaigns, concerts,

customer experience marketing will be the

fashion shows and other events are being

strong side of the shopping centers.

held in centers in order to increase sales.

Indeed, providing better service with such

will be discussed in Shopping Centers

competitive marketing strategies is crucial to

Conference, by Council of Shopping Centers-

survive the centers.

Turkey Swissotel to be held on March 6, 2014.

Showing a significant growth in recent

All of these topics mentioned above

In addition to this event, a conference

years, online sales are now the biggest

about Shopping Centers Customer Perception

competitor for shopping centers. Interacting

will also be realized by Council of Shopping

strong with social media, e-commerce web

Centers-Turkey in the second week of January,

sites are increasing their revenues rapidly

2014.

OUTLOOK 17


18 OUTLOOK

SHOPPING CENTER GUIDE TURKEY 2013

ADAPTING TO THE CHANGE Anthony Khoi, President of Aerium Turkey, believes that providing high standards and integrating them all stages of management, from the bottom to the top is the key factor for success in Turkish investment market. As a long-term investor in Turkey, he answered our questions and shared his view about the outlook of the investment market. Aerium entered the Turkish market in 2005.

integrating them all stages of management,

What was the strategy behind this decision?

from the bottom to the top.

Coming to Turkey in 2005 was part of a

strategy, we had to expand globally. We

has been crucial, as creating a high efficiency

saw new markets opening up, and this was

and, above all, creating value. You can’t just

an important window of opportunity for

be an investor; you have to be a global actor

us. First movers have a better chance of

in a country and consider yourself as an

succeeding in a market, particularly in retail

active local actor. Like other major shopping

real estate, because you can secure the best

center specialists such as Multi, Redevco, and

locations for shopping centers and retailers

Corio, you have to be close to the community,

such as hypermarkets, which is crucial for

the customers, and the partners and

Anthony Mehran Khoi

success. I have seen this play out from

directly control your marketing, leasing, and

President, Retfund

experience over the years through our work

management teams - this is considered as a

Development, Cefic

in Hungary, the Czech Republic, Slovakia,

key factor for success. With a team of over

Turkey, AERIUM Turkey

and Romania - markets that were not exactly

100 people, we are one of the leaders of the

emerging but were new markets for French

shopping center market in Turkey with over

investors. Turkey was one of the countries

USD 2 billion in assets under management

we were considering strongly with regards

and over USD 2 billion worth of projects

to demographics, growth capacity, and its

under development.

This integration and control of activities

dynamic government. When we started to invest in Turkey, our strategy was to become

How would you characterize the

a long-term investor. We never expected to

environment for foreign investors in the

come to this market, buy an asset, and exit

local real estate market, and what can

like opportunistic investors do. We had a

Turkey do to attract further investment?

long-term vision to be part of the shopping

Fitch Ratings upgraded Turkey to

center industry in Turkey and take advantage

“investment grade” on November 5, 2012,

of the huge potential at that time. We were

a move long coveted by Ankara, citing

one of the first global funds to enter Turkey

underlying strengths and an easing in near-

by investing in the Carrefour shopping

term risks for the economy. The transparency

centers portfolio, as well as CEFIC, in a joint

and business environment in Turkey have

venture with Simon Property Group and

improved significantly thanks to the strong,

Ivanhoe.

prudent, and stable government. The Turkish

government has enacted new regulations

One of the major difficulties in emerging

markets is lack of experience and expertise.

regarding reciprocity for owning real estate

A key factor of our success in Turkey was

in Turkey by foreigners, which has definitely

vertically providing high standards and

had a positive impact, especially on the


SHOPPING CENTER GUIDE TURKEY 2013

OUTLOOK 19

residential market. However, there are

and the positioning of shopping

perhaps the most challenging time

still uncertainties, regarding urban

centers and other marketing and

the industry has ever faced. As far as

planning, government taxes, and

management skills really count. In the

shopping center investment strategies

regulatory policies.

future, shopping centers will develop

are concerned, investors will continue

Several retail organizations are

even more their own brands with a

to invest in major markets. Some big

collaborating with the authorities

clear image and positioning, take on

players will concentrate just on trophy

regarding new regulations for the

the names of hypermarkets or major

shopping center assets (with over 5

improvement and sustainability of the

anchors less frequently and really shine

million annual visitors); they will be

shopping center market. We trust that

and exist with their own identities.

likely to sell smaller centers which

the Turkish government will consider

will create opportunities for other

the opinions of these prominent

What are the main factors affecting

categories of investors, like Aerium.

organizations in order to preserve and

the outlook for retail and shopping

promote the growth and sustainability

center investors as far as you are

and Germany are very interesting

of investment in the country.

concerned?

despite the yield compression there,

Geographically, the Nordics, France,

By 2015, it is estimated that over

prices have increased, yields are

You have frequently partnered with

USD 175 billion will shift out of physical

moving out a little bit in southern

the likes of Carrefour, Auchan and

stores to online platforms in the US

Europe. For prime assets in Turkey,

Tesco for shopping centers. What

market. Many retailers have already

Portugal and Spain we’re looking at

kinds of tenants make a successful

started to react against changes; from

yields of over 7.5%, while they’re

center and what else matters?

hypermarkets to luxury department

under 5% in Germany. The average

Good shopping centers cannot be

stores, electronic and big box retailers,

for the core assets in Central Europe is

successful without strong tenants,

to specialty apparel stores. The quality

around 5.5%. Investors will continue

even if they have great locations. The

of shopping center assets are improving

to investigate the risk parameters and

shopping center is a sum of its parts;

in all markets, particularly evident in

keep an eye on all these markets.

to compete with other ones, it has to

new emerging markets.

have stand-out with tenants and the

definitely have to reinvent the

right positioning. Retailers are also

will face huge challenges in Europe as

shopping center marketing in terms

experiencing huge changes; look

it absorbs the fall-out of the Euro crisis.

of branding and positioning. Retailers

at Kodak, Nokia or Blackberry who

Weak consumer spending patterns,

will have to continue their necessary

have seen extremely strong market

uncertainty about government’s

evolution and over 30% of existing

positions shift to difficulties; products

regulatory policies, the ongoing fall-

European brands could be extinct in

are developing and changing so fast

out of the European financial crisis

the next ten years. In this changing

so they too are fighting to keep their

and worries over future spending cuts

environment, we have to assess our

places in the hierarchy. So retailers and

and fiscal pressures will all take their

strategies as quickly as possible. The

shopping center developers have also

toll. There will be necessary systemic

industry needs to learn to develop

to move fast and adapt themselves to

changes for retailers, the investment

and to manage shopping centers, with

changes in the environment.

community and developers, but the

the highest standards of services and

need for shopping centers will remain

professionalism in this brave new

major evolution; they still have a

and increase without any doubt. How

age to retain the loyalty of existing

huge place in customers’ hearts, and

we meet those challenges will define

customers and to win new market

they are the essential anchors for

who wins and who loses.

shares.

shopping centers success in under

30,000 m² GLA centers; over that size,

in 2012 has struggled, vacancy is

hypermarkets are still key elements

increasing in a number of centers

but the merchandising, the branding

* This interview is a combined version of two interviews,

in several mature countries, so it’s

previously published in The Business Year and Reurope.

Hypermarkets are in a phase of

Over the next five years, the sector

In the next 10 years, we will

The shopping center footfall


STILL ENOUGH SPACE FOR NEW DEVELOPMENTS Despite the claims that the Turkish shopping center market is overcrowded, it seems there is still considerable room for new developments and regeneration projects in the long term, while demand is still strong. Cem Alfar (General Manager of Corio Turkey), Cansel Turgut Yazıcı (General Manager of EVA Real Estate Appraisal & Consultancy) and Halil Ibrahim Zeytin (CEO of Akademetre Research & Strategic Planning) have gathered together for a roundtable discussion moderated by Ersun Bayraktaroğlu, PricewaterhouseCoopers Turkey Real Estate Industry Leader, over this issue.


SHOPPING CENTER GUIDE TURKEY 2013

ERSUN BAYRAKTAROĞLU: We would like

international investment funds considering

to discuss if there’s still room for new

to enter Turkish market. However, existing

shopping center investments in Turkey. Do

funds continue to invest in new projects.

you agree with the common view in the

Additionally, there are many local investors

market that claims new shopping center

willing to invest in Anatolian cities.

OUTLOOK 21

investments are on the decline? I believe the latest research conducted by EVA Real

CANSEL TURGUT YAZICI: One of the striking

Estate Appraisal and Akademetre might

results of the analysis we made was this

help us regarding this question. Let’s begin

one: There are too many shopping centers

with that.

in the pipeline of Anatolia; however the

ERSUN BAYRAKTAROĞLU

demand is not that much. Supply does not

Real Estate Industry Leader,

HALIL IBRAHIM ZEYTIN: Well, the numbers

meet demand. Apparently, some new centers

PricewaterhouseCoopers

say the exact opposite of that view. The

wouldn’t be able to attract customers while

Turkey

“Analysis of Shopping Centers in Turkey”

some old ones losing theirs.

research covers shopping centers put in

operation as of February 2013 and those

and a significant increase is expected in

to be opened until the year 2015. The

purchasing power. However, such strong

total shopping center gross leasable area

prospects are useless if there’s a supply-

was 8,228,000 m², and this will be almost

demand imbalance. And this is a serious

doubled with 13,249,000 m² by 2015,

problem for the Turkish market.

according to the research. So, total shopping

center supply is actually increasing. Demand

their functions. There was a 200,000 m²

is totally another thing. Main problem

of retail space loss due to mostly basic

for shopping centers in Turkey is supply-

faults of local developers, our analysis has

demand imbalance. I guess I can say that

shown. %30 of this space was redeveloped

supply does not meet the demand in certain

with improvements of theme, function and

districts in need of investment.

quality. Analytically, Ankara is the most

Turkey has strong demographics,

Some of the shopping centers are losing

competitive market now, the retail density ERSUN BAYRAKTAROĞLU: These shopping

of the city has reached 1,000 m² per 1,000

centers to be supplied are already in (at

inhabitants.

least) construction stage, right? ERSUN BAYRAKTAROĞLU: Is it the only CANSEL TURGUT YAZICI: Yes, in fact, some

indicator?

openings were delayed. Openings of around 20-25 shopping centers, which were first

CANSEL TURGUT YAZICI: No, of course not.

scheduled to be completed in 2012, are postponed to 2013.

ERSUN BAYRAKTAROĞLU: I guess it is the most used one. Turkey’s population growth

ERSUN BAYRAKTAROĞLU: The slowdown

rate still offers a great potential for new

I mentioned in the beginning was related

shopping center investments.

to these delays. It seems to me that new investment decisions become quite

HALIL IBRAHIM ZEYTIN: Retail density

difficult.

develops a good local perspective for an investment. However; if we compare retail

HALIL IBRAHIM ZEYTIN: We have been

density of Turkey with Europe’s in general,

observing a decline in the number of

we would be terribly wrong. Purchasing

“Latest retail trends are able to provide different opportunities we could not even dreamed of.”


22 OUTLOOK

SHOPPING CENTER GUIDE TURKEY 2013

parameters of Europe and Turkey are not

retailers cannot find the proper buildings

similar. GDP rates are not same. Averagely,

or stores meeting the requirements

European customers’ purchasing power is

of retailing. There are no parking lots,

four times bigger than Turkish customers’. In

technical problems are big, and nuisance

other words, population growth rate is not a

values are high… Thus, retailers prefer

single criterion for investment. For instance,

to operate and grow their businesses in

urbanization rate is also crucial. Rural

shopping centers. Retail brands used to

population rate in Turkey is %30, higher

operate in small stores now renting larger

than the European average.

stores. Stores compulsorily got bigger, because product range has been extended

CANSEL TURGUT YAZICI: Financing is also a

and seasonal sales have been increased.

serious problem for retail developers. Such

Shopping centers are immediately adapted

local data is vital for them.

themselves to such conditions. Average gross leasable area has increased to around

HALIL IBRAHIM ZEYTIN: Actually, renovation

32,000 m² from 27,000 m².

is the main topic today and it will definitely

“Global investors should always consider the local circumstances carefully in Turkey.”

remain on the agenda in the next five

CANSEL TURGUT YAZICI: Besides, smaller

years. There are so many regeneration

shopping centers cannot survive because

and expansion projects on the way.

they cannot create a synergy. %80 of those

Redevelopment is also crucial. Which one is

which have already lost their functions

right for first generation shopping centers,

were providing under 20,000 m² of gross

redevelopment or renovation? This is the

leasable area.

main question. CEM ALFAR: So, what’s the reason behind ERSUN BAYRAKTAROĞLU: Mr. Alfar, what do

the so-called slowdown? Indeed, new

you think about this picture?

investments have slowed down. Openings have been delayed because of retailers.

CEM ALFAR: I would like to provide a point

Retailers are now paying more attention

of view as an investor, a manager, and a

to the performance of the brand stores,

former retailer. Retail industry has already

considering the turnover per square meter.

become one of the main drivers of Turkish

Additionally, international retailers of food,

economy. The market has instantly grown

electronics, and DIY markets have renewed

up thanks to shopping center investments.

their strategies. They are now downsizing

their business, closing their stores, exiting

What matters is that of market trends.

Consumer trends are partly determined by

the shopping centers.

retailers. Let’s say retailers have two main points of sale, first one is online and the

HALIL IBRAHIM ZEYTIN: Yes. For instance,

second one is offline. Online sales are rapidly

Best Buy and Praktiker have left the market.

growing and we do not have a comprehensive knowledge of that yet. Where does it

CANSEL TURGUT YAZICI: As Mr. Alfar said,

heading? Would it displace us? We do not

e-commerce plays a big part within this

know the answers; we are just waiting to see

alteration.

even while we are conducting researches. HALIL IBRAHIM ZEYTIN

CEO, Akademetre Research &

centers and high streets. High street

e-commerce sales are forcing international

Strategic Planning

retail was used to be powerful. Nowadays

retailers out. I think main reason is these

Offline retail channels are shopping

HALIL IBRAHIM ZEYTIN: I don’t believe that


SHOPPING CENTER GUIDE TURKEY 2013

retailers not understanding the consumer

a renovation required for the center, you

trends in Turkey. The American business

should obtain approval from not only

model does not function in this country.

district municipality also metropolitan

Turkey has completely different dynamics.

municipality. And such a long process

OUTLOOK 23

overstrains the developer. Life is vigorous, CEM ALFAR: BIM and A101 supermarkets are

procedures are slow and long. I do not mean

the facts of retail in Turkey. Both are selling

that renovation is nearly impossible, it is

really high-quality products with affordable

only difficult.

prices and they really penetrated the retail market well. They have already been

HALIL IBRAHIM ZEYTIN: We also need to

CANSEL TURGUT YAZICI

rivals of hypermarkets. Here, international

discuss marketing strategies. In marketing,

General Manager,

retailers could not track this trend and they

there are two basic strategies in general,

EVA Real Estate Appraisal &

have failed. The same thing also goes for

pulling and pushing. Pulling strategy, which

Consultancy

DIY markets. They are operating in larger

is usually adopted by upper-class brands,

stores with a wide product range, but stock,

customers come to your shopping center

labor, and development costs create a heavy

because of your center’s concept. If an

weather of business.

international investor invests in a shopping

center with premium brands in a location

Today, there are some new large-scale

projects with more than 100,000 m² of

where middle and lower class resides, it

gross leasable area and they are really

will probably fail. Similarly, a shopping

having difficulties in leasing.

center outside the main arteries of the city without a pulling strategy cannot success

CANSEL TURGUT YAZICI: In fact, retailers

as well. Global investors should always

want to pay their rents only if they’re selling

consider the local circumstances carefully

their products. However, the investor

in Turkey.

expects a fixed rent in order to finance the project. This is the main conflict. Now, we

ERSUN BAYRAKTAROĞLU: If you have the

are observing different business models.

chance of relocating the existing 8 million

Our valuation methodology for shopping

m²-shopping center stock, would you locate

centers has already changed. Lease

them as they were now?

contracts have also changed; retailers are forcing investors to work for attracting more

HALIL IBRAHIM ZEYTIN: No, absolutely not.

customers. Actually, I believe this is a good

Last year, a 324,000 m² of shopping center

business model. Am I wrong?

space lost its function.

CEM ALFAR: We are returning the renovation

CANSEL TURGUT YAZICI: You can redevelop

issue. Renovation or redevelopment is

those centers with brand new functions.

necessary due to retail trends I mentioned

There’s a flea market in Eskişehir, it is a

before, as well as attraction and efficiency per

successful concept. They have transformed

square meter. We are now obliged to reduce

an old shopping center into a flea market.

store sizes and continue with strong retailers.

Creating a unique concept, they have come to an agreement with the management of

CANSEL TURGUT YAZICI: I would like to

the center.

add something. Many shopping centers are opening with the approval of the

CEM ALFAR: I am so jealous about successful

preliminary design. However; if there is

Turkish investors. They play the game really

“Our valuation methodology for shopping centers has already changed.”


24 OUTLOOK

SHOPPING CENTER GUIDE TURKEY 2013

fast. As an international public-joint stock

does not allow such promises and retailers

investment company, we cannot see the

begin to call management companies to

future that clear. Corio Turkey is a long-

account. I believe the main problem in

term investor. Investment decisions with

Turkey is shopping center management. We

short-term expectations are really difficult

definitely need professional management

for us. Therefore, we would like to act in

firms and high-qualified personnel. Yet,

collaboration with a local investor. I believe

there are no corporate structures taking

it will be the only way for global corporate

over both managing and leasing well.

investors in the near future.

Anyway, let’s talk about new generation

shopping centers. Where are they heading to? CANSEL TURGUT YAZICI: On the other hand, local players of the market should be open

HALIL IBRAHIM ZEYTIN: We need to keep

to the know-how of international investors.

an eye on new generation retail business

They should join the forces with global

while analyzing new generation shopping

investors.

centers. For once, e-commerce is actually transforming the retail business. Almost

“I believe the main problem in Turkey is shopping center management.”

HALIL IBRAHIM ZEYTIN: International

all retailers are reaping a bounty from

investor needs a local know-how as well.

e-commerce efforts. E-commerce will create new strong brands, however,

ERSUN BAYRAKTAROĞLU: I believe

only some brands will be the part of

almost every local investor would like to

conventional retail business. This is an

cooperate with them. Our main concern

unexpected benefit of e-commerce in this

should be convincing the global investor for

very transitional period. We have always

collaboration with the local one.

considered e-commerce as a risk, not an opportunity.

HALIL IBRAHIM ZEYTIN: We have witnessed

serious acquisitions and mergers in Turkish

in our lives. It’s not internet instead of

retail market for the last three years. Due

television or online magazine instead of

to these transactions, shopping center

printed. It’s not only a medium change; it

chains are now on the agenda. We are now

involves the transformation of consumers.

debating on the issue of renovation.

New generation consumers are now keen on

E-commerce has made a radical change

involving the process; they just want to feel ERSUN BAYRAKTAROĞLU: Let’s forget about

they exist. Gezi Park protests are a genuine

the wrong location or the wrong tenant-mix,

example for this very transformation.

shopping centers should all be managed

Protesters just wanted to be a part of

well. I wonder about what retailers think

the decision mechanism. If shopping

about the management issue.

center investors have a good grasp of this transformation, they would easily turn it

CEM ALFAR: Management means number

into an opportunity.

of visitors and common area maintenance costs for retailers. Rightfully, they just want

CEM ALFAR: We need to change our

more visitors and low maintenance costs.

constitution, that’s what Gezi Park protests

Almost every investor claims that their

have told us. We should renew it with a

CEM ALFAR

shopping center has the best location and

social consensus with regards to modern

General Manager,

best management for the maximum number

democratic world. Then, we should discuss

Corio Turkey

of visitors. However, certain circumstances

vested rights which are important for


SHOPPING CENTER GUIDE TURKEY 2013

OUTLOOK 25

foreign investors. Drafts for Retail

consultancy firms begin to operate

ERSUN BAYRAKTAROĞLU: Dear all

Law and Code of Obligations are

in Turkey. Now, we have outstanding

thank you for your responses and

continuously changing.

architects. Market researches,

feedbacks. In conclusion, we are

feasibility reports are now being

all sharing a retail success story in

ERSUN BAYRAKTAROĞLU: I definitely

prepared in the country. We now have

Turkey. It is not easy to supply 8

agree with Mr. Alfar. Uncertainties

the all shopping center know-how here.

million m² of shopping center space

are the barriers of international

within 25 years in these challenging

investors. However; if we clear them

HALIL IBRAHIM ZEYTIN: I believe

circumstances.

out, local investors will also get out

Turkey is now able to export know-

of the hole and compete with global

how. We do have great experiences in

new shopping center developments,

investors.

retail business. Sale by installments

it seems there’s still demand for

Nevertheless, the history of

Despite the public opinion against

is a model where you cannot see in

retail space. Sociologically, shopping

shopping centers in Turkey is such a

the rest of the world. Actually, Turkish

centers are still the only hubs for

success story. Just think about it. You

market says one thing to the global

socializing in certain locations. On

are limited to 350 brands; you have

investor: Think local, act global.

the other hand, shopping centers

serious legislation problems which are distressing the foreign capital.

out of their original function should CANSEL TURGUT YAZICI: I agree with

be renovated or redeveloped after

that. Global investors should operate

serious analyses. Latest retail

CANSEL TURGUT YAZICI: Nobody was

in Turkey with regards to the local

trends are able to provide different

in the shopping center business before

culture. Every successful international

opportunities we could not even

Galleria, which is opened 25 years

retailer in Turkey plays the game with

dreamed of. We just need to stretch

ago. It was a great achievement. Then,

certain rules.

our imagination.


26 OUTLOOK

SHOPPING CENTER GUIDE TURKEY 2013

THE BIGGEST CONSTRUCTION SITE ON EARTH: TURKEY

Serkan Gül

The Urban Regeneration Law introduces major changes that will have significant effects on the construction and real estate sectors in Turkey.

Partner, Hergüner Bilgen Özeke Attorney Partnership

Turkey is a country where earthquakes

areas that may cause loss of life or

who agree to vacate and demolish the

are a part of our lives. Two major

assets. The Ministry is authorized to

building. 3

earthquakes, first one in 1999 and

expropriate the immovable within

the latter one in 2011, raised serious

these risk areas or exchange them

building at risk is not demolished

public concern about the reliability of

with others; to transfer immovable

within the granted time period, the

the construction legislation and the

property rights and zoning rights to

municipality or the Ministry may

players of the construction sector.

other areas; to divide and to allocate

demolish such property. The relevant

Especially after the 2011 earthquake,

shares forming the immovables;

land registry will be notified of

the government decided to take firm

and to establish rights in rem on

expenses for such eviction and/or

steps towards the demolishment

immovables located within the risk

demolition, and the land registry will

of illegal/risky buildings and the

areas. As a completely new structure,

establish a joint mortgage on the

construction of new ones. In order

the Ministry is also entitled to convert

shares of the building owners in favor

to implement this idea, an urban

ownership into securities, provided

of the Ministry.

regeneration concept was raised and a

that it is accepted by the landowners.

new law is legislated.

However, the implementation of such

establishment of a fund for

The Law clearly states that if the

The Law foresees the

a conversion has not yet been tested.

matters including the property risk

of Areas under Disaster Risk, or

The implementation of the

assessment, and demolishment

commonly known as the Urban

Law can be triggered either by the

and re-construction process that

Regeneration Law ( “Law”)1 and the

landowners or by the officials.

is referred to as the regeneration

Regulation on the Implementation

Two-thirds of the shareholders of

projects fund ( “Fund”). The Fund will

of the Law on the Regeneration of

the immovable property may decide

be generated from administrative

The Law on the Regeneration

Areas

(“Regulation”)2

are the main

on re-development method of such

fines collected under the Environment

pieces of legislation regulating the

property. The land shares of those

Law, income from the properties sold

urban regeneration in Turkey. The

who do not comply with the decision

under the Forestry Law, and a certain

Law introduces major changes that

of the two-thirds will be sold to

amount of the annual net profit of

will have significant effects on the

other shareholders through public

the Provincial Bank. There are various

construction and real estate sectors in

auction. If such share sale cannot be

ambiguous and grey areas regarding

Turkey. The Ministry of Environment

completed, these land shares will be

the Law. We believe that these

and Urban Planning (“Ministry”)

registered in the name of the Treasury

questions will be settled during the

expects approximately 10,000,000

by paying their market values to such

implementation phase.

buildings nationwide to fall within

shareholders.

the scope of the urban regeneration

plan, making Turkey the biggest

vacate the building, they are given at

construction site on earth.

least 60 days to demolish the building.

Temporary housing or workplace and

The Law specifically focuses on

the risk areas that are defined as

If the owners mutually agree to

rent benefits will be provided to those

1 The Law on the Regeneration of Areas under Disaster Risk numbered 6306, Official Gazette dated 31 May 2012 and numbered 28309. 2 The Regulation on the Implementation of the Law Regeneration of Areas under Disaster Risk, Official Gazette dated 15 December 2012 and numbered 28498. 3 The conditions for temporary housing or workplace and rent beneficts are determined under the Regulation.


SHOPPING CENTER GUIDE TURKEY 2013

OUTLOOK 27

WHO’S WHO >>>


28 WHO’S WHO

SHOPPING CENTER GUIDE TURKEY 2013

AVM MFI PARTNERS Aydın Yurdum

Avm Partners was founded by Aydın Yurdum, Tarkan Ander and Dora

Chairman

Şahintürk in March 2006. In 2008, Avm Partners signed a successful Joint Venture with MFI Management für Immobillien AG and the

Dora Şahintürk

company name changed to “Avm Mfi Partners”. In the six years since

Board Member

then, the company has leased out 47 Shopping Centers with a total GLA of 1,650,000 m² and 4,075 shops.

Tarkan Ander

Board Member

attractive projects while providing the highest quality service to

The Avm Mfi Partners team creates long-term sustainable and

landlords and investors in terms of Project Development, Project Muammer Çene

Management, Architectural / Pre-concept Planning, Facility

Leasing Director

Management and Budget Control, Leasing, Shopping Center Management, Finance and Reporting, and Legal Consultancy. Avm

Aytaç Özçiçek

Mfi Partners currently operates in Turkey, as well as Europe, the

Business Development

Balkans, and the Turkic Republics.

and Management Director

Our team’s long-standing experience in the sector is a source

of pride for our company, and is reflected in the high quality of the Gökhan Faik Yazıcı

services we provide to all domestic/foreign investors and owners.

Finance Director

Our mission is to provide the best solutions and quality service

that meets the highest global standards.

CURRENT LEASING PROJECTS

MANAGEMENT PROJECTS

Ebulula Mardin Cad. Akatlar Maya Sitesi

212 Istanbul Power Outlet Center

212 Istanbul Power Outlet Center

Z Blok Akatlar – Beşiktaş

Avenue Bodrum SC

Avenue Bodrum SC

Bakü Ahmetli

Denizli SümerPark SC

T +90 212 324 52 22

Denizli SümerPark SC

Eskişehir Neoplus Outlet Center

F +90 212 324 74 84

Eskişehir Neoplus Outlet Center

Kayseri Meysu Outlet Center

www.avmmfipartners.com.tr

Gimat ATB

Konya Kent Plaza SC

Kayseri Meysu Outlet Center

MarkAntalya SC

Kırıkkale Podium SC

Milas Pomelon SC

Konya Kent Plaza SC

Next Level Ankara SC

MarkAntalya SC

Palladium Antakya SC

Milas Pomelon SC

Palladium Ataşehir SC

Next Level Ankara SC

Taurus Ankara SC

Palladium Antakya SC

Urfa City SC

Palladium Ataşehir SC Seyrantepe Skyland SC Sultanbeyli SC Taurus Ankara SC Urfa City SC Ümraniye CanPark SC


SHOPPING CENTER GUIDE TURKEY 2013

REFERENCE PROJECTS 29

Palladium Ataşehir SC, Istanbul

Taurus SC, Ankara

Palladium SC, Antakya

Next Level SC, Ankara Sultanbeyli SC, Istanbul

Kent Plaza SC, Konya

212 Istanbul Power Outlet, Istanbul

Seyrantepe Skyland SC, Istanbul

Ümraniye CanPark SC, Istanbul

Neoplus Outlet Center, Istanbul

MarkAntalya, Antalya


30 WHO’S WHO

SHOPPING CENTER GUIDE TURKEY 2013

CEFIC LEADER IN TURKEY WITH OVER 19 YEARS OF EXPERIENCE AND SUCCESS

Operating in Europe since 1986 and in Turkey since 1994, Cefic

is active as a consulting firm supporting its clients in investment, development, leasing, property and facility management as well as Anthony Khoi

Arda Taşarkan

Nihat Evcimen

sales, marketing & promotion of shopping centers and commercial

President &

Business

Finance &

properties.

CEO

Development

Administration

Director

Director

solutions to strongly support investors and tenants for the most

Cefic is operating with an international know-how and tailored

efficient results in growth and added value.

With its team of 85 professionals, Cefic manages over 700,000

Ihlamur Yıldız Cad. No:8 Toprak Center A Blok

m² GBA of shopping centers and commercial properties in Turkey.

4. Kat Beşiktaş / Istanbul / Turkey

Its deep market knowledge and experience have established

Cefic as the leading expert in its field in Turkey. Cefic is highly T: +90 212 327 11 40

recognized by the industry with one of the best track records for

F: +90 212 258 98 54

accomplished achievement during the past 19 years in the Turkish

www.ceficturkey.com

market.

Cefic continues to strive for excellence in the art of shopping

center leasing and management.


SHOPPING CENTER GUIDE TURKEY 2013

REFERENCE PROJECTS 31

CHAIN STORES ASSOCIATION (CSA/KMD) Founded in 2012, Chain Stores Association (CSA/KMD), is the representative of all the organized retailing sector outside the scope of food and apparel, which has reached 2 billion dollars of turnover.

All well known organizations are member of Chain Store

Association. Alp Önder

Spokesman of all sector except food and apparel.

Özpamukçu

Source of information concerning the sector

Chairman

Create an ideal platform to bring into sharp relief all legal and juridicial problems of organized retail sector. Plays an active role to undertake all legal questions of organized retail sector.

Deputy Chairman Mehmet T. Nane

With its international relations and networking, brings global know-how to Turkey, and Turkish retailers know-how to foreign

Vice Chairman

countries. Plays an active and effective role in to development of

Ilhan Il

the sector. •

By organizing seminars and workshops, makes great contribution to the updating of sectoral informations and to the application in

Vice Chairman Tekin Acar

case of need. •

Identify recruitment problems of the sector and bring concrete solutions.

Determines standards of the sector and makes several projects in order to elevate the existing situation.

• Kategori Mağazacılığı Derneği (KMD)

Encourages its members projects which respects consumer rights and green.

Dikilitaş Plaza Ayazmadere Cad. No:10/1 Kat:5 34349 Dikilitaş - Beşiktaş / ISTANBUL

Is in the position of sectoral communication center. Create wide broad sectoral knowledge and relationship network.

Chain Stores Association (CSA)

Makes recommendations concerning the harmonizing of their members to the national and international regulations.

T + 90 212 227 85 42 - 52 - 62 F + 90 212 227 85 35 www.kategorimagazaciligi.org info@kategorimagazaciligi.org


32 WHO’S WHO

SHOPPING CENTER GUIDE TURKEY 2013

CORIO TURKEY Corio is a retail property company. Our core business is to create Favourite Meeting Places through selecting, developing and operating shopping centers in Europe. Our vision is to create places where people like to meet and return to, any time of the day, for anything and in any mood. The retail environment is changing rapidly. The market is moving from being supply-driven to demandCem Alfar

driven. Retail is evolving from a shopping experience to a social

CEO

experience and sustainability is increasingly being integrated in daily life. We are adapting to these new realities. Our skills, combined with technological opportunities, are enabling us to create something new–to create places where people connect with shopping centers and with each other: places where individuals can

Corio Türkiye Kanyon Ofis Blok Büyükdere Cad.

relax, socialize, feel at home and be inspired.

No:185 Kat 18 Levent 34394

Istanbul, Turkey

market in the portfolio that offers excellent opportunities and

Turkey is one of Corio’s core markets and the only emerging

prospects. In April 2005, Corio made its first investment in the T +90 212 371 30 00

Turkish market. In the initial public offering of Akmerkez REIT, it

F +90 212 353 54 40

acquired an interest of 47% in the trend-setting Akmerkez shopping

E info@tr.corio-eu.com

center in Istanbul for US $190 million (approx. €147 million). This

W www.corio-eu.com

shopping center has received numerous awards, including the ‘Best Shopping Center in Europe’ award and the ‘International Design and Development’ award, both granted by the International Council of Shopping Centers (ICSC). In 2007, Corio announced the acquisition of the following shopping centers: Teras Park in Denizli (51%), Ada in Adapazarı (100%), 365 in Ankara (100%), and Tekira in Tekirdag (100%). In 2008, it announced the acquisition of Anatolium Bursa shopping center (100%) in the city of Bursa, with a gross leasable area of 84,000 m² and anchored by Media Markt, IKEA, Carrefour and Leroy Merlin. Lastly, Corio developed Tarsu Shopping Center in Mersin which was opened in 2012.

The company’s shopping centers in Turkey are managed locally

in accordance with Corio’s hands-on management philosophy, except for Akmerkez. Through this approach, we continuously look for ways to optimize each shopping center based on the needs and wishes of the tenants and consumers. Corio will continue to pursue investments in high-quality operational shopping centers, which have added value for municipalities, retailers and consumers in Turkey.


SHOPPING CENTER GUIDE TURKEY 2013

WHO’S WHO 33

COUNCIL OF SHOPPING CENTERS - TURKEY AYD has blazed many trails at the sector as a result of its activities that were initiated for the purpose of leading the shopping centers sector in a responsible manner, and making contributions to the development of the retail sector. Vision: to ensure that shopping centers become first-class venues Hulusi Belgü

Avi Alkaş

Coşkun

which allow consumers to enjoy their shopping experiences; create

Chairman

Vice Chairman

Bayraktar

added values for the retail sector; and are integrated with the cities in

Vice Chairman

which they are located. Mission: to make contributions to the development of the shopping centers sector in a sound manner together with retailers, sectoral solution partners, and consumers pursuant to the said vision. AYD office focuses on: • SC’s Databank

Fuat Atalay

Nuri Şapkacı

Nihat

• SC’s Index

Vice Chairman

Vice Chairman

Sandıkcıoğlu

• SC’s Investment Conference VI. (06.03.2014)

Secretary

• SC’s Customer Perception Survey (January, 2014)

General

• Most Admired and Preferred Brands Survey (06.11.2013) • Discussion Meetings • SC’s Study Tours (Dubai, China, Poland, UK, Portugal, Singapore & Hong Kong… ) • Shopping Centers Turkey (PC / iPad / iPhone) app.

Büyükdere Cad. Meydan Sok. Veko Giz Plaza N:20 A-Blok K:14/47 Maslak Istanbul T +90 212 353 54 74 F +90 212 353 54 75 www. ayd.org.tr ayd@ayd.org.tr


34 WHO’S WHO

SHOPPING CENTER GUIDE TURKEY 2013

ECE TÜRKIYE ECE TÜRKIYE IS AN INVESTOR AND FULL-SERVICE PROVIDER SPECIALIZED IN ALL ASPECTS OF SHOPPING CENTER DEVELOPMENT, ARCHITECTURAL DESIGN, PLANNING, PROJECT MANAGEMENT, LEASING, CENTER MANAGEMENT, BUDGETING, FINANCE AND LEGAL SERVICES. Founded in October 2000, the company currently operates some of Andreas

Nuri Şapkacı

Pınar

the most prestigious shopping centers in Turkey, such as Marmara

Hohlmann

Deputy

Yalçınkaya

Park, MetroCity, Maltepe Park, CarrefourSA Bahçepark, Neomarin and

General

General

Hacaoğlu

Beylikdüzü Migros in Istanbul, ANKAmall and Acity in Ankara, Antalya

Manager

Manager

Deputy

Migros and Terracity in Antalya, CarrefourSA Karşıyaka in Izmir, and

General

Espark in Eskişehir.

Manager

At the same time, ECE Türkiye continues its expansion with new

projects and refurbishments in the growing Turkish market.

By 2015, ECE Türkiye and Akasya Group will realize Akasya Park

Ümraniye Shopping Center in Istanbul. Together with the directly adjacent CarrefourSA Ümraniye Shopping Center, the project will become one of Istanbul’s largest retail destinations with a total of 240 stores on a total leasable area of around 100,000 m².

Park Vera Shopping Center in Ankara with a leasable area of

Alper Tataş

Fulya Uras

Marcus Eggers

approx. 40,000 m² is under construction. Located next to each other

Director

Director

Director

on the arterial “Istanbul Road”, Acity and Park Vera Shopping Centers

Development

Leasing

Center

will generate “one unique retail destination” in Yenimahalle-Ankara.

Management

After the completion of the enlargement of Acity and the opening of Park Vera in 2014, both centers will reach together to 89.000 m² leasable area offering a complementary branch and tenant mix for

Defterdar Yokuşu No.3 Tophane

their customers.

34425 Karaköy – Istanbul

In order to position itself successfully in the growing competition

in the Turkish capital and to maintain ANKAmall’s attractiveness, T +90 212 377 77 00

ECE Türkiye together with its project partners Yeni Gimat A.Ş. and

F+90 212 377 77 29

Migros is realizing a comprehensive modernization of the shopping

www.ece.com

center, which was opened in 1999. The refurbishment is planned to be completed by 2015.

ECE Türkiye is the Turkish subsidiary of the ECE Group. With its

nearly 50 years of experience, the German ECE Group is the European market leader with 189 shopping centers under management. ECE invests in the future of the retail industry with custom-made services, innovative concepts, a tailor-made branch and tenant mix, high level of professionalism and expertise, customer-focused strategy and a reputation of strong performance.


SHOPPING CENTER GUIDE TURKEY 2013

REFERENCE PROJECTS 35

Akasya Park Ümraniye, Istanbul: 100.000 m² retail destination / under construction

Acity, Ankara: 39.000 m² leasable area / ongoing extension project

Park Vera, Ankara: 40.000 m² leasable area / under construction

Maltepe Park, Istanbul: 75.000 m² leasable area / extension opened in September 2013

Marmara Park, Istanbul: 100.000 m² leasable area / opened in October 2012

ANKAmall, Ankara: 108.000 m² / in refurbishment


36 WHO’S WHO

SHOPPING CENTER GUIDE TURKEY 2013

FOOD RETAILERS ASSOCIATION (FRA/GPD) Founded in 2012, Food Retailers Association (FRA/GPD) is the representative of the organized food retailers and food service chains at national and regional level which have more than 200,000 employees with about 20,000 sales points in almost every city, with 34 billion dollars of turnover.

Thanks to its strong member population consisting of all the

Nihat Özdemir

retailing organizations and food service chains, FRA/GPD is the public

Chairman

speaker of organized food retailing sector.

Collecting, analysing the sectoral information in order to provide

Vice Chairman

strong grounds for sectoral profits and converting them into sectoral

Galip Aykaç

knowledge, FRA/GPD is the most reliable data and information center of the sector.

Vice Chairman

Depending on the agenda of organized food retailing sector, FRA/

Merter Özay

GPD tracks the laws and regulations related to the sector. It reviews and evaluates the developments that come to the forefront in its field.

Vice Chairman

It submits the solutions and opinions related to such issues to the

Ömer Özgür Tort

ministries and commissions. It shares these evaluations with social stakeholders, experts, research organizations, international authorized organizations in addition to the ministries and works in cooperation with them in order create solutions.

FRA/GPD, which is constantly in contact with many international

organization such as NRF (National Retail Federation, one of the most comprehensive commercial retailing organization in the world, Food Retailers Association (FRA)

EuroCommerce, which present Europe in Retailing, wholesale and

Gıda Perakendecileri Derneği (GPD)

international commerce sectors FAPRA (Federation of Asian-Pasific

Dikilitaş Plaza Ayazmadere Cad. No:10/1 Kat:5 34349

Retailers association), brings the global know-how to Turkey thanks to

Dikilitaş, Beşiktaş / ISTANBUL

these relations.

FRA/GPD contributes to the process of updating the sectoral

T + 90 212 227 85 42 - 52 - 62

information by organizing seminars and workshops in order to help the

F + 90 212 227 85 35

sector and service quality achieve international standards.

www.gidaperakendecileri.org

info@gidaperakendecileri.org

lack of trained employment in the sector and intensive circulation of

FRA/GPD organizes sectoral training activities considering the

labour force. In accordance with the specified- deficiencies, it submits the potential solutions to official authorities and tracks the process to ensure that such suggestions are put into effect.

Organizing activities on behalf of consumers and the sector in

line with the developments in consumer rights, FRA/GPD aims to set international standards in this field, particularly with activities on compliance with hygiene and safety standards.


SHOPPING CENTER GUIDE TURKEY 2013

WHO’S WHO 37

METRO PROPERTIES TURKEY METRO PROPERTIES is the real estate entity of METRO GROUP. The company combines comprehensive retail competence with extensive expertise in real estate and consistent execution. When it comes to investing in developing, and managing modern retail and wholesale locations, METRO PROPERTIES is the partner of choice. The company is committed to contributing to the success of its clients and adding Eyüphan

Osman Koçak

Hüseyin

value to the customers and manages to be the sales divisions’

Boyvadaoğlu

Finance

Okumuş

landlord and solutions provider at the same time. This is what is

Managing

Director

Head of Center

meant by DRIVING REAL ESTATE VALUE.

Management

Director

The core responsibility of METRO PROPERTIES Turkey is to

enhance the value of its real estate assets in the long term through active asset and strategic portfolio management.

METRO PROPERTIES acts as a Real Estate Solution Provider and

Investor for the expansion of METRO GROUP Sales Lines from scratch to completion. From new builds to conversions, from modernisations to extensions: METRO PROPERTIES Turkey offers its customers turnkey solutions for retail property. The service range also includes Ilker Aydın

Göksel

Avni Ulusoy

Head of

Atikeler

Head of

Development

Head of

Construction

& Asset

Finance &

Management

Management

Administration

the management and leasing of shopping centers. METRO PROPERTIES TURKEY PORTFOLIO A total land of 1,169,318 m² A total leasable area of 463,119 m², of 160 stores Total car park area for 21,221 vehicles, 9 Shopping Centers in Adana, Ankara, Antalya, Bursa, Gaziantep, Izmit, Konya,Istanbul Kartal and Merter

METRO PROPERTIES Gayrimenkul Yatırım A.Ş.

20 METRO Cash&Carry stores

Marmara Forum Garden Office Kat :3

120 employees nationwide

Osmaniye Mah. Çobançeşme Koşuyolu Bulvarı No:3

6,000 people employed across all centers.

PK 34146 Bakırköy/Istanbul T +90 212 454 43 00 F +90 212 451 07 41 info@metro-properties.com.tr www.metro-properties.com.tr


38 WHO’S WHO

SHOPPING CENTER GUIDE TURKEY 2013

MULTI DEVELOPMENT TÜRKIYE Multi Development Türkiye, 100% affiliate of Multi Corporation, the number one retail developer in Europe with more than 200 real estate projects completed in 13 European countries, and 56 malls being managed, develops multi-purpose projects consisting of malls, offices and residences. Multi invests in, develops and manages these projects.

The “Forum” malls of Multi Development Türkiye are unique

Hulusi Belgü

Hakan Turunç

Luis Pereira

projects with their special custom architecture in full compliance

CEO, Multi

CEO, Forum

Managing

with the cities they are located in, and in their sensitivity to the local

Development

Turkey Fund

Director, Multi

environment and the community. These projects, designed by Multi’s

Development

in-house architectural design company T+T Design, have won the most

Türkiye Mall

prestigious international awards and became significant assets to the

Management

cities in which they play important roles by reviving the city and region

Türkiye

where they are located.

Multi Development Türkiye has developed 11 mall projects under

the Forum name that are in operation, 3 more are under construction and 2 projects in development stages, across all regions in Turkey.

Multi undertakes the management of its malls, in order to ensure

the continuation of the concepts of the projects it has developed, and to continuously strengthen and enhance their investment values. Jurn

Özge Ülkü

Hoeksema

Leasing

General Manager

Director, Multi

Forum Bornova (Izmir); built on an area of 67,000 m²; 130 stores

Forum Turkey

Development

Forum Mersin (Mersin); 71,500 m² rental space; 200 stores

Fund

Türkiye

Forum Çamlık (Denizli); 33,900 m² rental space; over 130 stores

ACTIVE PROJECTS OF MULTI DEVELOPMENT TÜRKIYE

Forum Trabzon (Trabzon); 49,200 m² rental space, 177 stores Forum Aydın (Aydın); 29,400 m² rental space; 120 stores Forum Ankara (Ankara); 86,300 m² rental space, 149 stores Ebulula Mardin Caddesi Maya Meridyen Iş Merkezi Zemin

Forum Istanbul (Istanbul); 175,000 m² rental space, 265 stores

ve 1. Kat 34335 Akatlar, Istanbul, Türkiye

Forum Kapadokya (Nevşehir); 24,500 m² rental space, 75 stores Marmara Forum (Istanbul); 165,000 m² rental space, over 300 stores

T +90 212 349 10 00

Forum Kayseri (Kayseri); 65,000 m² rental space; over 200 stores

F +90 212349 10 99

Forum Gaziantep (Gaziantep); 44,000 m² rental space; over 120

www.multiturkiye.com

stores


SHOPPING CENTER GUIDE TURKEY 2013

Forum Diyarbakır

Forum Çanakkale

Forum Adana

Forum Çorum

Forum Diyarbakır Forum Adana Forum Çanakkale Forum Elazığ Forum Çorum Forum Elazığ

REFERENCE PROJECTS 39


40 WHO’S WHO

SHOPPING CENTER GUIDE TURKEY 2013

PALLADIUM SHOPPING CENTER ANTAKYA Since its recent opening in 2013, Tahincioglu Real State’s Palladium Antakya Shopping Center in Hatay has become the most popular shopping destination in the area. With its 125 stores and 1,100 space parking lot it holds its own as being first-rate in architecture and design.

The use of greenery with Antakya’s traditional stone and wood

Özcan

architecture is evident throughout the mall and the glass ceiling,

Tahincioğlu

which brings natural sunlight into the shopping center, creates a

Chairman of

beautiful and comfortably lit atmosphere for its visitors.

Board

Putting the importance of Eco-Friendly standards as a priority the

shopping center is a certified LEED member.

The Center offers many well-known Turkish as well as foreign

retailers in include Migros, Teknosa,Tekzen, Gratis, LCW, Koton, Mango, Mavi, Mudo, Kığılı, Ipekyol, Tekin Acar, Yves Rocher, Deichman, Adidas, Burher King, Arby’s, Sbarro, Popeyes, Mc Donald’s, KFC.

Antakya’s culturally prominent waterfall themed courtyards have

Palladium Antakya Alışveriş Merkezi

been recreated in the mall alongside a large terrace for a unique

Haraparası Mah. Izzet Güçlü Sok.

resting experience for its shoppers. Various children’s activities such

No: 26 Hatay / Antakya 31060

as bowling and Turkey’s first largest shopping center slide is a definite

T +90 326 290 00 01-09

attraction for families.

F +90 326 290 00 10

www.palladium.com.tr

promotions, Palladium Antakya Shopping Center offers a shopping

info@palladiumantakya.com.tr

experience that’s above and beyond any in the area.

With its diverse brands, prominent location and attractive

The center has been leased and managed by Shopping Center

avmmfiPartners, a leading property services company.


SHOPPING CENTER GUIDE TURKEY 2013

WHO’S WHO 41

PALLADIUM SHOPPING CENTER ATAŞEHIR Opened in 2008 in Ataşehir, Istanbul, Palladium Shopping Center was founded by Tahincioğlu Holding with the aim of becoming the most popular living center on the Anatolian side of Istanbul. With 195 stores and 2,500-space parking lot, Palladium is the most prominent project on the Anatolian side of the city. It stands out with its natural light, green areas and the giant glass sphere, which enables the maximum use Özcan

of sunlight. The center offers major national and international brands

Tahincioğlu

such as Armanı Jeans, Banana Republic, Bershka, Bobbi Brown, Burberry,

Chairman of

Gant, GAP, Jag Club, Lacoste, MAC, Massımo Duttı, Marks & Spencer,

Board

Mango, Mıchael Kors, Paul & Shark, Pull&Bear, Sephora, Stradivarus, Swarovski, Tommy Hilfiger, Trussardı Jeans, Zara.

Ayşen Yerşen Shopping Center Manager

A rich foodcourt offering local and international tastes supplements a number of a la carte restaurants and cafes with open air terraces. Various children’s entertainment areas and a 10-screen cinema make the center a place beyond a shopping destination.

Palladium Shopping Center Address: Barbaros Mah., Halk Cad.,

Palladium brings buoyancy to the retail industry with its fully occupied

No: 8-B, Atasehir, 34746, Istanbul, Turkey

leasable area of 40,000 m². It offers an exclusive living experience

T +90 216 663 15 00

for its guests beyond ordinary shopping with a diverse mix of brands,

www.palladium.com.tr

perfect location and attractive campaigns. The center has been leased and managed by Shopping Center mfi Partners, a leading property services company.


42 WHO’S WHO

SHOPPING CENTER GUIDE TURKEY 2013

TURKMALL REAL ESTATE Turkmall is leading the Turkish shopping center development and investment industry since 1992. We have developed more than 80, and completed more than 50 shopping centers in 21 years and have added value to their regions and our retail partners.

Turkmall has been awarded with Excellence in Retail and Real Estate

prizes such as Best Retail Developer of Western Europe 2011 by World Hans Otto

Levent

Hilmi Özçakır

Nagel

Eyuboğlu

Ceo

Founder &

Vice Chairman

Finance Awards. Others include: • Bulvar Samsun by ICSC: Best Urban Regeneration Award of Europe 2013 • Bulvar Samsun by ICSC: Best Downtown Project Award of Europe 2013

Chairman

• Forum Istanbul by Bloomberg: Best Retail Development 2010 • Forum Mersin by ICSC: Best of the Best “World” Award 2010 • Forum Mersin by ICSC: Best of Europe Award 2009

We have developed approximately 6 million m² retail construction

area, resulting in approximately 3 million m² leasable retail space; we have concluded over 2,500 lease contracts and are welcoming more than 150 million visitors each year. M.Murat

Serdar

Tolga Ergut

Sekmen

Çetinkaya

Leasing

concludes important partnerships in projects which determine the

Vice President

Financial

Director

dynamics of the Turkish shopping center industry.

Director

With the priority of developing Turkey’s retail market, Turkmall

Our partnerships with international groups and our successful JV

Company Multi Turkmall have proven our partnership philosophy and our leadership persistence. We delivered Turkey’s and Europe’s most important award winning shopping center to the market, including Forum Mersin, Forum Istanbul and Bulvar Samsun.

The dynamic spirit of the Turkmall brand was further reflected by our

IKEA franchise partnership for Turkey, Romania and Bulgaria.

Our partnership with FIBA Holding under the name Starmall in China

F.Ulaş Erdem

Rezzan

Özgür Yavuz

has been another one of our unique initiations. We have established joint

Asset & Mall

Gülsün Kurt

International

ventures in many other countries as well.

Management

Commercial

Projects

Director

Director

Director

North Africa, the Middle East, Russia and Asia.

Our activities continue in Turkey, Kazakhstan, Tajikistan, the Balkans, Taking responsibility of more than 30 partnerships in more than 10

Turkmall Real Estate Yatırım Inş. ve Tic. A.Ş.

countries, and a delivered investment value of 3 billion Dollars gives us

Ebulula Mardin Cad. Maya Meridien Is Merkezi

excitement and inspiration for the future.

Akatlar / Istanbul / Turkey T +90 212 350 91 00 office@turkmalls.com www.turkmalls.com

F +90 212 351 45 32


SHOPPING CENTER GUIDE TURKEY 2013

WHO’S WHO 43

UNITED BRANDS ASSOCIATION OF TURKEY BMD of Turkey, founded in September 2001, is a leading association in retail sector in Turkey.

500 brands from ready-to-wear, shoes, communication, home

appliances, cosmetic, accessories, home decoration and furniture sectors and department stores, are operating on 3,300,000 sq.m selling space on 55,000 selling points. Members of BMD are Hüseyin Doğan

employing more than 315,000 people. The 2012 turnover of BMD

Chairman

member companies is USD 33 billion.

BMD’s vision is to get Turkey moved to the leading position of

Vice Chairman

the region’s and world’s fashion by 2023 and to promote Istanbul in

Mehmet Ziylan

order it becomes the center of brands. To this vision, BMD’s mission is to ensure the transformation of Turkey into the brand’s economy

Vice Chairman

by increasing the strength and retail skills of our brands.

Serdar Sunay

In the context of this vision and mission, BMD established the

strategy of “the transformation of Turkey into the brand’s economy” Vice Chairman

This strategy is based on the “export of our brands” and its aim is to

Sami Kariyo

support Turkey to become one of the biggest 10 economies in the world.

Vice Chairman

Sedef Orman

competitiveness of our brands as another factor of the brand’s

BMD is also working for the international enlargement and

economy. The target of BMD for Turkish brands is to have 20,000 Vice Chairman

stores in the world by 2023, the centenary of the Republic of Turkey.

Sinan Öncel

Among BMD’s activities, one can indicate special retail

courses, presentations at the schools and universities, national Secretary General

and international congress and conference partnerships, official

Ekrem Utku

visits,seminars and meetings.

In the context of “Turkish brands dress Turkish children” social

responsibility project, BMD members produced and delivered 120 Darulaceze Cad. Nadide Sok. SESA Plaza No.34 K.3

milyon TRL valued winter clothes in 2010, 2011 and 2012 to 625,000

34381 Şişli, Istanbul, Turkey

primary school students in 380 villages and cities in Turkey.

T + 90 212 320 82 00-01

F + 90 212 320 82 03

and Brussels based Anti- Counterfeiting Committee.

www.birlesmismarkalar.org.tr info@birlesmismarkalar.org.tr facebook.com/birlesmismarkalar twitter.com/#!/bmdonline

BMD is a member of Washington based National Retail Federation


INDEX >>> * Shopping centers with a GLA of less than 20,000 m² are only listed without photographs.


46 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

FORUM ISTANBUL Location: Istanbul Opening Date: 2009 Leasable Area: 179,482 m²

ANKAMALL Location: Ankara Opening Date: 1999 Leasable Area: 108,000 m²

MARMARA FORUM

TORIUM

Location: Istanbul Opening Date: 2011 Leasable Area: 135,000 m²

Location: Istanbul Opening Date: 2010 Leasable Area: 89,502 m²

ISTINYE PARK Location: Istanbul Opening Date: 2007 Leasable Area: 87,165 m²

VIALAND Location: Istanbul Opening Date: 2013 Leasable Area: 110,000 m²


SHOPPING CENTER GUIDE TURKEY 2013

INDEX 47

ANATOLIUM SHOPPING CENTER Location: Bursa Opening Date: 2010 Leasable Area: 83,425 m²

MARMARA PARK SHOPPING CENTER

M1 MERKEZ ADANA

Location: Istanbul Opening Date: 2012 Leasable Area: 100,000 m²

Location: Adana Opening Date: 2000 Leasable Area: 76,573 m²

PANORA SHOPPING CENTER

ISTANBUL CEVAHIR SHOPPING CENTER

Location: Ankara Opening Date: 2007 Leasable Area: 85,791 m²

Location: Istanbul Opening Date: 2005 Leasable Area: 110,000 m²


48 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

KORUPARK Location: Bursa Opening Date: 2007 Leasable Area: 72,000 m²

CEPA SHOPPING CENTER Location: Ankara Opening Date: 2007 Leasable Area: 72,000 m²

FORUM ANKARA OUTLET Location: Ankara Opening Date: 2008 Leasable Area: 78,607 m²

FORUM MERSIN

VIA/PORT OUTLET SHOPPING

Location: Mersin Opening Date: 2007 Leasable Area: 72,266 m²

Location: Istanbul Opening Date: 2008 Leasable Area: 69,760 m²

FORUM BORNOVA Location: Izmir Opening Date: 2006 Leasable Area: 62,546 m²


SHOPPING CENTER GUIDE TURKEY 2013

INDEX 49

MALTEPE PARK Location: Istanbul Opening Date: 2005 Leasable Area: 75,000 m²

OPTIMUM OUTLET Location: Adana Opening Date: 2011 Leasable Area: 70,000 m²

KENTPARK Location: Ankara Opening Date: 2010 Leasable Area: 80,000 m²

PIAZZA SAMSUN

ANATOLIUM SHOPPING CENTER

Location: Samsun Opening Date: 2013 Leasable Area: 66,000 m²

Location: Ankara Opening Date: 2011 Leasable Area: 70,000 m²


50 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

ZORLU CENTER Location: Istanbul Opening Date: 2013 Leasable Area: 66,600 m²

PRIMEMALL GAZIANTEP Location: Gaziantep Opening Date: 2013 Leasable Area: 55,326 m²

BRANDIUM Location: Istanbul Opening Date: 2013 Leasable Area: 60,000 m²

AUTOMALL Location: Istanbul Opening Date: 2010 Leasable Area: 58,100 m²

PIAZZA MARAŞ Location: Kahramanmaraş Opening Date: 2013 Leasable Area: 50,500 m²

SANKO PARK Location: Gaziantep Opening Date: 2008 Leasable Area: 55,000 m²


SHOPPING CENTER GUIDE TURKEY 2013

TEPE NAUTILUS Location: Istanbul Opening Date: 2002 Leasable Area: 52,600 m²

SILIVRI MAXI CITY Location: Istanbul Opening Date: 1998 Leasable Area: 50,650 m²

CARREFOUR BURSA Location: Bursa Opening Date: 2001 Leasable Area: 58,495 m²

M1 GAZIANTEP Location: Gaziantep Opening Date: 1999 Leasable Area: 51,673 m²

WEDDING WORLD KUYUMCUKENT Location: Istanbul Opening Date: 2008 Leasable Area: 53,877 m²

CARREFOURSA ÜMRANIYE Location: Istanbul Opening Date: 2000 Leasable Area: 54,000 m²

M1 MEYDAN ÜMRANIYE

212 ISTANBUL POWER OUTLET

Location: Istanbul Opening Date: 2007 Leasable Area: 68,764 m²

Location: Istanbul Opening Date: 2009 Leasable Area: 68,142 m²

INDEX 51


52 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

TERRACITY Location: Antalya Opening Date: 2011 Leasable Area: 48,000 m²

FORUM TRABZON

GORDION SHOPPING CENTER

Location: Trabzon Opening Date: 2008 Leasable Area: 47,948 m²

Location: Ankara Opening Date: 2009 Leasable Area: 54,095 m²

PROFILO SHOPPING CENTER

M1 MERKEZ KONYA SHOPPING CENTER

Location: Istanbul Opening Date: 1998 Leasable Area: 48,700 m²

Location: Konya Opening Date: 2003 Leasable Area: 47,509 m²


SHOPPING CENTER GUIDE TURKEY 2013

INDEX 53

AS MERKEZ OUTLET

MALATYAPARK

Location: Bursa Opening Date: 2009 Leasable Area: 44,500 m²

Location: Malatya Opening Date: 2009 Leasable Area: 46,113 m²

BILKENT CENTER

PERLA VISTA

Location: Ankara Opening Date: 1998 Leasable Area: 47,468 m²

Location: Istanbul Opening Date: 2010 Leasable Area: 35,000 m²

STAR CITY OUTLET CENTER Location: Istanbul Opening Date: 2010 Leasable Area: 46,000 m²


54 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

METROCITY Location: Istanbul Opening Date: 2003 Leasable Area: 51,000 m²

TERAS PARK Location: Denizli Opening Date: 2007 Leasable Area: 44,400 m²

GALLERIA ATAKÖY Location: Istanbul Opening Date: 1988 Leasable Area: 48,650 m²

OPTIMUM OUTLET Location: Istanbul Opening Date: 2008 Leasable Area: 43,000 m²

NCITY SHOPPING CENTER Location: Diyarbakır Opening Date: 2007 Leasable Area: 30,000 m²

ESPARK Location: Eskisehir Opening Date: 2007 Leasable Area: 45,000 m²


SHOPPING CENTER GUIDE TURKEY 2013

CARREFOURSA IÇERENKÖY Location: Istanbul Opening Date: 1996 Leasable Area: 44,924 m²

INDEX 55

GEBZE CENTER Location: Kocaeli Opening Date: 2010 Leasable Area: 55,000 m²

M1 MERKEZ KARTAL Location: Istanbul Opening Date: 2000 Leasable Area: 38,141 m²

DOĞUŞ POWER CENTER Location: Istanbul Opening Date: 2006 Leasable Area: 42,119 m²

CAPACITY SHOPPING CENTER Location: Istanbul Opening Date: 2007 Leasable Area: 50,000 m²

ÖZDILEKPARK Location: Antalya Opening Date: 2009 Leasable Area: 38,577 m²


56 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

KANYON SHOPPING CENTER

NEOPLUS OUTLET

Location: Istanbul Opening Date: 2006 Leasable Area: 38,940 m²

Location: Eskisehir Opening Date: 2007 Leasable Area: 38,000 m²

OPTIMUM OUTLET Location: Ankara Opening Date: 2004 Leasable Area: 40,500 m²

PALLADIUM SHOPPING CENTER Location: Istanbul Opening Date: 2008 Leasable Area: 39,767 m²

NEOMARIN Location: Istanbul Opening Date: 2009 Leasable Area: 36,000 m²


SHOPPING CENTER GUIDE TURKEY 2013

INDEX 57

PRIME MALL ISKENDERUN Location: Hatay Opening Date: 2010 Leasable Area: 35,000 m²

SÜMERPARK

AKMERKEZ SHOPPING CENTER

Location: Denizli Opening Date: 2011 Leasable Area: 34,500 m²

Location: Istanbul Opening Date: 1993 Leasable Area: 34,680 m²

PALM CITY MERSIN Location: Mersin Opening Date: 2003 Leasable Area: 33,855 m²

ARMADA SHOPPING CENTER Location: Ankara Opening Date: 2002 Leasable Area: 53,768 m²

OLIVIUM OUTLET CENTER Location: Istanbul Opening Date: 2000 Leasable Area: 35,000 m²


58 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

AFIUM OUTLET Location: Afyon Opening Date: 2010 Leasable Area: 32,500 m²

TEKIRA SHOPPING CENTER Location: Tekirdag Opening Date: 2008 Leasable Area: 30,870 m²

KULESITE SHOPPING CENTER Location: Konya Opening Date: 2004 Leasable Area: 37,285 m²

ERZURUM SHOPPING CENTER Location: Erzurum Opening Date: 2009 Leasable Area: 32,051 m²

MIGROS BEYLIKDÜZÜ Location: Istanbul Opening Date: 1997 Leasable Area: 40,000 m²


SHOPPING CENTER GUIDE TURKEY 2013

AIRPORT OUTLET CENTER Location: Istanbul Opening Date: 2008 Leasable Area: 32,000 m²

CARREFOURSA ADANA Location: Adana Opening Date: 1998 Leasable Area: 31,970 m²

SERDIVAN SHOPPING CENTER Location: Sakarya Opening Date: 2011 Leasable Area: 32,000 m²

FORUM ÇAMLIK Location: Denizli Opening Date: 2008 Leasable Area: 29,065 m²

PENDORYA SHOPPING CENTER Location: Istanbul Opening Date: 2009 Leasable Area: 30,270 m²

INDEX 59


60 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

PELICAN MALL Location: Istanbul Opening Date: 2010 Leasable Area: 34,000 m²

LAPIS OUTLET Location: Gaziantep Opening Date: 2008 Leasable Area: 27,000 m²

SAPPHIRE Location: Istanbul Opening Date: 2011 Leasable Area: 27,604 m²

MIGROS SHOPPING CENTER ANTALYA Location: Antalya Opening Date: 2001 Leasable Area: 30,000 m²

ANSE SHOPPING CENTER Location: Ankara Opening Date: 2009 Leasable Area: 25,645 m²


SHOPPING CENTER GUIDE TURKEY 2013

DEPOSITE OUTLET

FORUM AYDIN SHOPPING CENTER

Location: Istanbul Opening Date: 2008 Leasable Area: 33,644 m²

Location: Aydın Opening Date: 2008 Leasable Area: 29,031 m²

INDEX 61

AGORA Location: Izmir Opening Date: 2003 Leasable Area: 29,400 m²

M1 MEYDAN MERTER Location: Istanbul Opening Date: 2009 Leasable Area: 29,465 m²

ASTORIA Location: Istanbul Opening Date: 2008 Leasable Area: 28,000 m²


62 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

OUTLET CENTER IZMIT Location: Kocaeli Opening Date: 1997 Leasable Area: 28,777 m²

CAPITOL SHOPPING CENTER

365 SHOPPING CENTER

Location: Istanbul Opening Date: 1993 Leasable Area: 29,470 m²

Location: Ankara Opening Date: 2008 Leasable Area: 28,530 m²

INEGÖL SHOPPING CENTER Location: Bursa Opening Date: 2011 Leasable Area: 33,000 m²


SHOPPING CENTER GUIDE TURKEY 2013

PRIMEMALL ANTAKYA

ANTARES SHOPPING CENTER

Location: Hatay Opening Date: 2011 Leasable Area: 39,000 m²

Location: Ankara Opening Date: 2007 Leasable Area: 84,500 m²

INDEX 63

ARENAPARK SHOPPING CENTER Location: Istanbul Opening Date: 2011 Leasable Area: 38,000 m²

HIGHWAY OUTLET Location: Bolu Opening Date: 2011 Leasable Area: 37,500 m²

FORUM KAYSERI Location: Kayseri Opening Date: 2011 Leasable Area: 65,835 m²


64 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

AVENUE BODRUM Location: Muğla Opening Date: 2013 Leasable Area: 20,000 m²

LIMAN SHOPPING CENTER Location: Balikesir Opening Date: 2011 Leasable Area: 23,000 m²

AXIS SHOPPING CENTER Location: Istanbul Opening Date: 2013 Leasable Area: 29,300 m²

AKBATI SHOPPING & LIFE CENTER Location: Istanbul Opening Date: 2011 Leasable Area: 63,500 m²

GÜNEŞLIPARK Location: Istanbul Opening Date: 2013 Leasable Area: 25,000 m²


SHOPPING CENTER GUIDE TURKEY 2013

INDEX 65

TARSU SHOPPING CENTER Location: Mersin Opening Date: 2012 Leasable Area: 27,545 m²

BUYAKA SHOPPING CENTER Location: Istanbul Opening Date: 2012 Leasable Area: 42,000 m²

KIPA SHOPPING CENTER MERSIN Location: Mersin Opening Date: 2008 Leasable Area: 23,267 m²

KIPA SHOPPING CENTER ÇIĞLI Location: Izmır Opening Date: 1999 Leasable Area: 45,455 m²

KIZILAY SHOPPING CENTER Location: Ankara Opening Date: 2012 Leasable Area: 21,000 m²


66 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

LOVELET OUTLET Location: Samsun Opening Date: 2012 Leasable Area: 40,000 m²

NINOVA PARK Location: Diyarbakır Opening Date: 2011 Leasable Area: 25,000 m²

MOVAPARK Location: Mardin Opening Date: 2012 Leasable Area: 26,000 m²

TRUMP TOWERS Location: Istanbul Opening Date: 2012 Leasable Area: 43,000 m²

KIPA SHOPPING CENTER BALÇOVA Location: Izmir Opening Date: 2007 Leasable Area: 33,191 m²


SHOPPING CENTER GUIDE TURKEY 2013

INDEX 67

NOVADA SÖKE OUTLET Location: Aydın Opening Date: 2012 Leasable Area: 25,500 m²

ATLANTIS SHOPPING CENTER Location: Ankara Opening Date: 2011 Leasable Area: 48,000 m²

MIDTOWN Location: Muğla Opening Date: 2012 Leasable Area: 43,800 m²

NATA VEGA OUTLET Location: Ankara Opening Date: 2012 Leasable Area: 87,000 m²

SERA KÜTAHYA SHOPPING CENTER Location: Kütahya Opening Date: 2012 Leasable Area: 38,000 m²


68 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

ESKIŞEHIR ÖZDILEK Location: Eskişehir Opening Date: 2012 Leasable Area: 32,000 m²

OPTIMUM OUTLET Location: Izmir Opening Date: 2012 Leasable Area: 58,000 m²

YAYLADA SHOPPING CENTER

KIPA SHOPPING CENTER KONYA

Location: Balıkesir Opening Date: 2007 Leasable Area: 22,000 m²

Location: Konya Opening Date: 2006 Leasable Area: 20,100 m²


SHOPPING CENTER GUIDE TURKEY 2013

INDEX 69

KALE OUTLET CENTER Location: Istanbul Opening Date: 2007 Leasable Area: 26,094 m²

FORUM KAPADOKYA Location: Nevsehir Opening Date: 2009 Leasable Area: 27,431 m²

ACITY OUTLET Location: Ankara Opening Date: 2008 Leasable Area: 39,000 m²


70 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

KENT MEYDANI SHOPPING CENTER Location: Bursa Opening Date: 2008 Leasable Area: 25,511 m²

EGEPARK MAVIŞEHIR Location: Izmir Opening Date: 1999 Leasable Area: 22,000 m²

KAYSERI PARK SHOPPING CENTER Location: Kayseri Opening Date: 2006 Leasable Area: 27,000 m²

OASIS SHOPPING CENTER Location: Mugla Opening Date: 1998 Leasable Area: 25,000 m²


SHOPPING CENTER GUIDE TURKEY 2013

CAROUSEL SHOPPING CENTER Location: Istanbul Opening Date: 1995 Leasable Area: 24,400 m²

IYAŞPARK SHOPPING CENTER

ADA SHOPPING CENTER

Location: Isparta Opening Date: 2010 Leasable Area: 26,000 m²

Location: Sakarya Opening Date: 2007 Leasable Area: 24,910 m²

CARREFOURSA BAYRAMPASA

CARREFOURSA KARŞIYAKA

Location: Istanbul Opening Date: 2003 Leasable Area: 23,000 m²

Location: Izmir Opening Date: 2000 Leasable Area: 34,500 m²

INDEX 71


72 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

VARLIBAŞ ATAPARK SHOPPING CENTER Location: Trabzon Opening Date: 2010 Leasable Area: 22,500 m²

ZAFER PLAZA SHOPPING CENTER Location: Bursa Opening Date: 1999 Leasable Area: 23,450 m²

ATAKÖY PLUS Location: Istanbul Opening Date: 2010 Leasable Area: 40,000 m²

ARMONIPARK OUTLET CENTER Location: Istanbul Opening Date: 2007 Leasable Area: 25,274 m²

KARES SHOPPING CENTER Location: Karabuk Opening Date: 2011 Leasable Area: 33,500 m²


SHOPPING CENTER GUIDE TURKEY 2013

INDEX 73

CARREFOURSA HARAMIDERE Location: Istanbul Opening Date: 2001 Leasable Area: 30,708 m²

FORUM GAZIANTEP Location: Gaziantep Opening Date: 2013 Leasable Area: 44,500 m²

CARREFOURSA BATIKENT Location: Ankara Opening Date: 2001 Leasable Area: 33,507 m²

AQUA FLORYA

KONYA KENT PLAZA

Location: İstanbul Opening Date: 2012 Leasable Area: 45,000 m²

Location: Konya Opening Date: 2012 Leasable Area: 45,000 m²

DEMIRPARK SHOPPING CENTER Location: Zonguldak Opening Date: 2009 Leasable Area: 22,000 m²

ERASTA SHOPPING CENTER Location: Antalya Opening Date: 2013 Leasable Area: 37,000 m²


74 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

NEXT LEVEL Location: Ankara Opening Date: 2013 Leasable Area: 30,116 m²

PARKSHOP OUTLET CENTER Location: Sakarya Opening Date: 2008 Leasable Area: 22,000 m²

MEYSU OUTLET Location: Kayseri Opening Date: 2011 Leasable Area: 22,000 m²

HISTORIA SHOPPING CENTER TRABZON CEVAHIR OUTLET Location: Trabzon Opening Date: 2011 Leasable Area: 20,000 m²

Location: Istanbul Opening Date: 2008 Leasable Area: 26,000 m²

WORLD ATLANTIS SHOPPING CENTER Location: Istanbul Opening Date: 2008 Leasable Area: 48,000 m²


SHOPPING CENTER GUIDE TURKEY 2013

6th Annual

INDEX 75

TÜRKİYE TURKEY

GRI2014

İsTanbuL 13-14 OCAK isTanbuL 13-14 jAnuAry

Turkey’s Leading Real Estate Event engage with the most senior Level real estate investors & Developers active in Turkey Meet new business partners and build close relationships with 200 senior developers, investors and lenders.

All material throughout is subject to change without notice.

andreas Hohlmann General Manager ECE TÜRKİYE PROJE YÖnETİMİ Turkey

ayşegül bensel CEO PERa REiT Turkey

anthony Khoi President aERiuM TuRKEY Turkey

İlker aydın Head of Development & Asset Management METRO PROPERTiEs Turkey

Glenn aaronson Chairman FORuM TuRKEY Fund netherlands

alison Rehill-Erguven Head of Turkey PRadERa ManaGEMEnT TuRKEY Turkey

Jason Lucas President aMsTaR GLObaL advisERs uK

nate shanok MD/regional Director TisHMan sPEYER Turkey

Cem alfar CEO CORiO TuRKEY Turkey

steven Poelman Managing Partner QubiCOn Turkey

Hakan Kodal President & CEO KREa REaL EsTaTE Turkey

Özcan Tahincioğlu President TaHİnCİOğLu HOLdİnG Turkey

and many more

a selection of the discussion Topics shopping mall management • Time for a rethink? Retail & investors • Istanbul on top or facing competition? shopping mall development • No signs of abating?

Don’t just listen, engage directly with Turkey’s real estate leaders With the informal GRI Discussion Format in which everybody participates, discuss the latest opportunities, challenges and trends on: Office • Retail • Shopping Malls • Residential • Hotel...

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regisTer now

Emrah Senel – Senior Director, Turkey emrah.senel@globalrealestate.org | tel: +44 20 7121 5073

www.globalrealestate.org/Turkey2014


76 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

SHOPPING CENTER NAME

LOCATION

OPENING LEASABLE DATE AREA(m²)

SHOPPING CENTER NAME

LOCATION

OPENING LEASABLE DATE AREA(m²)

Beylicium

Istanbul

2005

19,500

Balıkesir

2009

16,392

Demirören Istiklal

Istanbul

2011

19,442

Kipa Alışveriş Merkezi_Edremit

Real Izmit Alışeriş Merkezi

Kocaeli

2000

19,255

Kipa Alışveriş Merkezi_Yalova

Yalova

2008

16,106

CarrefourSA Izmit

Kocaeli

2000

19,228

Flyinn

Istanbul

2003

16,000

Magnesia AVM

Manisa

2012

19,100

Konya Park

Konya

2011

16,000

Atirus

Istanbul

2005

19,000

Real Antalya Alışveriş Merkezi

Antalya

2006

15,994

Makro AVM

Samsun

2008

18,548

Priene Country AVM

Aydın

2005

15,900

Makro AVM

Malatya

2008

18,394

Diyarbakır

2002

15,520

Deepo Outlet Alışveriş Merkezi

Mega Center Alışveriş Merkezi

Antalya

2004

18,069

Sarar Outlet AVM

Bilecik

2011

15,146

Dünya AVM

Istanbul

2007

18,000

BYZ Garage

Kayseri

2013

15,058

CarrefourSa Bahçepark / Bahçelievler

Istanbul

2009

15,000

Efor Alışveriş Merkezi

Aksaray

2011

15,000

Novada Ataşehir

Istanbul

2013

18,000

Arcadium

Ankara

2003

15,000

Bulvar Samsun AVM

Misland

Elazığ

2008

15,000

Samsun

2012

18,000

Aymerkez

Istanbul

2003

15,000

Ncity

Kocaeli

2006

17,500

Istanbul

2007

15,000

Urfa City AVM

Şanlıurfa

2009

17,500

Asya Park Outlet Center

Marintürk Istanbul Cityport

Istanbul

2011

17,426

Asmaçatı Shopping Center

Izmir

2011

15,000

Ipeksaray Alışveriş Merkezi

Kayseri

2006

15,000

Arasta Park Alışveriş Merkezi

Kocaeli

2009

15,000

Yunus AVM

Çankırı

2011

14,500

Kozzy AVM

Istanbul

2010

14,500

Magazin Outlet Alışveriş Merkezi

Bursa

2006

14,444

Margi Outlet

Edirne

2011

14,202

Üstün Dekocity Dekorasyon ve Yaşam Merkezi

Ankara

City's Nişantaşı

Istanbul

2008

17,000

Ege Park Balçova

Izmir

2010

17,000

Altunbilekler AVM

Kırıkkale

2012

17,000

Orion Alışveriş Merkezi

Tekirdağ

1999

16,769

Kipa Alışveriş Merkezi_Derince

Kocaeli

2008

16,580

Edirne

2007

14,017

Alanyum Alışveriş Merkezi

Kipa Alışveriş Merkezi_Edirne

Antalya

2006

16,500

MKM

Istanbul

2004

14,000

Metroport

Istanbul

2007

16,500

Andera Park

Siirt

2013

14,000

2008

17,000


SHOPPING CENTER GUIDE TURKEY 2013

INDEX 77

SHOPPING CENTER NAME

LOCATION

OPENING LEASABLE DATE AREA(m²)

SHOPPING CENTER NAME

LOCATION

OPENING DATE

LEASABLE AREA(m²)

Kipa Alışveriş Merkezi_Bornova

Izmir

1994

13,941

Pekdemir Turgutlu AVM

Manisa

2013

11,500

Kipa Alışveriş Merkezi_Çorlu

Tekirdağ

2006

13,851

Atrium

Istanbul

1989

11,232

Kipa Alışveriş Merkezi_Salihli

Manisa

2008

13,761

Park Bornova Outlet Center

Izmir

2004

11,225

Makro AVM

Konya

2008

13,746

Kipa Alışveriş Merkezi_Aydın

Aydın

2006

11,219

KC Göksu

Ankara

2006

13,722

Abide Park

Şanlıurfa

2008

11,200

Kipa Alışveriş Merkezi_Antalya

Antalya

2006

13,702

Arnelia

K.maraş

2009

11,000

Kipa Alışveriş Merkezi_Gaziemir

Izmir

Grossmall Siirt AVM

Siirt

2012

11,000

Festiva Salihli Outlet

Minasera

Ankara

2007

10,978

Manisa

2012

13,539

Akvaryum AVM

Istanbul

2005

10,960

Krempark AVM

Düzce

2012

13,500

Kipa Alışveriş Merkezi_Silivri

Karesi AVM

Balıkesir

2012

10,876

Istanbul

2008

13,197

Antalya

2008

10,500

Yaşam Park

Niğde

2012

13,000

Shemall Alışveriş Merkezi

Yeşilyurt Alışveriş ve Yaşam Merkezi

Samsun

2007

13,000

Mersin Marina AVM

Mersin

2013

10,500

Kütahya Outlet Park

Kütahya

2010

12,937

Avantaj Factory Outlets

Tekirdağ

1997

10,500

Terasium

Istanbul

2011

12,500

Çanakkale

2006

10,389

Konak Pier

Izmir

1998

12,500

Kipa Alışveriş Merkezi_ Çanakkale

Ereğli Parksite AVM

Konya

2009

12,454

Pekdemir Bereketli Outlet

Denizli

2013

10,360

Kipa Alışveriş Merkezi_Kuşadası

Aydın

2007

12,332

Kipa Alışveriş Merkezi_Keşan

Edirne

2007

10,216

Mesa Plaza

Ankara

1996

12,300

Nilpark Alışveriş Merkezi

Tekirdağ

2010

10,191

Bursa

2009

12,000

Kipa Alışveriş Merkezi_ Çerkezköy

Prestige Mall

Istanbul

2007

12,000

Makro AVM

Kırıkkale

2007

10,106

Şirehan

Gaziantep

2008

11,910

Laura Alışveriş Merkezi

Antalya

2004

10,065

Olimpa AVM

Istanbul

2010

11,598

Palmiye AVM

Izmir

2003

10,053

Beysupark

Ankara

2007

11,500

Barutçuoğlu AVM

Kastamonu

2006

10,036

Sultan Alışveriş ve Yaşam Merkezi

Kütahya

2013

11,500

Kipa Alışveriş Merkezi_Uşak

Uşak

2007

10,006

2000

13,660


78 INDEX

SHOPPING CENTER GUIDE TURKEY 2013

SHOPPING CENTER NAME

LOCATION

OPENING LEASABLE DATE AREA(m²)

SHOPPING CENTER NAME

LOCATION

OPENING LEASABLE DATE AREA(m²)

Tatvan Yaşam AVM

Bitlis

2008

10,000

Afyon

1996

8,000

Yaylada Süreyyapaşa Alışveriş Merkezi

Özdilek Afyonkarahisar AVM

Istanbul

1992

10,000

Kanatlı Alışveriş Merkezi

Eskişehir

2007

8,000

Eskule Alışveriş Iş ve Yaşam Merkezi

Istanbul

2010

10,000

Fatsa City

Ordu

2013

7,800

Galleria Ankara

Ankara

1995

7,700

Sancakpark AVM

Istanbul

2011

10,000

Ege Outlet2 Söke

Aydın

2004

7,600

Passtel Alışveriş ve Eğlence Merkezi (Orkide)

Izmir

2004

10,000

Becikoğlu Alışveriş Merkezi

Bolu

2000

7,600

Makro AVM

Karaman

2008

9,689

Paradise

Istanbul

2006

7,500

Akkapark Alışveriş Merkezi

Semerkand Line

Istanbul

2013

7,500

Antalya

2006

9,548

Almer AVM

Kayseri

1999

7,500

Nilufer Arena AVM

Bursa

2010

9,500

Uşak

2003

7,500

Kardiyum AVM

Istanbul

2011

9,500

Karun Alışveriş Merkezi

Ereylin Alışveriş Merkezi

Zonguldak

2006

9,088

Üntaş (Karacan) Point Center

Muğla

2004

7,478

Divan AVM GROSSMALL

Vabartum AVM

Samsun

2009

7,300

Ankara

2009

9,000

Izmir

2008

7,204

Lyrapark AVM

Antalya

2008

9,000

Kipa Alışveriş Merkezi_Torbalı

Ulusoy Outlet Festiva

Balıkesir

2008

9,000

Zeyland Alışveriş ve Eğlence Merkezi

Afyon

2008

7,200

Aydın Perihan AVM

Van

2012

9,000

Dolphin AVM

Ankara

2005

7,200

OutletPark/Muğla

Muğla

2008

8,950

Selway Outlet Park

Izmir

2006

7,200

Park Muğla AVM

Muğla

2008

8,950

Kipa_Turgutlu

Manisa

2010

8,914

FTZ Alışveriş Merkezi

Ankara

2003

7,124

Akgün Alışveriş Merkezi

Elazığ

2004

8,861

Aksaray

2007

7,098

Safran Outlet Park

Karabük

2008

8,800

Kültür Parksite Alışveriş ve Eğlence Merkezi Bey City AVM

Istanbul

2011

7,088

YSK Center

Tekirdağ

1998

8,700

Antalya 2000

Antalya

2000

7,022

G-City

Giresun

2006

8,582

Meridyen

Bursa

2000

7,000

White Hill

Istanbul

2012

8,500

Kadir Has Çocuk Dünyası

Pakt Plus

Çanakkale

2013

7,000

Istanbul

2003

8,438

Address Istanbul

Istanbul

2005

7,000


SHOPPING CENTER GUIDE TURKEY 2013

INDEX 79

SHOPPING CENTER NAME

LOCATION

OPENING LEASABLE DATE AREA(m²)

SHOPPING CENTER NAME

LOCATION

OPENING LEASABLE DATE AREA(m²)

Kipa Alışveriş Merkezi_ Lüleburgaz

Kırklareli

2007

Sabah Center Alışveriş Merkezi

Giresun

2002

5,200

Netsel Alışveriş Merkezi

Karum

Ankara

1991

5,000

Muğla

1990

6,757

Ankuva

Ankara

1995

5,000

Citypark AVM

Diyarbakır

2010

6,700

Carefour AVM

Çanakkale

2001

5,000

Ege Outlet1 Söke

Aydın

2004

6,600

CarrefourSA Maltepe

Istanbul

2001

5,000

Ihlamur AVM

Istanbul

2008

6,582

Atakule

Ankara

1989

0

Olivecity Alışveriş Merkezi

Balıkesir

2007

6,576

Soli Center

Mersin

2009

5,900

Sunflower

Istanbul

2005

5,800

IC Çeşme Marina

Izmir

2010

6,500

Ömür Plaza

Istanbul

2006

5,530

Dolphin Center

Kocaeli

2004

6,337

Istanbul Bazaar

Artvin

2010

5,500

Sultan Bazaar Alışveriş Merkezi

Antalya

2005

6,272

Mesa Studio Plaza

Istanbul

2003

5,500

Tepe Prime

Ankara

2012

6,050

Pekdemir AVM (Kınıklı AVM)

Denizli

2006

5,400

Antalium Premium Mall

Antalya

2008

6,000

Urla Meydan

Izmir

2012

5,400

Yasa Outlet

Balıkesir

2011

6,000

ODC Center

Ankara

2001

5,314

Becikoğlu My Dream

Bolu

2012

5,967

Palmarina - Port Bodrum

Muğla

2013

5,250

Onel Alışveriş Merkezi

Karabük

2006

5,948

Sabah Center Alışveriş Merkezi

Giresun

2002

5,200

Karum

Ankara

1991

5,000

Soli Center

Mersin

2009

5,900

Ankuva

Ankara

1995

5,000

Sunflower

Istanbul

2005

5,800

Carefour AVM

Çanakkale

2001

5,000

Ömür Plaza

Istanbul

2006

5,530

Istanbul Bazaar

Artvin

2010

5,500

CarrefourSA Maltepe

Istanbul

2001

5,000

Mesa Studio Plaza

Istanbul

2003

5,500

Atakule

Ankara

1989

0

Pekdemir AVM (Kınıklı AVM)

Denizli

2006

5,400

Urla Meydan

Izmir

2012

5,400

ODC Center

Ankara

2001

5,314

Palmarina - Port Bodrum

Muğla

2013

5,250

6,906


VI. Shopping Center Investments Conference is a

organisation.


Shopping Center Guide Turkey 2013  

Shopping Center Guide Turkey 2013

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