Page 1

SHOPPING CENTRE GUIDE TURKEY 2012

Investors, Developers, Retail Service Providers

supported by


INVESTOR’S GUIDE TURKEY 2013 New destination of Investor’s Guide - Turkey is the world’s property market, MIPIM. Providing a showcase of the real estate market in Turkey, latest Investor’s Guide - Turkey will be distributed in MIPIM 2013, the international real estate show for professionals. Offering unrivalled access to the greatest number of development projects and sources of capital worldwide, MIPIM brings together the most influential players from all international property markets. Promote yourself abroad, enhance your networking opportunities! Reserve your place now. * Promote your projects with fact sheets, * Promote your company on Who’s Who pages, * Or just place your ad to meet your audience.

For reservations: Nuran Yıldız nuran@depo.com.tr T +90 212 251 18 11

www.networkingturkey.net


SHOpPING CENTRE Guıde TURKEY 2012

EDITORIAL 1

SHOPPING CENtre GUIDE TURKEY 2012 Editor-in-chief Kuyaş Örs Editors Cüneyt Tabanoğlu Fatma Çilo Bayramoğlu

WELCOME

Advertising sales manager Nuran Yıldız Corporate communication director Mürüvvet Can

The economic growth in Turkey has slowed down in 2012 after gaining momentum in

Graphic designer Doğukan Bilgin

2011. Fitch Ratings has recently upgraded Turkey to investment grade in November

Publisher Depo Publishing Haci Izzet Pasa Sokak 12/2 Gümüşsuyu, Beyoğlu 34427 Istanbul

term risks for the economy.

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

2012, a move long coveted by Ankara, citing underlying strengths and an easing in near-

Such a slowdown in economic growth has not affected the retail market. Turkey has the second highest retail GLA under development in the pipeline in Europe after Russia, representing over 3 million m 2 for the next 3 years, focused mainly on Ankara and Istanbul. Apart from the issues of the market, such as missing transparency or lack of urban planning policy, Turkey continues to be a favourable location for international investors, pointing out a great potential of further expansion, particularly in secondary cities. This guide you’re 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 CENTRE Guıde TURKEY 2012

SHOPPING CENTRE Guıde TURKEY 2012

4 NEWS

32 projects

20 outlook: A hıghly developed, vıbrant and attractıve market, Nihat Sandıkçıoğlu

34 PALLADIUM ANTAKYA 36 Akbatı Shoppıng Mall

Turkish shopping centre industry, one of the most vibrant industries of Turkish economy, is still attracting most of

38 WHO’S WHO

the international shopping centre investors.

22 outlook: Acquısıtıon of Real Estate ın Turkey, Murat Aygün Turkey has been demonstrating a steady and stable growth in its economy which gradually made it attractive for foreign investors. Following the enactment of the new regulations with respect to principle of reciprocity, there has been a visible increase in the applications of the foreign individuals to buy real property in Turkey.

24 outlook: AND THE BEAT GOES ON Revealing the current conditions of the retail industry in Turkey, eight leading players of the market answered our questions about the current investment climate in the country. Apart from the issues of the market, such as missing transparency or lack of urban planning policy, Turkey continues to be a favourable location for international investors, pointing out a great potential of further expansion..

40 TRADE COUNCIL OF SHOPPING CentreS AND RETAILERS 41 Councıl of Shoppıng Centres - TURKEY 42 Shoppıng Centre Mfı Partners 44 UNITED BRANDS ASSOCIATION OF TURKEY 45 cefıc 46 corıo 48 ece türkiye 49 FYP Project Development, Marketıng & Sales 50 Multı Development TÜRKİYE 52 METRO PROPERTIES TURKEY 53 PALLADIUM SHOPPING CENTRE 54 TURKMALL Real Estate

55 INDEX 88 Notes


4 NEWS

SHOpPING CENTRE Guıde TURKEY 2012

C&W: Occupier caution blunts upturn in shopping centre development Market jitters among retailers and developers threaten to hinder an anticipated upturn in shopping centre development, Cushman & Wakefield has warned. According to the latest European

particular focus on

Shopping Centre Development Report

schemes coming

released by Cushman & Wakefield, 2.4

forward being in

million m2 of new space was completed

central and eastern

in Europe during the first half of

Europe and Turkey

2012. An additional 3.5 million m2 is

being one of the

scheduled for completion in H2 bringing

stand out markets,”

projected total completions for 2012 to

Justin Taylor, UK

6.9 million m2, compared to 6.5 million

CEO Retail&Leisure

m2 last year.

said.

The report notes a more cautious

“Developers do,

mood among both developers and

however, remain

occupiers, with delays reported in

cautious with

places as diverse as Italy, France,

access to capital

Portugal, the Czech Republic and

for some being

Romania. There is also a clear

more difficult. For

geographic division in activity. Of the

many markets, the

71 new shopping centres opening in

occupier profile is

H1 2012, 53 were in Central & Eastern

positive as many

Europe and 18 in Western Europe.

of the leading

Russia (169,000 m2) tops the

brands continue to

European ranking in terms of both

internationalise and

pipeline and H1 completions. The

look to expand into

Russia Turkey Poland France Ukraine Italy Spain Germany Norway Romania Netherlands Bulgaria Finland United Kingdom Czech Rep. Croatia Sweden Switzerland Austria Denmark Slovakia Portugal Bosnia Herz. Serbia Ireland Latvia Hungary Belgium Luxembourg Slovenia Lithuania Malta Estonia Greece 0.00

.5

1.01

.5

European Shopping Centre Pipeline H2 2012-2013 (million

2.02

.5

m2)

market accounts for more than one fifth

major cities across

of the European pipeline with a further

Europe.”

2.1 million m2 of new space scheduled

for completion in H2 2012/13.

H1 2012. Nearly EUR 12 bn of retail

of EMEA Retail Investment, C&W

assets were transacted across Europe

said: “On average in European Retail

More than 250,000 m² of new

Investment activity slowed in

Mike Rodda, Partner and Head

shopping centre space opened in Turkey

compared with EUR 19 bn in the

Investment accounts for around

in H1 (if factory outlets are included,

previous six months and EUR 21 bn in

30% of total investment volumes,

the figure increases to an estimated

the first half of 2011.

this increased to around 40% during

350,000 m²) with a further 1.6 million

Retail accounted for 21% of

the early stages of the recovery, but

m2 under construction, accounting for

commercial property investment ,

recently this has fallen back, finance

16% of the total European pipeline.

a decline on both the previous six

shortages have hit particularly hard

More than 800,000 m² of new space is

months (28%) and the corresponding

especially for the larger transactions,

scheduled for completion in Istanbul

period of 2011 (36%). The UK and

however, demand for the best

alone by the end of 2013.

Germany continued to dominate

schemes is still good and the pipeline

“The pipeline across Europe is

although activity has slowed

to the yearend looks positive with

positive compared to 2011 with the

considerably in both markets.

some sizeable transactions expected.”


SHOpPING CENTRE Guıde TURKEY 2012

NEWS 5

CBRE: Turkey first in new shopping centre space to be delivered in 2012 New shopping centre development in Europe is expected to increase by a quarter in 2012 to meet retailer demand for modern, high quality retail space, according to the latest research by global property advisor CBRE. CBRE’s Shopping Centre Stock in

and consequently some are finding

Europe research examines existing

it difficult to achieve their store

construction in the UK (120,000 m2)

shopping centres and those under

expansion plans.”

represents just 1.5% of the total

construction in Europe of 10,000

space being built in Europe - much

m² and above. This represents the

centre space was completed in Europe

less than that in France (7%) and

vast majority of centres in which

in 2011, representing a 4.6% fall

Germany (6%), where there is still

international retailers are located or

on the year. Nevertheless, this still

scope to fill gaps in the market.

would like to be located.

signifies a significant level of new

Some 3.6 million m² of shopping

The amount of space under

Italy has the second largest

Across Europe, 51 shopping

space, with only the development

pipeline of new space. Its relative lack

centres totalling 1.5 million m² of

boom years of 2005-2009 seeing

of shopping centre space – it ranks

space opened in the first half of 2012

higher annual completion levels.

13th in Europe in terms of space per

with another 3 million m² scheduled

capita – combined with a high level

to open before the end of the year.

new development in recent years, but

of occupier demand for modern, high

If all of this space opens on time,

construction activity continues apace

quality retail space is supporting the

completions will reach 4.4 million m²

in the more mature European markets

extensive pipeline of new space.

in 2012, 25% higher than in 2011.

to meet retailer demand. In 2011, the

Turkey is the most active market

Emerging markets have dominated

Spain has a relatively small

big five western European markets

number of schemes under

with almost 400,000 m² of new

(Spain, Italy, France, Germany and

construction. The overall amount of

shopping centre space completed

United Kingdom) accounted for one-

new space coming on to the market is

in 2012, accounting for one-third of

third of all new shopping centre space

still quite high in spite of a difficult

new space delivered in the first half

in Europe.

consumer environment. This is due

of the year. This is some way ahead

primarily to strong occupier demand

of Germany (165,000 m²), with Italy

market in 2011, accounting for just

for good quality prime shopping

and Poland (both 140,000 m²) just

over 20% of new shopping centre

centre space, which is still in short

behind.

stock built last year.

supply in some markets.

Neville Moss, Head of EMEA

Turkey was by far the most active

In second position was Poland

In Germany, some 400,000 m2

Retail Research, CBRE, commented:

where 428,000 m² was completed

is under construction, with eight

“A highly active shopping centre

in 16 centres, accounting for 12%

centres due to open before the end

development market in Turkey,

of new space. Development activity

of the year. A highly controversial

Poland and Russia is enabling

remained high in Russia with nine new

plan is under discussion which could

retailers to grow store networks

centres completed in Moscow and St

restrict the number of large-scale new

there, but elsewhere the number

Petersburg alone.

shopping centres, particularly in small m2

and mid-sized towns. The proposal

of new centres is more modest,

providing fewer opportunities for

of shopping centre space is under

states that existing shopping centres

expanding retailers.

construction across Europe. Turkey

should be extended first, and only

is forecast to remain the most active

then should consideration be given

“Crucially, very little of the new

Overall, some 7.5 million

m2

space addresses the lack of prime

market with around 1.5 million

units in major city centres – the most

under construction, followed by Italy

sought after locations by retailers -

(698,000

m2)

and Spain (612,000 m2).

to the building a new centre. The idea is to preserve a town’s existing retail market structure.


8 NEWS

SHOpPING CENTRE Guıde TURKEY 2012

JLL: Turkey poised to be the next emerging logistics An inaugural survey by Jones Lang LaSalle reveals Turkey to be on top of the markets expected to be the next emerging logistics location. More than one quarter of all

effective distribution and as a result an

a total container throughput of 4.5

respondents have ranked Turkey in their

accelerating development of modern

million TEU, similar to Bremerhaven and

top three emerging locations across

logistics space”, she adds.

Valencia (respectively ranked 4th and

EMEA. Poland and Romania follow as the

5th in the European comparison). Driven

next single markets while respondents

and trade volumes, the Turkish logistics

by growth in throughput in the two main

attributed strong potential to the

market is currently underdeveloped

ports, Ambarlı and Mersin, they were

Eastern Europe and Africa regions as a

and dominated by local players and

amongst the fastest growing European

whole.

small family businesses. Whilst the

container ports in 2010.

Respondents ranked geographic

Despite its significant retail market

availability of modern logistics space

location (83%), economic growth (81%)

has increased significantly in recent

along with significant investment in

and political stability (68%) as the

years, much of the stock that has been

infrastructure means the market also

three most required attributes for an

produced has been quite far from

holds an exceptional potential to morph

emerging logistics location.

being considered grade-A modern

into an international logistics gateway

institutionally investable logistics

hub”, comments Avi Alkaş, Country

to become an emerging logistics

stock. The amount of the grade-A stock

Chairman at Jones Lang LaSalle Turkey.

market. Its geographic location bridging

in the market is still relatively at very

Europe with Middle Eastern, Asian and

low levels limiting the international

investment program to expand the

African countries is ideal to make it an

investment in the market.

express train and motorway networks

international logistics hub, its economy

and to improve connections between

is growing strongly based on a stable

market is mainly dominated by owner

major cities. For example, the North

political framework, there have been

occupiers and local investors. The

Marmara Motorway project will connect

and are still significant investments

main activity in the market involves

Adapazarı to Tekirdağ via Istanbul, also

in infrastructure, a large and young

development projects based on a

involving the construction of the third

population base offers a huge labour

partnership between the developer and

bridge in Istanbul.

pool which is increasingly well trained,

the landowner. Due to high land prices

domestic consumer spending is on

which makes logistics investments

significant transportation infrastructure

the rise and foreign direct investment

quite unfeasible, this method appears

project which will actually connect

has significantly picked up over recent

to be the only way in practice for new

the European rail networks to the

years”, comments Alexandra Tornow,

development.

Middle Eastern and Asian rail networks.

Head of EMEA Logistics & Industrial at

The improvement in transportation

Jones Lang LaSalle.

is significantly changing in line with

infrastructure is also helping global

“We expect a number of recent

strong economic growth, increasing

companies to consider Turkey as a

reforms - which also sustained ongoing

high quality organized retail stock as

regional hub. Due to the expanding

increasing transparency in the Turkish

well as improved retail demand and

economy, increasing international trade

real estate market as shown in our

spending.

volumes and wave of privatizations,

latest Real Estate Transparency Index

the logistics companies have been

(June 2012) – as well as the countries’

in the main seaports around Istanbul is

increasing their presence in Istanbul,

significant retail market and increasing

another driver for the Turkish logistics

Ankara and other emerging regional

trade flows to drive demand for more

market. In 2010 together they recorded

logistics markets.”, he adds.

“Turkey offers all attributes required

Meanwhile, the investment

However, Turkey’s logistics industry

Strong growth in container traffic

“Turkey’s geographic location

“The government has an aggressive

“The Marmaray Project is also a


10 NEWS

SHOpPING CENTRE Guıde TURKEY 2012

Amstar closes EUR 95 million investment fund for retail development in Turkey Amstar announced in July that it closed Amstar Global Property Fund II (‘the Fund’), Amstar’s second international real estate development fund, with EUR 95 million of total equity commitments. Participants in the Fund are institutional

based operating partner, Renaissance

institutional quality real estate to vastly

and high net worth investors from

Development, and together the joint

undersupplied growth markets. To

Europe and the United States. The Fund

venture utilizes moderate leverage

achieve this end, we form joint ventures

was raised entirely to capitalize three

resulting in a projected portfolio value

with best-in-class operating partners

Western-designed, institutional-quality

of EUR 570 million across the three

and utilize in-country investment

shopping centre developments located

investments.

managers and a flexible management

in undersupplied cities of Turkey.

approach to deliver results to our

targeted fund size that fully capitalizes

investors.”

are centrally located in the cities of

the Fund’s three developments. Turkey

Samsun, Kahramanmaraş and Şanlıurfa,

is one of our key investment markets

Amstar Global Property Fund I, which

Turkey. Construction of the Samsun and

and the successful closing of the Fund

developed and owns operational

Maraş properties is 20% complete with

was an important step in expanding our

shopping centres in Istanbul and

grand openings planned for March and

property portfolio within the country,”

Adana, Turkey, as well as properties in

April of 2013, respectively.

said Amstar Global President Jason

Russia and India. The Fund I shopping

The three development properties

Construction of the Urfa Shopping

“We are pleased to have reached our

The Fund is a continuation of

Lucas.

centres opened 99% leased and the

Centre will begin in September 2012

Istanbul property was recently named

and the grand opening is scheduled

in Turkey exemplifies Amstar’s

Europe’s Best New Retail Project (under

for the third quarter of 2013. The

international investment strategy

20,000 m²) by the International Council

Fund invests alongside its Turkey-

of being an early-mover in bringing

of Shopping Centres (ICSC).

Kozzy Shopping Centre (Istanbul) of Amstar

“Our strong investment platform


SHOpPING CENTRE Guıde TURKEY 2012

NEWS 11

Multi to build 6 new shopping centres in Turkey Multi Development Turkey has started construction of Forum Gaziantep, its 11th project in Turkey, while planning five more shopping centres in the country. Scheduled to open in September 2013, Forum Gaziantep - Multi’s first in southeastern Turkey - aims to become the most powerful attraction in Gaziantep with its location at the junction of the ancient city centre and modern residential areas. Around 60% of Forum Gaziantep, featuring a total of 44,500 m2 rental area has been already leased out.

Forum Gaziantep, representing an

investment of EUR 120 mln, is being financed by Finansbank.

Announcing the new projects at

the start of construction of Forum Gaziantep, Multi Development Turkey CEO Hulusi Belgü said: “We have entered a very good partnership with Finansbank for Forum Gaziantep, our first investment in South-eastern Anatolia, and set foot on a journey

Forum Gaziantep

together to create one of the most successful projects in the region.”

continued: “Having experienced

years, have created and be running

Gaziantep is one of the largest

a rapid urban transformation,

16,” said Hans van Veggel, founder

and most valuable cities in Turkey

Gaziantep needs modern structures

and chairman of Multi Corporation.

with its economy, historical riches,

and projects that will carry the city

“This is testimony to our confidence

tourism potential, university,

into the future. Forum Gaziantep,

in the Turkish market and Turkish

and status as a metropolitan

will be a pioneering project in this

people’s appetite for quality retail

municipality. “The city, that is

process.”

and lifestyle experiences.”

the gate of GAP, influences the

economies of the 18 cities around

to EUR 700 mln in total in Forum

Hulusi Belgü noted that, including

it. Forum Gaziantep will be Multi’s

Gaziantep and Forum Adana, Forum

the new projects, the company

first project in the Southeast. Then

Diyarbakır and Forum Çanakkale,

will have a total rentable area of

we shall continue investing in the

where construction is starting this

1 million m 2 in the country. “This

region with Forum Diyarbakır”.

year. Forum Çorum and Forum Elazığ

corresponds to approximately 15%

Multi will be investing close

Multi Development Turkey CEO

are already being constructed.

of the sector,” he added. In total, the

through a process of change

company will have invested as much

over recent years”, Hulusi Belgü

Forums today, we will, in three more

“Gaziantep has been going

“On top of the 10 successful

as EUR 4.2 bn in the country.


12 NEWS

Investor’s Guıde 2012

Emaar Turkey launches ‘Boulevardi’ Emaar Turkey, the country subsidiary of Emaar Properties PJSC, has announced the development of ‘Boulevardi,’ a new mixed-use development spanning 67,000 m², offering luxury living in a stunning new urban neighbourhood. The second project of Emaar in the country underlines the company’s focus to provide long-term value to its stakeholders through strategic expansion in key emerging markets. The launch of Boulevardi builds on

in the tourism and property sectors,

lifestyle amenities including

the good response of the Tuscan

drawing on the city’s unique business

shopping, hospitality, dining and

Valley villa community in Istanbul,

position bridging the Middle East region

leisure facilities are in close proximity.

Emaar’s pioneering master-planned

and Europe.”

community in Turkey, and will meet

a trophy asset within the development,

growing demand from international

be a catalyst for further growth on the

will be one of the largest in Istanbul

and local investors seeking world-class

Anatolian side as a result of several

and offer city dwellers a world class

lifestyle assets within the vibrant city.

financial organizations moving in

shopping and leisure destination.

Boulevardi will comprise over 1,000

following the relocation of Turkey’s

Taking design inspiration from The

luxury homes, a 190-room five-star

Central Bank in the vicinity and further

Dubai Mall, the new retail and leisure

hotel, a wide range of leisure facilities,

due to the prime location of the site at

destination will offer visitors the

offices, and a world class shopping

the hub of all major transport links.”

unsurpassed choice of over 400 stores,

centre, the largest on the Asian side of

diverse culinary venues and unique

the city.

from the rich cultural heritage

leisure attractions including a Discovery

of the city featuring elegant

Centre & Underwater Zoo, family

Emaar Turkey, said: “There is

homes inspired by Ottoman-style

entertainment centre, ice skating rink

considerable demand for high quality

architecture surrounded by wide,

and mega movie theatre complex.

residential communities in Istanbul to

tree-lined boulevards and vibrant

meet the country’s exponential growth

neighbourhood squares. Several

project, Tuscan Valley was completed

Ozan Balaban, General Manager,

“The Boulevardi development will

Boulevardi takes inspiration

The Boulevardi shopping centre,

The second phase of Emaar’s first

in June 2012. Inspired by the Tuscan architectural style, and enriched with magnificent views of Büyükçekmece Lake and Marmara Sea, Tuscan Valley offers an elegant lifestyle for residents. The project is located in the western part of Istanbul, over 1.7 million m² of land.

In the second phase, in addition to

the villas, there are also smaller-sized twin villas which are designed in the Tuscan architectural style. There are apartments with lake and sea view, as well as villa suites with gardens and terraces. Alongside the houses, the Tuscan Shopping Arcade is also part of the completed second phase with 25 stores and approximately 3,700 m² of Boulevardi by Emaar Turkey

rentable commercial space.


14 NEWS

SHOpPING CENTRE Guıde TURKEY 2012

Marmara Park has opened its doors Germany’s ECE Projektmanagement has announced the opening of Marmara Park, its flagship retail development in Istanbul.

Marmara Park Shopping Centre

A new shopping attraction in the

Turkish metropolis celebrates its

the Marmara Park in Istanbul we

power of attraction is created by

premiere: after a construction period

are continuing our expansion in

the centre with its mixture of retail

of 21 months, the Marmara Park in

the growing Turkish market. We are

and entertainment. The around 250

Istanbul opens its doors with approx.

once again setting standards with

national and international tenants

250 specialist stores, restaurants,

the unique combination of a galaxy

include among others Saturn,

cafés, and a cinema on four floors. With

concept and an excellent tenant

Cinemaximum, C&A, H&M, Zara,

an overall leasable area of approx.

mixture.”

Koton, Victoria’s Secret, LC Waikiki as

100,000 m² including enclosed

well as Boyner.

Bauhaus market and a Real hypermarket

ACCESS: “For DWS it is a great pleasure

as well as approx. 4,000 parking spaces

to be co-owner alongside ECE of this

in Beylikdüzü-Esenyurt, one of

the Marmara Park is one of the largest

great new shopping centre in dynamic

Istanbul’s fastest growing districts.

shopping centres in Turkey. The closed

Istanbul. Marmara Park is another

The centre has a catchment area

real estate fund of DWS as investor of

milestone in the more than 30 years

comprising more than four million

the EUR 220 mln project holds 50%

long excellent cooperation between

people and is excellently accessibly

of the shopping centre. DWS belongs

ECE and DWS.”

via a metro bus station, several bus

to the Deutsche Bank group. The

lines, and its own exit from Istanbul’s

remaining 50 % are owned by ECE / the

picks up the “galaxy” design theme.

main traffic artery E5.

Otto family. The financing bank is the

Planet models and illumination

Turkish Finansbank, which provided a

create a spectacular outer space

the 11th Turkish centre under ECE

loan of up to EUR 115 mln.

atmosphere making the centre

management.

Alexander Otto, ECE CEO: “With

Hermann Wüstefeld, Head of DWS

The shopping centre completely

distinctive. Furthermore, large

The shopping centre is located

The Marmara Park is already


16 NEWS

SHOpPING CENTRE Guıde TURKEY 2012

A large plot in Ataköy to be up for sale Some 670,000 m² of land in the coastal area of Istanbul’s Bakırköy district, including the Ataköy Tourism Complex, will be put up for sale until the end of the year. The Housing Development

sale will include 144,000 m² of

unimaginable levels” Karaoğlu said.

Administration (TOKI) and DATI

land that has been leased from the

Investment Holding have jointly

Undersecretariat of the Treasury, and

tourism zone, and it is in the public’s

agreed to sell their land in the area,

a giant marina project of 378,000 m².

interest to sell the land as one

as well as the commercial license and

package”, he said.

assets that go with the property, said

property that is subject to sale is

Ali Seydi Karaoğlu, the head of TOKI’s

670,000 m²,” Karaoğlu said. The

a 40% share in the total value of

Istanbul Real Estate Office at a press

marina project has the necessary

the Ataköy Tourism Complex”, said

conference in August.

approvals, he said. He said he expects

Gökhan Kiran, the CEO of DATI. “DATI

a significant amount of revenue from

was founded by 67 partners from the

includes the Galleria Shopping

the sale and TOKI may start the sale

maritime sector, and acquired the

Centre, Sheraton Hotel and Ataköy

tender process within two months.

Ataköy Tourism Complex for USD 200

Marina, and was sold to DATI

mln and a further USD 200 mln were

Investment Holding in 2004 by the

in terms of air, marine and land

invested in the complex”, said Kıran.

Privatization Board. TOKI holds

transportation, its tourism potential.

simple ownership of the 138,467 m²

There is no dispute about the

difficulty in the maritime sector

of land that the complex is built on.

development plan, as all of the legal

for four years, and there is no sign

procedures are over. It is a very

of improvement. That’s why the

for the complex for the next 26

attractive location for investors,

partners decided to sell off DATI.

years, Karaoğlu said, adding that DATI

and it is very important for Istanbul.

After one year of talks with TOKI, we

also owns 10,241 m² of property

If the project materializes, it will

brought up the idea of a joint sell-

in the area. In addition to this the

raise Istanbul’s tourism potential to

off,” he said.

The Ataköy Tourism Complex

DATI holds the commercial license

The Ataköy Tourism Complex

“The total usage area of the

“It is a valuable piece of land

“The area has been declared a

“TOKI holds a 60% and DATI

“There has been [economic]


18 NEWS

SHOpPING CENTRE Guıde TURKEY 2012

Akmerkez was honored with 6 prestigious awards The pioneer of the shopping and lifestyle centre concept in Turkey, Akmerkez continues to receive international awards for its innovative projects. Awarding upscale and creative projects

one of the most prestigious marketing

PR for an Existing Product category at

in the marketing communications

award programs in the industry where

the IPRA Golden Awards; one of the

industry, the Hermes Awards, IPRA

173 projects were evaluated this year.

most prestigious PR programs in the

Golden Awards, ICSC Solal Marketing

world.

Awards and Stevie International

prestigious Platinum Award for its

Business Awards honored Akmerkez

Quest for 7 Elephants application

to its list of awards for this year, by

with a total of 6 prestigious awards.

and Opera Show event at the Hermes

beating thousands of participants from

Akmerkez received Silver Award in

Awards. The Hermes Awards honors

over 50 different countries competing

the Cause Related Marketing category

upscale and creative projects in the

at the Stevie International Business

for its Young Artists Group Exhibition

marketing communications industry.

Awards. Akmerkez achieved this feat

and in the Digital Media category for

by winning the Silver Award in the App

its Quest for 7 Elephants project at the

World Award for its Quest for

Awards Category with its “Quest for 7

ICSC 2012 Solal Marketing Awards;

7 Elephants project in the Consumer

Elephants” application.

Akmerkez Shopping Centre

Akmerkez was given the most

Akmerkez received a Golden

Akmerkez added another trophy


20 OUTLOOK

SHOpPING CENTRE Guıde TURKEY 2012

A highly developed, vibrant and attractive market Turkish shopping centre industry, one of the most vibrant industries of Turkish economy, is still attracting most of the international shopping centre investors. Pioneered the world’s first shopping centre,

have uplifted the overall performance of the

the 550-year-old Grand Bazaar, Turkey has

shopping centre industry. In recent years, the

given some of the best examples of modern

industry has usually drawn an upward trend in

shopping centres since 1988. The country

terms of investors’, tenants’, and consumers’

has developed a great retail market with 308

satisfaction. Turkish shopping centre industry,

Nihat Sandıkçıoğlu

shopping centres, offering 8.2 million m2

one of the most vibrant industries of Turkish

Secretary General,

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

economy, is still attracting most of the

Council of Shopping

market is expected to reach 350 shopping

international shopping centre investors.

Centres - Turkey

centres with significant developments,

totalling around 10 million m2 of GLA.

to expand its growth in Turkey. Density

of shopping centres in many provinces,

The shopping centre industry in Turkey

The shopping centre industry continues

has grown significantly in the last 10 years

particularly in certain districts is already

with numerous prime developments.

initiating discussions. However, there is

Outstandingly well-performing shopping

still enough space for new developments

centres by both local and international

in some provinces and certain locations,

investors, some of which set the best

which are attracting investors. Today only

examples throughout the world, have

53 (out of 81) cities have shopping centres

awarded by international institutions such

yet and overall GLA distribution per 1,000

as ICSC. These achievements led by the

population indicates the high investment

competition between local and international

potential. Besides, 147 of the existing

developers and shopping centre managers

shopping centres are offering more than

9,000,000 8,000,000 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000

Shopping Centre Development (GLA - m2)

2011

2012_Q3

2010

2009

2008

2007

2006

2005

2003

2004

2002

2001

2000

1999

1998

1997

1996

1995

1993

1994

1992

1991

1990

1989

1988

0


SHOpPING CENTRE Guıde TURKEY 2012

a GLA of 20.000 m2 , which is 77% of the

strong with social media, e-commerce web

total GLA.

sites are increasing their revenues rapidly

and growing with door-to-door delivery and

New developments, which are already

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 centres 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.

centres. However, main threats are no-name

brands. Quality standards, warranties, and

Shopping centres 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 centres. 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 centres.

held in centres in order to increase sales.

Indeed, providing better service with such

will be discussed in Shopping Centres

All of these topics mentioned above

competitive marketing strategies is crucial to

Conference, which will be held in Lütfi Kırdar

survive the centres.

Congress Centre on March 6-7, 2013. The

conference will be realized by Council of

Showing a significant growth in recent

years, online sales are now the biggest

Shopping Centres - Turkey, under the main

competitor for shopping centres. Interacting

theme, competition.

OUTLOOK 21


22 OUTLOOK

SHOpPING CENTRE Guıde TURKEY 2012

Acquisition of Real Estate in Turkey Turkey has been demonstrating a steady and stable growth in its economy which gradually made it attractive for foreign investors. Following the enactment of the new regulations with respect to principle of reciprocity, there has been a visible increase in the applications of the foreign individuals to buy real property in Turkey. Since its foundation, Turkey has adopted

to the geographical aspect of the issue,

the principle of reciprocity with regards to

Turkey restricts the acquisition of real

acquisition of real estate in Turkey by foreign

estate by citizens of the neighbouring

Murat Aygün

persons. A few months ago, new regulations

countries, namely, Greece, Bulgaria, Georgia,

Attorney at Law

with respect to principle of reciprocity were

Azerbaijan, Iraq and Iran. The citizens of

(Partner), Pekin & Bayar

adapted.

such countries can only acquire property,

Law Firm

provided that it is not located within the

Reciprocity, which used to be a must

under Article 35 of the Title Deed Law

borders of their respective neighbouring

(“Law”), regulating the conditions for

provinces in Turkey. Interesting part of the

foreign real persons, who wish to acquire

regulation is that, besides the neighbouring

property within the borders of Turkey, is

provinces, the Greek citizens cannot

now abolished for almost all of the United

purchase real estate in any province which is

Nations member states. That is to say; if

located in the Turkish coasts.

a real person wished to buy a real estate,

the country of which he/she is a citizen

of the real estate that can be purchased by a

had to permit Turkish citizens to buy real

foreign real person and the real estate over

estate in that country. However, now, with

which a restricted real right is established

these amendments to Article 35 of the Law,

in favour of a foreign real person has been

there is no longer a general requirement of

increased from 2.5% to 10% of the district’s

reciprocity.

total area which is subject to private

ownership and 30 hectares per person

In line with this provision, the Council

With the new amendments, the total area

of Ministers has promulgated the list of

in Turkey as a whole and the right of the

countries the citizens of which are entitled

Council of Ministers to double the limit of 30

to purchase real estate within the borders

hectares is also reserved.

of Turkey. In the process of determining the

countries to be included, the Council has

made due to economic necessity. Turkey

taken into account the mutual relationships

has been demonstrating a steady and stable

and the interests of Turkey. Therefore; some

growth in its economy which gradually made

geographical and political aspects had

it attractive for foreign investors. However,

an impact which resulted in the exclusion

it used to be more difficult before the

of Syria and Armenia from the list. Due

enactment of the regulations. Thus, Turkey

to the political conflicts with these two

wanted to make use of the opportunity

countries, Syrian and Armenian citizens

and pull the Middle Eastern investments to

cannot acquire any real estate or restricted

Turkey. As a result, following the enactment

real rights anywhere in Turkey. With view

of the relevant regulations, there has been

The abovementioned changes have been


SHOpPING CENTRE GuÄąde TURKEY 2012

a visible increase in the applications of the

investors�) directly or indirectly hold shares

foreign individuals to buy real property in

in another company in Turkey in a proportion

Turkey.

of 50% or more; (ii) the foreign investors

directly or indirectly acquire 50% or more

When it comes to foreign corporations,

which are incorporated in foreign countries

of the shares of a company with a Turkish

in accordance with the laws of such countries

capital which owns real estate or (iii) as

can only acquire real estate and limited

a result of a share transfer, the foreign

rights in rem in Turkey within the framework

investors become holders of 50% or more

of the provisions of special laws (the Law

of the shares in a company with a foreign

on Promotion of Tourism numbered 2634,

capital that owns real estate.

Industry Regions Law numbered 4737 and

Petroleum Law numbered 6326). The requests

persons and legal entities own less than

of such companies will be responded to

50% of a company that is incorporated in

directly by the relevant title deed registry

Turkey or do not have the power to appoint

office provided that it is approved by the

or dismiss the persons who are empowered

relevant authority having jurisdiction

to manage the same, then such companies

pursuant to the special law.

with foreign capital, incorporated in Turkey

will be entitled to buy real estate or have

Another amendment is made to Article

On the other hand; if the foreign real

36 of the Law. It concerns the acquisition

restricted real rights established in favor

of real estate by legal entities incorporated

of them in Turkey just like a legal entity

in Turkey with a foreign shareholding

which is completely Turkish and without the

structure. Accordingly; the companies

necessity to obtain any approval.

that are incorporated in Turkey, owned by

foreign individuals, legal entities and certain

incorporated in Turkey with a foreign

international organizations established under

shareholding structure for the purchase of

the laws of another jurisdiction, shall be

real estate are concluded by the respective

entitled to acquire real estate or limited rights

Governorships. The process for obtaining the

in rem. Save for the provisions of the Law on

permission to purchase may take one week

Prohibited Military Zones and the Security

to one month depending on the area in which

Zones Code, the real estate acquisition of

the land that is desired to be purchased

companies in the prohibited military zones

is located. It is due to the fact that the

and the military security zones and the zones

Governorship queries whether the land is or

specified under Article 28 of the same law,

is not situated on a military zone or special

are subject to the approval of the Turkish

security zone and conducts correspondence

General Staff or any commandership to be

with the relevant departments of the

appointed by it. The real estate acquisitions

military when necessary or simply evaluates

in special security zones are subject to the

the applications within its own body.

approval of the Governorship of the province

in which such real estate is located.

explained changes in the title deed

legislation, many investors have been

Same principles shall be valid in case

The applications of the companies

As a conclusion, in line with the above

(i) the companies that are incorporated in

visiting Turkey, especially from the Gulf and

Turkey either with a 50% or more foreign

Central Asian Turkic countries. Accordingly,

capital or in which the power to appoint or

it is expected to be a massive increase in the

dismiss the persons who are empowered

sale of real estate in Turkey, especially in the

to manage the company is vested (“foreign

second quarter of the year 2013.

OUTLOOK 23


24 OUTLOOK

SHOpPING CENTRE Guıde TURKEY 2012

AND THE BEAT GOES ON Revealing the current conditions of the retail industry in Turkey, eight leading players of the market answered our questions about the current investment climate in the country. Apart from the issues of the market, such as missing transparency or lack of urban planning policy, Turkey continues to be a favourable location for international investors, pointing out a great potential of further expansion.

The economic growth in Turkey slowed down in 2012 after gaining momentum in 2011. What were the impacts of such climate change on retail investment market?

potential of Turkey. So, we can claim that there will be further interest. HULUSİ BELGÜ (HB): As per the 2012 figures, we can say that the year 2012 will be considered as a successful year for the retail market with a turnover of 39.2 billion TRY. Furthermore, the retail

CEM ALFAR (CA): The focus of the

market is one of the most dynamic

investors has turned into existing prime

markets in Turkey after energy, education

assets rather than new developments

and health. Particularly in cities except

which seem to be more vulnerable to

Istanbul, we observe significant increases

fluctuations in the key parameters and to

in disposable income and turnovers. In

uncertainties; while retailers have become

brief, the growth of the retail market is

more conscious about profitability and

likely to continue.

efficiency in square meter. Thus, they are now more selective when signing or

KERİM CİN (KC): In 2012, we have

renewing rental contracts in shopping

observed a significant slowdown in

centres.

demand in most segments of the real estate market, mainly due to economic

AVİ ALKAŞ (AA): Actually, the economic

slowdown. The effects of economic

growth has been slowed down within

slowdown was felt mainly on; commercial

the control of the government especially

rents as overall office activity decreased

due to the foreign exchange deficit of

resulting in rents also dropping in the

the Turkish economy, but we are still

business districts of Istanbul, and in the

expecting that the growth would be

retail market as shopping centre rents

around 4%, implying the highest in

had not seen any signs of strong recovery

Europe. Indeed, such a slowdown has not

based on the increased sale revenue

affected the retail investment market

figures released by the retailers for this

in Turkey; the country is still under the

period. The effects of the credit crunch

radar of the international global investors.

in the international markets have seen in

There have not been many transactions

the retail investment market in Turkey as

due to the high expectations of the

well. Most of the international investors

CEM ALFAR

Turkish real estate owners; however some

were active in the market, showing

CEO, Corio Turkey

global players continue to explore the

intentions of exiting existing positions


SHOpPING CENTRE Guıde TURKEY 2012

in Turkish assets rather than increasing

such as the population growth rate,

their positions. We expect more disposals of

average age, consumption behaviour as

standing assets by foreign investors in 2013.

well as the development of income and

OUTLOOK 25

unemployment are decisive. We consider GÖKŞİN DURUSOY (GD): Turkey has a

these parameters to be very positive in

robust retail market in parallel with

Turkey in the long term. In addition to the

the fast growing economy. Despite the

positive long-term parameters, there still

economic slowdown in the last

exists a great demand for prime retail

6 months the retail market continues to

space in Turkey on part of the retailers.

be strong. Continually developing retail

This relates to the new construction of

AVİ ALKAŞ

infrastructure and young population with

shopping centres as well as the extension

Chairman, Turkey,

increasing disposable income level in

and refurbishment of existing shopping

Jones Lang LaSalle

Turkey play the most significant role in

centres.

keeping retail industry powerful. I believe the retail investment market shall retain

ANHONY KHOI (AK): The economic growth

its dynamic characteristics in the future

figures in Turkey in 2011 were record

as well.

highs in the last 10 years. We should note that while most of the countries

MEHMET EVEN (ME): Retail market is a

are stagnant, the growth rate in Turkey

primary market getting a considerable

is still significant in 2012. The Council

attention on both in primary and

of Shopping Centres – Turkey has been

secondary cities from investors. A

monitoring the key figures in shopping

research on retail market in Turkey

centres for years. When we look at the

covering the first half of 2012 shows

turnover index, we can see increases

that investors’ attention increased in

from 10% to 38% in monthly figures,

2012. The slowing pace of the economic

compared to 2011. Although the footfall

growth did not have a significant effect

figures remained parallel to 2011 figures,

on the Turkish retail market. The shopping

the increase in turnover index shows

centre density in Turkey has increased

that the slowdown of the growth has

moderately in the first half of 2012;

not affected the turnovers in shopping

leasable area per 1,000 people has

centres negatively yet. This can also be

increased from 102

m2

as of the end of

2011 to 104 m2 . The number is expected to be 129

m2

as of the end of 2013.

attributed to the shift to the modern retail from traditional retail.

Investors will have some great

Turkey’s GLA per capita still points for a

opportunities to get into the market as

large potential of further expansion and

regulation will become more streamlined.

we expect the growth for retail market

The next ten years will be very exciting.

shall continue to be higher than the

Quality of the assets and the management

overall growth of economy over the next

will be keys to distinguish the centres

decade.

from the competition. 2012 is a real turning point; the door is open for

ANDREAS HOHLMANN (AH): We only take

American, Middle Eastern and European

strategic decisions when it comes to

funds to come in to Turkey now and take

shopping centre investments, this means

a position in one of the world’s most

with medium or long-term prospects.

dynamic and high potential markets, of

Thereby, socioeconomic framework

the next decade.


26 OUTLOOK

SHOpPING CENTRE Guıde TURKEY 2012

Retailer demand remained strong in 2012. What about the shopping centre development market?

us that local developers and investors are still confident on the local retail demand and also have better access to financing these projects, compared to international investors, especially from European

CA: Retailer demand and shopping centre

markets. We expect that most of the new

development appetite will remain strong

retail development activity in the next

for prime locations despite the slowdown in

3 to 5 years will come from local

economy. However, the supply of land is still

investors and most of the disposal

limited and expensive. The dynamics are

activity of standing assets will come from

different in Anatolian cities. Local investors

international investors.

not operating on leverage can afford to get low rent levels pulling down the market

GD: Shopping centres have become an

rents overall. The institutional investors

indispensable part of modern urban life.

having predetermined return targets

Retail and shopping centre developments

refrain from taking the market risk in the

are highly interrelated with each

secondary cities. Therefore we expect that

other, in that regard dynamism in retail

the slowdown in new developments will

market is reflected to shopping centre

prevail throughout the country. Professional

developments directly. The increase in

management, customer research,

consumer awareness and life quality

personalization of the shopping experience

results in the assessment of shopping

and mobilization of the communities will be

centres based on a wide range of criteria

equally important as the jurassic elements

including architecture, diversity of spaces

such as location, design, shop mix .

for different social activities, and cultural events.

AA: As retailer demand remained strong in 2012, we are having new projects in

ME: Many comments like “Turkish economy

the pipeline coming into reality this year.

lost its pace. A shopping centre will be

12 shopping centres have been opened

closed every month” following the growth

and this is attracting further international

rate of 2, 9% in the second quarter were

retailers towards the country. There are still

proven to be wrong. On the contrary,

some major players to come. And with the

50 new shopping centres will be opened in

arrivals of new brands, new department

the 1-year period and 150 Turkish shopping

stores, we are expecting that the shopping

centre projects are ongoing abroad.

centre developments will continue.

Furthermore, brands increased the number of their shops and many new brands entered

KC: We can see that almost all major new

the market. Based on the data provided

retail projects in the pipeline developed by

by Ministry of Economy and Ministry of

Turkish investors, which were initiated or

Science, Technology and Industry, the

launched before 2012, are still underway

number of shopping centres in Turkey is

without any delays or cancellations. This

309 as of June 2012. Only in the first six-

pipeline, especially in big cities such as

month period, 15 new shopping centres

Istanbul, Izmir, and Antalya will increase

were opened. 50 shopping centre projects

HULUSİ BELGÜ

the existing shopping centre supply

will be completed in the last quarter of

CEO, Multi Development

tremendously, almost doubling the current

the year and in 2013. Turkish companies

Turkey

supply, in the coming few years. It shows

are planning to open shopping centres in


SHOpPING CENTRE Guıde TURKEY 2012

OUTLOOK 27

Russia, Libya, Iran, Iraq, Northern Cyprus and

retail and shopping centres. Today, Turkey

Saudi Arabia among others. The investment

has the second highest retail GLA under

size of the 309 active shopping centres in

development in the pipeline in Europe after

Turkey has reached USD 35 billion. USD 12

Russia, representing over 3 million m2 for

billion of this capital is foreign investment.

the next 3 years, focused mainly on Ankara

Shopping centres which were estimated

and Istanbul.

to be closed saw record revenue levels in

the first half of the year. Based on the data

Turkey is that we are moving from a strong

provided by Council of Shopping Centres-

development market to a high potential

Turkey, total revenues of the shopping

investment market. Just as a plane has to

KERİM CİN

canters increase to USD 23 billion with an

reach the right altitude to fly, Turkey is now

Managing Partner, Colliers

increase of 15% in the first half of the year.

reaching the right moment to really soar.

International Turkey

Over the next ten years, my vision of

We have to keep the industry at the top AH: Turkey still provides great potential

of its game and pilot our centres through

for the developments. The demand for

turbulence over the next few years. Turkey

prime rental space continues to be high.

will reach saturation in some cities in the

However, the unregulated mega-boom

next 10 years, some centres will close with

of the past years has been replaced by

the arrival of better shopping centres,

qualitative growth. Shopping centres

first generation centres will have to be

must adapt to the customers’ wishes and

refurbished, or extended. Some will die and

meet the demand. This applies both to the

the new generation will take their place;

development of new shopping centres as

others will keep their market share with

well as to existing shopping centres. Branch

smart management.

and tenant mixture, flexible shop sizes and

continues adjustment to the market define

of shopping centres in a limited catchment

the development. Attractive retail must

and urban area is harmful for cities,

take place where people live and work,

investors, and retailers. The financial

not on the green field. Attractive design,

and real estate crisis during last 3

up-to-date tenant mixture and professional

years generated an opportunity for the

management are the future’s factors of

shopping canter investors and retailers by

success. This applies to new developments

preventing excessive development and

but also in particular for existing shopping

over density in Turkey. Following the crisis,

canters. Shopping centres of the first and

all participants are now more diligent

second generation aged 10 years and

and aware of the risks of the over density

older must be extended and refurbished in

in retail market. Turkey has an important

order to adapt to the market. Our shopping

potential for retail and shopping centre

canters are redesigned and adjusted to the

growth in the next decade. There isn’t any

market every 10 years on average. In this

urban planning policy and regulations for

field is great growth potential in Turkey.

the retail development in Turkey at the

On the other side, overconcentration

moment. Market analysis, city planning AK: 1990 – 2001 was a very unstable and

and adapted law are necessary to preserve

difficult economic period in Turkey due to

and to support the activities of existing

international and domestic crises. The post-

and future shopping centres and retailers.

crisis period 2002 − 2012 was shaped by

Turkey also needs retail development

fantastic stability and growth for all sectors

regulation, like many other European

of the economy and particularly modern

countries, as quickly as possible.


28 OUTLOOK

SHOpPING CENTRE Guıde TURKEY 2012

Attracting foreign investors is still an issue for the real estate market in Turkey. What should be done to draw more interest in the near future?

has reached 7.6 million m². The leasable area per 1,000 people in Turkey is 104 m², and this figure has reached 230 m² in the United Kingdom, 121 m² in Italy, and 80 m² in the Czech Republic. When we assess all this data, the retail market is extremely important for local and foreign

CA: Investor interest has revived in

investors. It is possible to say that there

2012 actualized by acquisitions and

is certain saturation for Istanbul, Ankara,

ongoing negotiations. There is a serious

and Izmir, but the need still continues. The

interest in the Turkish market from all

cities other than those mentioned do need

sorts of investors, including sovereign

investments.

wealth funds, investment funds and private equity funds. Foreign investors

KC: Reciprocity law, which has been

expect from government side that the

activated in the second half of 2012,

favourable climate will be secured

increased the demand of foreigners

through stabilizing the economy, easing in

to buy residential and land on an

securing development loans, promulgating

individual level in Turkey. However

proper laws and regulations and

on the institutional level, there are

avoiding additional tax or other burdens

still problems of bureaucracy, lack of

or applications over the real estate

transparency, and inflated asset prices.

transactions.

These local problems, when coupled by the economic and financial problems of

AA: The country’s young population, on-

the EuroZone, keep the levels of foreign

going economic growth (even though it’s

direct investment into real estate on low

controlled by the government), and single

levels in Turkey.

digit inflation rate make Turkey a quite favourable location to invest. However, the

GD: Turkey goes through a really better period

transparency improvement of Turkey is an

in real estate market in comparison to many

issue for attracting international investors.

other European countries. There have been

With the stability and consistency in

developments that would make our country

the economic policies in the fiscal and

more attractive for foreign investors thanks

monetary policies, which are being

to the legal reforms adopted lately. The

observed by the Turkish economists and

Reciprocity Law that was enforced in May

especially the Central Bank of Turkey and

2012 removed all the barriers for foreigners

related ministries, we are expecting that

to make real estate investments in Turkey.

there would be a further interest towards

We expect that the market will be positively

Turkey.

affected by the regulation in the mediumterm. We have no doubt that outstanding

HB: The retail market has already become

real estate projects from Turkey will be

a locomotive market for Turkey, with

seen in the international platform more and

a turnover of 39.2 billion TRY, a total

more frequently. With the 2B Law and Urban

GÖKŞİN DURUSOY

employment of 375,000 people, and 298

Regeneration Law an increase in the supply of

Member of Board of

sales points according to 2012 data. The

land suitable for new project developments is

Directors & General Manager,

number of shopping centres in Turkey has

another positive development for investors to

AKİŞ REIT

reached 298 in 49 cities, and the total GLA

design new projects.


SHOpPING CENTRE GuÄąde TURKEY 2012

OUTLOOK 29

ME: Real estate in Turkey is recently the

EU accession process and a strong

most preferred area of investment. This

economy makes Turkey one of the best

is clearly indicated by researches and

places for real estate investments in these

corporate surveys. Emerging Trends in

times. Today, real estate market is growing

Real Estate Europe research refers to

slowly but consistently and it will be very

Istanbul as the most favourable city for

profitable in the long-term. Many foreign

real estate investments. Another research

funds are searching for opportunities to

states that foreign direct investments of

invest in Turkey and make their initial

USD 26.5 billion is expected in the next

access to the Turkish market via real

five years by real estate sales, thanks to

estate. Turkey has a large and young

MEHMET EVEN

new regulations which eases real estate

population of 70 million, this creates a

Deputy Manager,

sales to foreigners. Of course, positive

huge local demand for real estate and this

Zorlu Property Group

indications and estimations do not lead

means that the internal demand alone

to action in a very short time. However,

creates a big potential to help things

we can see the increasing interest in

work.

Turkey and especially in Istanbul at every international congress, fair and meeting

AH: Due to the economic and population

and many feasibility works are underway.

growth, Turkey is quite favourable for

many investors in the real estate market.

The attention of foreign investors is

the result of not only retail and residence

However, in particular institutional

investments but also of the stronger

investors hesitate to enter the market

tourism sector, Istanbul’s strong position

despite good expected returns. Main

as regional centre for many countries

reason is missing transparency on part

and the increasing need for office space,

of the local market participants and

thus all segments of real estate. These

sometime unclear regulations and

segments naturally affect another

framework conditions. Professional

positively. For instance, we can see

management of real estate as well as

from the tourism statistics that average

clear and statutory regulations binding in

spending of tourists visiting Turkey is

the long term in particular in commercial

a rising trend. Better facilities, higher-

leasing law is a prerequisite for more

quality organizations, perfect flight

international investors entering the

connectivity and many other factors

Turkish real estate market.

provide that wealthier visitors come to Turkey and these visitors are also

AK: Fitch Ratings upgraded Turkey to

retail customers. Also in relation with

investment grade on November 5, 2012,

political developments in the region,

a move long coveted by Ankara, citing

the number of Arabic visitors of Turkey

underlying strengths and an easing in

has increased by 45% in the first half

near-term risks for the economy. The

of 2012 as compared to previous year

transparency and business environment

and this is a huge increase. In a time

in Turkey have improved significantly

when the whole world is very cautious

thanks to the strong, prudent and stable

in terms of investment, Istanbul has its

government. Turkish government has

advantages thanks to its unique features.

enacted new regulations regarding

We think that the companies should

reciprocity for owning real estates in

act in coordination for drawing more

Turkey by foreigners which definitely

investment. Reasonable prices,

had a positive impact especially on


30 OUTLOOK

SHOpPING CENTRE Guıde TURKEY 2012

the residential market. However, there

HB: It is possible to say that the

are still uncertainties especially about

acceleration in the retail market will

urban planning, government taxes and

strongly continue in 2013, both in

regulatory policies. Several retail and

Istanbul and in other cities. Particularly in

shopping centre organizations and

Anatolia, many new investments shall be

councils are collaborating with the

implemented, new markets will be created

government authorities regarding new

with these shopping centres for the

regulations for the improvement and

retailers and a growth will be observed.

sustainability of the shopping centre

Furthermore, there is another market for

sector. We trust that Turkish government

the Turkish brands. The Turkish brands

will consider the opinions of these

have been attracting the attention of

prominent organizations in order to

foreign investors for a long time. We will

promote the investment environment in

increasingly see many brands abroad in

the country.

the near future.

What’s the outlook of the retail market in Turkey for 2013?

KC: We expect retail rents to be under pressure as new supply will come online in large markets like Istanbul, causing

CA: Turkish growth relies on consumer

fierce competition between projects to

demand and consumption. Private

attract strong new retailers, especially

consumption makes 75% of the GNP

from international markets. We expect

and retail sales from 40% of private

more international retailers to enter the

consumption expenditures. The worth of

Turkish market in 2013, 2014, and 2015,

retail expenditures were USD 266 billion

as consumer demand in European markets

in 2011 and is expected to reach USD 276

will continue to slow down. Turkey will

billion in 2012. 43% of retail sales are

provide stronger sales potential and

realized in organized retail channels. This

advantageous leasing terms based on

ratio varies between 75% and 85% in EU

fierce competition in the development

countries. Therefore, Turkey has still room

market. We also expect increased retailer

to go in organized retail spending in which

demand on street shop supply in Istanbul

shopping centres are included.

as many major pedestrian areas are being rehabilitated by the municipalities, such

AA: The retail market outlook will

as Nişantaşı and Taksim. Expanding the

continue to be lively within 2013 and

mass transportation lines in large cities,

onwards with the new projects on the

such as metro and metrobus, will also

pipeline and especially with recent

support street shopping as consumers

movement on the urban regeneration.

will have easier time to reach different

There will be 7 million houses to be

locations when commuting.

demolished on the weak areas because of the earthquake threat With the new

GD: Retail market in Turkey is highly

cities being developed and the new

attractive for investors. It is expected that

municipalities to be established there will

the magnitude of the market shall become

be further satellite cities around the major

313 USD billion at the end of 2012,

Andreas Hohlmann

cities which will add up to the demand

growing approximately by 10% each year

General Manager,

towards new modern shopping centres

until 2016. Similarly, we know that a large

ECE Türkiye

along with the high street developments.

number of foreign investors are about to


SHOpPING CENTRE GuÄąde TURKEY 2012

open their first stores in Turkey in the

Only those who continuously invest in

upcoming period. Furthermore, some

their business will defend their position

of the Turkish companies to introduce

on the very competitive Turkish market.

OUTLOOK 31

new foreign brands inland will create additional demand for the retail spaces.

AK: There are 305 shopping centres

On the other hand, rapidly increasing

in Turkey as of Q3 2012, representing

density of the available modern retail

over 7.9 million m 2 , EUR 75 billion retail

spaces in some sub-markets of major

turnover and 50,000 sales points. The

cities will make the retailers to become

total private consumption expenditure

more selective. All of these factors

is over USD 600 billion in 2012.

ANTHONY KHOI

are sure to contribute to an increase

With a population of 73 million and

President, Aerium Turkey

in competition between shopping

an average age of 28.5 years, Turkey

centres. I believe those which create

has the youngest and second largest

a difference in competition, keep up

population in Europe. Each year

with global developments, and renew

450,000 graduates emerge from Turkey’s

themselves shall take the lead in the

161 universities. The unemployment rate

sector.

is stable and decreasing, it should be under 9% in 2015.

ME: Emerging Trends 2012 report states

that shopping centre developers are

global retail sales, standing as 7th in

very positive about 2013. Consumer

Europe. Retail sales increased 15% in

is spending at prime shopping centres

the first half of 2012, compared to 2011.

of Istanbul have increased by 15% as

The total size of Turkish retail market

compared to the previous year; this is

is expected to reach USD 313 billion in

10% for Turkey. This positively affects

2012, while average annual growth is

the views of foreign brands about the

projected at 10% up until 2016.

market. The size of the retail market

in Turkey is estimated to be USD 313

online sales and some other trends

billion as of the end of 2012. The

will have a significant effect on retail

market is estimated to grow 10% every

market in the coming years, like all

year until 2016.

other markets. By 2015, in several

Turkey ranks in 10th position for

Besides the strong fundamentals,

sectors of the retail industry in Europe AH: The retail market in Turkey

and the US, retailers could reduce their

will grow and at the same time

sales areas by up to 25%.

concentration will intensify, and this

in the retail as well as the real estate

to outpace traditional retail growth,

section. Flexible concepts adapting to

with higher price transparency, 24/7

the consumers’ wishes and professional

access and better deals online. The

management will be successful

retail market is going actually through

in the medium and long term. The

a critical period of important structural

concentration which we observed in

evolution influenced by technological

individual areas in the course of the

innovation, the internet, the economy,

last years will progress further. At

and increasing consumer purchase

the same time, again and again new

power. The future of the retail real

opportunities will open up for new

estate investment sector is also directly

market participants with new concepts.

shaped by these changes.

The growth in online sales continues


projects >>>


34 FUTURE PROJECTS

SHOpPING CENTRE Guıde TURKEY 2012

PALLADIUM ANTAKYA Antakya, Hatay Chairman of Board

Palladium Antakya Shopping Centre

(Church of St. Peter, Hatay Archeology

Özcan Tahincioğlu

aims to become the centre of everyday

Museum, the Long Bazaar and Atatürk

Date Started

life in Antakya, with 145 prestigious

Avenue) Antakya is the biggest and

2011

stores and a 1.200 space parking

most thriving city of the Hatay Province

Opening date

lot for its customers convenience.

in southern Turkey bordering Syria And

2013

Palladium Antakya Shopping Centre

also known as the cradle of many of the

Total area

will bring buoyancy to the retail

world religions. The architecture of the

105,000 m2

industry with 40,000 m2. of leasable

shopping mall captures the history and

Total rentable area

area. It will offer an experience for

authenticity of Antakya with a modern

40,000 m2

its guests beyond ordinary shopping

twist. The importance of protecting our

Total parking (open/indoor)

with a diverse mix of prestigious

environment has been of importance

1,200 spaces

brands, gourmet restaurants with

when being built therefore we are a

Total number of shops

scenic views of the Orontes river, a

green building. Antakya Shopping

145

cinema, children’s amusement areas

Centre is planned for Leadership in

and open air courtyards. The mall

Energy and Environment a with a LEED

boasts a perfect location and frequent

Gold Certificate. Palladium Antakya

campaigns for every shopper’s delight.

Shopping Centre will be the social

Palladium Antakya Shopping Centre

centre of modern day Antakya and

is located in the heart of downtown

the most prestigious shopping and

Antakya, near many tourist attractions.

entertainment complex in the region.

INVESTOR

Tahıncıoglu Gayrımenkul Tahincioglu Real Estate, the real estate

engaged in the development of

development and investment arm of

several Leed Gold Certificate, A-class

Tahincioglu Holding, is the developer

office towers in Istanbul and a

and majority shareholder of the

shopping centre in Antakya in addition

Palladium Antakya Shopping Centre.

to the seven other office, residential

and mixed-use projects in Istanbul

Tahincioğlu Real Estate is an

active player in the Turkish real

which are currently at their design and

estate market, with a particular focus

planning phase.

on the development of premium quality retail, office space as well as

Nıda Kule, Degırmen Street. No:18

residential properties and premium

Floor: 23 Kozyatagı, Istanbul,Turkey 34742

hotels. The total construction area

T +90 216 410 4545

of projects completed to date

F +90 216 384 4068

has reached over 1.5 million m2.

www.tahincioglugayrimenkul.com

Tahincioglu Real Estate is currently

info@tahincioglugayrimenkul.com


SHOpPING CENTRE Gu覺de TURKEY 2012

FUTURE PROJECTS 35


36 PROJECT SHOWCASE

SHOpPING CENTRE Guıde TURKEY 2012

Akbatı Shopping Mall Esenyurt, Istanbul General Manager

Akbati Shopping Mall by Akiş REIT is

theater performances, outdoor movies,

İ.Gökşin Durusoy (AKİŞ REIT)

among the largest shopping centres in

lotteries, cooking courses, yoga

Date started

Istanbul.

and Pilates courses, and children’s

19.05.2007

educational activities.

Opening date

world-famous Development Design

15.09.2011

Group that changed the face of

exhibited throughout Akbati let

Total construction area

Istanbul’s European side, Akbati

visitors enjoy important works of

242,000 m2

features a distinctive architectural

art while shopping. Akbati has won

Total rentable area

design. Akbati’s Festival Park 5,000

numerous awards. Akbati received the

65,542 m2

person capacity, hosts cultural

‘Highly Commended’ and ‘Best Retail

Number of floors

activities, concerts, and festivals for all

Development’ awards in the Mixed-Use

Shopping Mall 4, Parking Lot 3

ages. Meanwhile, Akbati’s Restaurants

Development category at the 2012

Total parking (open/indoor)

Avenue offers outdoor seating and

European Property Awards.

Indoor: 3000/Open: 52

cuisines from around the world.

Total number of shops

A unique shopping experience, Akbati

in Turkey shortlisted in any of the

190

also brings the latest cultural and

seven main award categories at

Total number of employees

artistic activities right to its residents’

MAPIC 2012, where 70 projects from

2,000

doorsteps. In only one year, Akbati has

18 countries competed, becoming a

Shops

hosted many concerts, discussions,

finalist in the ‘Best Retail & Leisure

5M Migros, Boyner, Cinemaximum,

book signings, musical performances,

Development’ category.

A masterpiece designed by the

Statues by famous sculptors

Akbati was also the only project

H&M, Koçtaş, LC Waikiki, Marks&Spencer, Teknosa Exxtra, Zara Entertainment units Macera Adası, Lazer Arena, Cinemaximum, Non-Exhausting Sport

INVESTOR

AKİŞ REIT

Centre, Taste Platform, Festival Park Yearly number of visitors

Akkök Group of Companies has started

investment and management and life

7,800,000

up Akiş Reıt in 2006 for real estate

centre development, bringing its know-

sector which it identified as one of its

how and experiences into new projects.

Contact information

primary fields of business within the

Akiş designs its projects in view of ever-

Sanayi Mah. 1655 Sok. No:6 34535

framework of restructuring strategies.

changing sectoral trends and socio-

Esenyurt, Istanbul, Turkey

Akis was authorized to operate as a

economic developments and plans to

+90 212 397 70 70

Real Estate Investment Trust (REIT)

carry out such projects in all spheres

info@akbati.com

following the approval of its application

of real estate investments, with in-city

by the Capital Markets Board of

shopping centres in the lead.

Project Web Site

Turkey in May 18, 2012. Creating the

www.akbati.com

first shopping centre concept of our

Miralay Şefikbey Sok. No:11,

country with Akmerkez in 1993, Akkök

Gümüşsuyu, Beyoğlu - Istanbul 34437

Group of Companies keeps up its

T +90 212 393 01 00

investments through Akiş, an enterprise

www.akisgmy.com

with expertise on shopping centre


SHOpPING CENTRE Gu覺de TURKEY 2012

PROJECT SHOWCASE

37


WHO’S WHO >>>


40 WHO’S WHO

SHOpPING CENTRE Guıde TURKEY 2012

TRADE COUNCIL OF SHOPPING CentreS AND RETAILERS (AMPD) Founded in 1994, AMPD serves to highlight and improve the role of shopping centres, food retailers, chain stores and related sectors of retailing in the economy and society. The mission of AMPD is to institutionalize and modernize the merchant identity of retailing. AMPD represents 413 members as of October 2012 .

AMPD is a member of ICSC (International Council of Shopping

Mehmet T.

Centres), NRF (National Retail Federation), FAPRA (Federation of Asian-

Nane

Pasific Retailers Associations) and EuroCommerce.

Chairman

The council develops policies and strategies to improve the

conditions of the sector. The main objective is to pave the way for the Deputy Chairman

Vice Chairman

retailing sector to become one of the first 5 leading sectors in Turkey.

Aziz Torun

Nihat Özdemir

AMPD also serves to lead the sector towards full registration and transparency.

Vice Chairman

Vice Chairman

Avi Alkaş

Serdar Sunay

sector efficiency and profitability and to undertake lobbying activities.

Vice Chairman

Secretary General

Objectives:

Zafer Baysal

Sabahnur Erdemli

• Supporting the organized and modern retailing to develop and grow

The goals of AMPD are to improve modern retailing, to increase

by producing informative and guiding data and policies on issues Vice Chairman

regarding the whole retail sector,

Ali Murat Kızıltaş

• Elevating the service quality in the sector to international standards, • Completing the transition to registered, regulated and transparent system via supporting high quality production and employment in the

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

sector,

Dikilitaş, Beşiktaş, Istanbul

• Encouraging the establishment and development of regular and

T + 90 212 227 85 42 - 52 - 62

healthy relations between the shopping centre owners, organized

F + 90 212 227 85 35

retailers, consumers and public administrators

www.ampd.org

• Ensuring that the shopping centres become a part of the community

info@ampd.org

and contribute to the healthy environmental and urban development, • Helping to represent the sector throughout the world and to increase the investment potential in Turkey by cooperating with international organizations, • Strenghtening the expertise and leadership position of its members in the fields of developing and managing retail shopping centres, • Undertaking sector and consumer research to provide objective, measurable and scientific data about the retailing sector Member Profile: Shopping Centres 40%, Chain Stores 29%, Service and Consultancy % 15, Big Box Retailers 10%, Food Retailers 6%.


SHOpPING CENTRE Guıde TURKEY 2012

WHO’S WHO 41

Council of Shopping Centres - TURKEY Although a relatively short period of time has elapsed since its establishment in February 2009, AYD represents more than sixty percent (60%) of the sector.

AYD has blazed many trails at the sector as a result of its activities

that were initiated for the purpose of leading the shopping centres sector in a responsible manner, and making contributions to the Hakan Kodal

Hulusi Belgü

Nuri Şapkacı

Chairman

Vice Chairman

Vice Chairman

development of the retail sector. Vision: to ensure that shopping centres become first-class venues which allow consumers to enjoy their shopping experiences; create added values for the retail sector; and are integrated with the cities in which they are located. Mission: to make contributions to the development of the shopping centres sector in a sound manner together with retailers, sectoral

Coşkun

Nihat

Bayraktar

Sandıkcıoğlu

Vice Chairman

Secretary

AYD office focuses on:

General

• SC’s Databank

solution partners, and consumers pursuant to the said vision.

• SC’s Index • SC’s Investment Conference IV. (06-07.03.2013) Büyükdere Cad. No:185, Kanyon Ofis Blok, Kat:3, 34394,

• SC’s Customer Perception Survey (10.01.2013)

1.Levent, Istanbul, Turkey

• Most Admired and Preferred Brands Survey (07.11.2012) • Discussion Meetings

T + 90 212 353 54 73-74

• SC’s Study Tours (Dubai, China, Poland, UK...)

F +90 212 353 54 75

• Shopping Centres Turkey (PC / iPad / iPhone) app.

www. ayd.org.tr ayd@ayd.org.tr


42 WHO’S WHO

SHOpPING CENTRE Guıde TURKEY 2012

Shopping Centre Mfi Partners Avm Partners was founded by Aydın Yurdum, Tarkan Ander and Dora Şahintürk in March 2006. In 2008, Avm Partners signed a successful Joint Venture with MFI Management für Immobillien AG and the company name changed to “Avm Mfi Partners”. In the six years since then, the company has leased out 47 Shopping Centers with a total GLA of 1,650,000 m2 and 4,075 shops. Aydın Yurdum

Dora

Tarkan Ander

Chairman

Şahintürk

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

Board Member

Management, Architectural / Pre-concept Planning, Facility Management and Budget Control, Leasing, Shopping Center Management, Finance and Reporting, and Legal Consultancy. Avm Mfi Partners currently operates in Turkey, as well as Europe, the Balkans, and the Turkic Republics.

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 Aytaç Özçiçek

Gökhan Faik

Muammer

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

Business

Yazıcı

Çene

Development

Finance

Leasing

that meets the highest global standards.

and

Director

Director

Our mission is to provide the best solutions and quality service

Management Director Current Leasıng Projects

Management projects

Ebulula Mardin Cad. Akatlar Maya Sitesi

212 Power Outlet Centre

212 Power Outlet Centre

Z Blok Akatlar – Beşiktaş

Ancora Shopping Centre

Bakü Ahmetli

Atb

Bodrum Avenue

T +90 212 324 52 22

Bodrum Avenue

Konya Kentplaza

F +90 212 324 74 84

Seyrantepe

Kayseri Meysu Outlet

www.Shopping Centremfipartners.com.tr

Kırıkkale Podium

Neoplus Shopping Centre

Konya Kentplaza

Next Level Ankara

Markantalya

Palladium Antakya

Kayseri Meysu Outlet

Palladium Istanbul

Neoplus Shopping Centre

Palladium Ofis Rezidans

Next Level Ankara

Taurus Shopping Centre - Ankara

Palladium Antakya Palladium Istanbul Setur Kuşadası Sultanbeyli Shopping Centre Taurus Shopping Centre - Ankara Ümraniye Shopping Centre


SHOpPING CENTRE Gu覺de TURKEY 2012

Palladium Istanbul

Next Level Ankara

212 Power Outlet Centre

Konya Kentplaza

Capacity

Palladium Antakya

REFERENCE PROJECTS 43


44 WHO’S WHO

SHOpPING CENTRE Guıde TURKEY 2012

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 3,000,000 m2 selling space on 50,000 selling points. Members of BMD are Yılmaz Yılmaz

employing more than 270,000 people. The 2011 turnover of BMD

Chairman

member companies is USD 30 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

Hüseyin Doğan

order it becomes the centre 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.

Sami Kariyo

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

Vahap Küçük

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

Vice Chairman

Serdar Sunay

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.

Mehmet Ziylan

Among BMD’s activities, one can indicate special retail courses,

presentations at the schools and universities, national and Secretary General

international congress and conference partnerships, official visits,

Ekrem Utku

seminars and meetings.

As a social responsibility project, BMD members produced

more than 2 million products including shoes, shirts, and coats for Darulaceze Cad. Nadide Sok. SESA Plaza No.30 K.3

365,000 primary school students in all over Turkey in 2010 and

34381 Şişli, Istanbul, Turkey

2011. This project will continue until there is no child without any

T + 90 212 320 82 00-01

coat and shoes.

F + 90 212 320 82 03

www.birlesmismarkalar.org.tr

and Brussels based Anti- Counterfeiting Committee.

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

BMD is a member of Washington based National Retail Federation


SHOpPING CENTRE Guıde TURKEY 2012

WHO’S WHO 45

CEFIC LEADER IN TURKEY WITH OVER 18 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 marketing & promotion of shopping centres and commercial Anthony Khoi

Vahit İpekçi

Nihat Evcimen

properties.

President &

COO

Finance &

Administration

solutions to strongly support investors and tenants for the most

CEO

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

Ihlamur Yıldız Cad. No:8 Toprak Centre A Blok

700,000 m2 GBA of shopping centres attracting over 85 million

4.Kat Beşiktaş / Istanbul / Turkey

visitors per year in Turkey.

Its deep market knowledge and experience have established

T: +90 212 327 11 40

Cefic as the leading expert in its field in Turkey. Highly recognized

F: +90 212 258 03 37

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

www.ceficturkey.com

achievement during the past 18 years in the Turkish market, Cefic continues to strive for excellence.


46 WHO’S WHO

SHOpPING CENTRE Guıde TURKEY 2012

CORIO Corio is one of the largest listed retail property investors and managers in Europe. Corio’s portfolio of EUR 7.3 billion consists for 97% of shopping centres in The Netherlands, France, Italy, Spain, Germany and Turkey. Corio manages its own shopping centres.

Corio, who has been into Turkish market in 2005, has shopping

centres in Istanbul (Akmerkez), Ankara(365), Bursa (Anatolium), Cem Alfar

Özgür

Tekirdağ (Tekira), Sakarya (Ada), Denizli (Teras Park Outlet) and Tarsu

Ceo

Bekiroğlu

(Tarsu).

Coo

Corio owns 46,92% of Akmerkez, 51% of Teras Park Outlet and

100% of the rest of the centres (ADA, 365, Tekira, Anatolium Bursa, Tarsu) it manages. Besides, with 7 operational shopping centres Kanyon Ofis Blok Büyükdere Cad. No:185 Kat 18

currently, Corio has a total GLA of 223,100 m2 with a value of EUR

Levent, 34394 Istanbul, Turkey

511 million.

Corio, creating favorite meeting places, manages its shopping

T +90 212 371 30 00

centres according to hands on management philosophy and pursues

F +90 212 353 54 40

to increase the value of its portfolio.

www.corio-eu.com


SHOpPING CENTRE Gu覺de TURKEY 2012

Tarsu Shopping Centre

Tekira Shopping Centre

365 Shopping Centre

Teras Park Shopping Centre

Anatolium Shopping Centre

Ada Shopping Centre

REFERENCE PROJECTS 47


48 WHO’S WHO

SHOpPING CENTRE Guıde TURKEY 2012

ECE Türkİye Founded in October 2000, ECE Türkiye is developing, planning, realizing, leasing out and managing large-scale shopping centre projects in Turkey. As a long-time investor and a full service provider, the company currently manages Marmara Park, Metro-City, Migros-Centre-Beylikdüzu, CarrefourSA Bahçepark, CarrefourSA Maltepe Park and Neomarin in Istanbul, ANKAmall in Ankara, Espark Andreas

Nuri Şapkacı

Pınar

in Eskisehir, CarrefourSA Karşıyaka in Izmir, Migros-Centre and

Hohlmann

Deputy

Yalçınkaya

TerraCity in Antalya. In these 11 shopping centres 1,800 retail

General

General

Hacaoğlu

partners are operating on a leasable area of appr. 600,000 square

Manager

Manager

Director

meters.

Development

While leading the retail world with its distinct and effective

management perception, ECE Türkiye continues its success with its own investments.

Marmara Park Shopping Centre - the latest investment project

of the Group in Turkey, is opened on October 18th 2012 in Esenyurt / Beylikdüzü-Istanbul. ECE / Otto Family as investor of the EUR 220 million project holds 50% of the shopping centre. The remaining 50 % are owned by the closed real estate fund of DWS, which Alper Tataş

Fulya Uras

Marcus Eggers

belongs to the Deutsche Bank Group. With a gross leasable area

Director

Director

Director

of approx. 100,000 m2, including enclosed Bauhaus market and

Development

Leasing

Centre

the Real Hypermarket, 250 shops, as well as 4,000 parking spaces

Management

Marmara Park is one of the largest shopping centres in Turkey.

Another project is the extension of the CarrefourSA Maltepe Park

Shopping Centre in Istanbul, which will enable the mall to have a retail space of 75,000 m2, housing 250 shops. Due to the extension Defterdar Yokuşu No.3 Tophane

of Maltepe Park, the customer profile will change and develop, which

34425 Karaköy – Istanbul

will carry the shopping centre to a more powerful position. The extension is planned to be completed by Fall 2013.

T +90 212 377 77 00

F+90 212 377 77 29

Furthermore, ECE Türkiye also has projects under development

stage throughout various cities in Turkey.

www.ece.com

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

develops, plans, realizes, leases out, and manages large commercial real estate in the sectors shopping, office, industries since 1965 and is active in 16 European countries. The company is the European market leader with 185 managed shopping centres. On an overall sales area of 6 million m2, about 17,500 retail businesses generate EUR 19 billion in annual sales.


SHOpPING CENTRE Guıde TURKEY 2012

WHO’S WHO 49

FYP Project Development Marketing & Sales FYP Project Development Marketing & Sales has over 20 years’ experience and contacts in the field of real estate project development, marketing and sales, and has built up a substantial portfolio of clients, partners and projects in Turkey and abroad.

We offer a wide range of creative, professional services

throughout the project cycle, from initial concept to sales Fusun Yılmaz

Tony

implementation.

Phillipson

Phillipson

Founding

Founding

building on a portfolio of prestigious developments, and an extensive

Principal

Principal

customer database. We follow the latest trends in global living -

Residential: We put all of our experience into these projects,

including working with international design and hospitality brands - but implement them with a local touch. Commercial - Retail and Office: FYP provides a full range of

Abdi İpekçi Cad. Altın Sok.

No:2 Ahmet Kara İş Hanı D:18 K:4

services in connection with retail and mixed-use projects, from

Nişantaşı, Istanbul

retail concept to letting, leveraging our in-depth knowledge of the

T +90 212 291 2311

Turkish and International markets to place the best complementary

F +90 212 291 3043

mix of brands – exemplified by our work for the recent Trump Towers

www.fyp.com.tr

Istanbul.

info@fyp.com.tr

And beyond… Many developments are enhanced or even defined

by subsidiary elements (such as the leisure, entertainment, cultural or food & beverage provision). We give priority to creating these concepts, because they have an impact out of all proportion, and are currently working with leading world brands in the entertainment, cultural, and F & B sectors. Development: We work with clients and focus our own extensive knowledge of the real estate market to create innovative yet practical concepts. And because the founders of FYP both trained as architects, this enables the company to provide an extra dimension of planning, design and technical capability to clients for a project that is truly a ‘best use’.

Marketing and Sales: At FYP we have a long track record of

successful marketing and sales on premium projects. We audit each project from a market perspective, evaluate its potential, draw up a detailed marketing and sales plan, and carry out full implementation to ensure that the project fully achieves its potential.

Property Matching: FYP work closely with owners and developers,

auditing all aspects of their property in order to make the best preparations for purchase, sale, or joint venture development.


50 WHO’S WHO

SHOpPING CENTRE Guıde TURKEY 2012

Multi Development TÜRKİYE Multi Development Türkiye, 100% affiliate of Multi Corporation, the number one retail developer in Europe with 189 real estate projects completed in 14 European countries, and 50 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

Jurn

projects with their special custom architecture in full compliance

Ceo, Multi

Ceo, Forum

Hoeksema

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

Development

Turkey Fund

General Manager

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

Forum Turkey

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

Fund

prestigious international awards and became significant assets to the

Türkiye

cities in which they play important roles by reviving the city and region where they are located.

Multi Development Türkiye has developed 10 mall projects under

the Forum name that are in operation, 4 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 Luis Pereira

Özge Ülkü

Managing

Leasing

Director, Multi

Director, Multi

Development

Development

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

Türkiye Mall

Türkiye

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

Management

continuously strengthen and enhance their investment values. Actıve projects of Multi Development Türkiye

Forum Çamlık (Denizli); 33,900 m2 rental space; over 130 stores Forum Trabzon (Trabzon); 49,200 m2 rental space, 177 brands Forum Aydın (Aydın); 29,400 m2 rental space; 120 brands Forum Ankara (Ankara); 86,300 m2 rental space, 149 brands

Ebulula Mardin Caddesi Maya Meridyen İş Merkezi Zemin

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

ve 1. Kat 34335 Akatlar, Istanbul, Türkiye

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

T +90 212 349 10 00 F +90 212349 10 99 wwww.multiturkiye.com

Forum Kayseri (Kayseri); 65.000 m2 rental space; over 200 brands


SHOpPING CENTRE Guıde TURKEY 2012

REFERENCE PROJECTS 51

Forum Diyarbakır

Forum Gaziantep

Forum Çanakkale

Forum Adana

Forum Elazığ

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

Forum Çorum


52 WHO’S WHO

SHOpPING CENTRE Guıde TURKEY 2012

METRO PROPERTIES TURKEY METRO PROPERTIES is the real estate entity of METRO GROUP. In 30 countries, the company is managing the most international retail property portfolio worldwide.

The core responsibility of METRO PROPERTIES Turkey is to

enhance the value of its real estate assets in the long term through active and strategic portfolio management. As a service provider for Eyüphan

Osman Koçak

Hüseyin

the site search, development and construction of retail locations,

Boyvadaoğlu

Finance

Okumuş

METRO PROPERTIES acts as a Real Estate Developer and Investor

Managing

Director

Head of Centre

for the expansion of METRO GROUP Sales Lines from scratch to

Management

completion. In addition, METRO PROPERTIES provides the METRO

Director

GROUP Sales Lines with fast and flexible expansion opportunities.

The service range also includes the energy management of retail

properties, facility management for commercial, administrative and warehouse locations as well as the management and leasing of shopping centers. METRO PROPERTIES Turkey portfolıo İlker Aydın

Göksel

Avni Ulusoy

A total land of 1,290,376 m²

Head of

Atikeler

Head of

A total leasable area of 529,623 m², of 216 stores

Development

Head of

Construction

Total car park area for 24,200 vehicles,

& Asset

Finance &

Management

10 Shopping Centers in Adana, Ankara, Antalya, Bursa, Gaziantep,

Management

Administration

Izmit, Konya, Istanbul Kartal, Ümraniye and Merter 20 METRO Cash&Carry stores 120 employees nationwide 6,000 people employed across all centers.

Çınar Cad. Kavak Sok. Yalçınlar Plaza Yenibosna, Istanbul T +90 212 454 43 00 F +90 212 451 07 41 info@metro-properties.com.tr www.metro-properties.com.tr


SHOpPING CENTRE Guıde TURKEY 2012

WHO’S WHO 53

PALLADIUM SHOPPING CENTRE Opened in 2008 in Ataşehir, Istanbul, Palladium Shopping Centre was founded by Tahincioğlu Holding with the aim of becoming the most popular living centre 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 Özcan

use of sunlight. The centre offers major national and international

Tahincioğlu

brands such as Armanı Jeans, Banana Republic, Bershka, Burberry, Gant,

Chairman of

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

Board

Mıchael Kors, Paul & Shark, Pull&Bear, Sephora, Stradıvarus, Tommy Hilfiger, Trussardı Jeans, Zara.

Shopping Centre Manager Ayşen Yerşen

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 centre a place beyond a shopping destination.

Palladium Shopping Centre 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 centre has been leased and managed by Shopping Centre mfi Partners, a leading property services company.


54 WHO’S WHO

SHOpPING CENTRE Guıde TURKEY 2012

TURKMALL Real Estate Turkmall is leading the Turkish shopping centre development and investment industry since 1992. We have developed more than 50, and completed more than 30 shopping centre in 15 years and have added value to their regions and our retail partners.

Turkmall has been awarded with Excellence in Retail and Real

Estate prizes. Hans Otto

Levent

Hilmi Özçakır

Nagel

Eyuboğlu

Ceo

resulting in 2.5 million m² leasable retail space; we have concluded

Founder &

Vice Chairman

We have developed 5 million m² retail construction area,

over 2,500 lease contracts and are welcoming more than 150 million visitors each year.

Chairman

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

concludes important partnerships in projects which determine the dynamics of the Turkish shopping centre industry.

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 centre to the market, M.Murat

Serdar

Tolga Ergut

including Forum Mersin and Forum Istanbul.

Sekmen

Çetinkaya

Leasing

Vice President

Financial

Director

our office and residential projects. Our Yorum Istanbul residential

Director

We have increased the diversity of our partnerships through

project has been an important step towards our target “10,000 Residences in Istanbul”.

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 has been another one of our unique initiations. We have established joint ventures in many other countries as well. Our activities continue in Turkey, the Balkans, North Africa, the F.Ulaş Erdem

Rezzan

Middle East, Georgia, Russia and Asia.

Asset & Mall

Gülsün Kurt

Management

Commercial

10 countries, and a delivered investment value of USD 3 billion gives

Director

Director

us excitement and inspiration for the future.

Turkmall Real Estate Yatırım İnş. ve Tic. A.Ş. Ebulula Mardin Cad. Maya Meridien Is Merkezi Akatlar / Istanbul / Turkey T +90 212 350 91 00 office@turkmalls.com www.turkmalls.com

F +90 212 351 45 32

Taking responsibility of more than 30 partnerships in more than

Activities in: Turkey, Georgia, Makedonia, Bosnia,Kosovo, Iraq,Tunusia,

Russia, China, Libya, Egypt, Kazakhstan,Azerbaijan,Tajikistan


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


56 INDEX

SHOpPING CENTRE Gu覺de TURKEY 2012

FORUM ISTANBUL Location: Istanbul Opening Date: 2009 Leasable Area: 173,000 m2

ANKAMALL Location: Ankara Opening Date: 1999 Leasable Area: 107,804 m2

MARMARA FORUM Location: Istanbul Opening Date: 2011 Leasable Area: 134,560 m2

ISTINYE PARK Location: Istanbul Opening Date: 2007 Leasable Area: 88,490 m2

TORIUM Location: Istanbul Opening Date: 2010 Leasable Area: 92,245 m2


SHOpPING CENTRE Gu覺de TURKEY 2012

INDEX 57

ANATOLIUM SHOPPING CENTRE Location: Bursa Opening Date: 2010 Leasable Area: 84,000 m2

KENTPARK

M1 MERKEZ ADANA

Location: Ankara Opening Date: 2010 Leasable Area: 79,478 m2

Location: Adana Opening Date: 2000 Leasable Area: 76,500 m2

PANORA SHOPPING CENTRE

ISTANBUL CEVAHIR SHOPPING CENTRE

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

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


58 INDEX

SHOpPING CENTRE Gu覺de TURKEY 2012

KORUPARK Location: Bursa Opening Date: 2007 Leasable Area: 74,580 m2

CEPA SHOPPING CENTRE Location: Ankara Opening Date: 2007 Leasable Area: 73,242 m2

FORUM ANKARA OUTLET Location: Ankara Opening Date: 2008 Leasable Area: 83,700 m2

FORUM MERSIN

VIA/PORT OUTLET SHOPPING

Location: Mersin Opening Date: 2007 Leasable Area: 71,125 m2

Location: Istanbul Opening Date: 2008 Leasable Area: 66,000 m2

FORUM BORNOVA Location: Izmir Opening Date: 2006 Leasable Area: 62,000 m2


SHOpPING CENTRE Gu覺de TURKEY 2012

INDEX 59

OPTIMUM OUTLET Location: Adana Opening Date: 2011 Leasable Area: 69,000 m2

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

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

ANATOLIUM SHOPPING CENTRE Location: Ankara Opening Date: 2011 Leasable Area: 70,619 m2

SANKO PARK Location: Gaziantep Opening Date: 2008 Leasable Area: 55,532 m2


60 INDEX

SHOpPING CENTRE Guıde TURKEY 2012

TEPE NAUTILUS Location: Istanbul Opening Date: 2002 Leasable Area: 51,776 m2

SILIVRI MAXI CITY Location: Istanbul Opening Date: 1998 Leasable Area: 55,050 m2

CARREFOUR BURSA Location: Bursa Opening Date: 2001 Leasable Area: 33,946 m2

M1 GAZIANTEP Location: Gaziantep Opening Date: 1999 Leasable Area: 51,700 m2

WEDDING WORLD KUYUMCUKENT Location: Istanbul Opening Date: 2008 Leasable Area: 53,000 m2

CARREFOURSA ÜMRANIYE Location: Istanbul Opening Date: 2000 Leasable Area: 50,573 m2

M1 MEYDAN ÜMRANIYE

212 ISTANBUL POWER OUTLET

Location: Istanbul Opening Date: 2007 Leasable Area: 70,000 m2

Location: Istanbul Opening Date: 2009 Leasable Area: 68,000 m2


SHOpPING CENTRE Gu覺de TURKEY 2012

INDEX 61

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

FORUM TRABZON

GORDION SHOPPING CENTRE

Location: Trabzon Opening Date: 2008 Leasable Area: 51,500 m2

Location: Ankara Opening Date: 2009 Leasable Area: 50,000 m2

PROFILO SHOPPING CENTRE

M1 MERKEZ KONYA SHOPPING CENTRE

Location: Istanbul Opening Date: 1998 Leasable Area: 48,900 m2

Location: Konya Opening Date: 2003 Leasable Area: 47,600 m2


62 INDEX

SHOpPING CENTRE Gu覺de TURKEY 2012

AS MERKEZ OUTLET

MALATYAPARK

Location: Bursa Opening Date: 2009 Leasable Area: 34,600 m2

Location: Malatya Opening Date: 2009 Leasable Area: 46,000 m2

BILKENT CENTRE

PERLA VISTA

Location: Ankara Opening Date: 1998 Leasable Area: 47,467 m2

Location: Istanbul Opening Date: 2010 Leasable Area: 45,000 m2

STAR CITY OUTLET CENTRE Location: Istanbul Opening Date: 2010 Leasable Area: 45,340 m2


SHOpPING CENTRE Guıde TURKEY 2012

INDEX 63

METROCITY Location: Istanbul Opening Date: 2003 Leasable Area: 43,000 m2

TERAS PARK Location: Denizli Opening Date: 2007 Leasable Area: 44,500 m2

SIREHAN SHOPPING CENTRE Location: Gaziantep Opening Date: 2008 Leasable Area: 22,880 m2

OPTIMUM OUTLET

GALLERIA ATAKÖY

Location: Istanbul Opening Date: 2008 Leasable Area: 46,000 m2

Location: Istanbul Opening Date: 1988 Leasable Area: 50,000 m2

NCITY SHOPPING CENTRE Location: Diyarbakır Opening Date: 2007 Leasable Area: 22,000 m2

ESPARK Location: Eskisehir Opening Date: 2007 Leasable Area: 43,661 m2


64 INDEX

SHOpPING CENTRE Guıde TURKEY 2012

PELICAN MALL Location: Istanbul Opening Date: 2010 Leasable Area: 37,885 m2

CARREFOURSA IÇERENKÖY Location: Istanbul Opening Date: 1996 Leasable Area: 42,210 m2

M1 MERKEZ KARTAL Location: Istanbul Opening Date: 2000 Leasable Area: 38,130 m2

DOĞUŞ POWER CENTRE Location: Istanbul Opening Date: 2006 Leasable Area: 42,088 m2

CAPACITY SHOPPING CENTRE Location: Istanbul Opening Date: 2007 Leasable Area: 41,300 m2

ÖZDILEKPARK Location: Antalya Opening Date: 2009 Leasable Area: 38,752 m2


SHOpPING CENTRE Gu覺de TURKEY 2012

KANYON SHOPPING CENTRE

NEOPLUS OUTLET

Location: Istanbul Opening Date: 2006 Leasable Area: 37,500 m2

Location: Eskisehir Opening Date: 2007 Leasable Area: 36,000 m2

OPTIMUM OUTLET Location: Ankara Opening Date: 2004 Leasable Area: 42,500 m2

PALLADIUM SHOPPING CENTRE Location: Istanbul Opening Date: 2008 Leasable Area: 36,713 m2

NEOMARIN Location: Istanbul Opening Date: 2009 Leasable Area: 35,500 m2

INDEX 65


66 INDEX

SHOpPING CENTRE Guıde TURKEY 2012

PRIME MALL ISKENDERUN Location: Hatay Opening Date: 2010 Leasable Area: 35,333 m2

SÜMERPARK

AKMERKEZ SHOPPING CENTRE

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: 34,270 m2

ARMADA SHOPPING CENTRE Location: Ankara Opening Date: 2002 Leasable Area: 32,000 m2

OLIVIUM OUTLET CENTRE Location: Istanbul Opening Date: 2000 Leasable Area: 35,340 m2


SHOpPING CENTRE Guıde TURKEY 2012

AFIUM OUTLET Location: Afyon Opening Date: 2010 Leasable Area: 32,785 m2

INDEX 67

TEKIRA SHOPPING CENTRE Location: Tekirdag Opening Date: 2008 Leasable Area: 32,738 m2

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

ERZURUM SHOPPING CENTRE Location: Erzurum Opening Date: 2009 Leasable Area: 32,000 m2

MIGROS BEYLIKDÜZÜ Location: Istanbul Opening Date: 1997 Leasable Area: 33,000 m2


68 INDEX

SHOpPING CENTRE Guıde TURKEY 2012

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

CARREFOURSA ADANA Location: Adana Opening Date: 1998 Leasable Area: 31,628 m2

SERDIVAN SHOPPING CENTRE Location: Sakarya Opening Date: 2011 Leasable Area: 31,160 m2

FORUM ÇAMLIK Location: Denizli Opening Date: 2008 Leasable Area: 31,900 m2

PENDORYA SHOPPING CENTRE Location: Istanbul Opening Date: 2009 Leasable Area: 31,000 m2


SHOpPING CENTRE Gu覺de TURKEY 2012

INDEX 69

CARREFOURSA MALTEPE PARK

GALLERIA SHOPPING CENTRE

Location: Istanbul Opening Date: 2005 Leasable Area: 31,000 m2

Location: Adana Opening Date: 1994 Leasable Area: 31,000 m2

LAPIS OUTLET

MIGROS SHOPPING CENTRE ANTALYA

Location: Gaziantep Opening Date: 2008 Leasable Area: 30,326 m2

Location: Antalya Opening Date: 2001 Leasable Area: 30,000 m2

SAPPHIRE Location: Istanbul Opening Date: 2011 Leasable Area: 30,000 m2

ANSE SHOPPING CENTRE Location: Ankara Opening Date: 2009 Leasable Area: 26,000 m2


70 INDEX

SHOpPING CENTRE Gu覺de TURKEY 2012

DEPOSITE OUTLET

FORUM AYDIN SHOPPING CENTRE

Location: Istanbul Opening Date: 2008 Leasable Area: 30,000 m2

Location: Ayd覺n Opening Date: 2008 Leasable Area: 29,600 m2

AGORA Location: Izmir Opening Date: 2003 Leasable Area: 29,500 m2

M1 MEYDAN MERTER Location: Istanbul Opening Date: 2009 Leasable Area: 29,800 m2

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


SHOpPING CENTRE Guıde TURKEY 2012

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

CAPITOL SHOPPING CENTRE

365 SHOPPING CENTRE

Location: Istanbul Opening Date: 1993 Leasable Area: 29,427 m2

Location: Ankara Opening Date: 2008 Leasable Area: 28,623 m2

INEGÖL SHOPPING CENTRE Location: Bursa Opening Date: 2011 Leasable Area: 28,000 m2

INDEX 71


72 INDEX

SHOpPING CENTRE Gu覺de TURKEY 2012

Primemall Antakya

Antares Shopping Centre

Location: Hatay Opening Date: 2011 Leasable Area: 37,000 m2

Location: Ankara Opening Date: 2007 Leasable Area: 85,000 m2

ArenaPark Shopping Centre Location: Istanbul Opening Date: 2011 Leasable Area: 40,000 m2

Highway Outlet Location: Bolu Opening Date: 2011 Leasable Area: 33,500 m2

Forum Kayseri Location: Kayseri Opening Date: 2011 Leasable Area: 64,500 m2


SHOpPING CENTRE Gu覺de TURKEY 2012

INDEX 73

Marmara Park Shopping Centre Location: Istanbul Opening Date: 2012 Leasable Area: 73,000 m2

Liman Shopping Centre Location: Balikesir Opening Date: 2011 Leasable Area: 26,000 m2

AKBATI SHOPPING & LIFE CENTRE Location: Istanbul Opening Date: 2011 Leasable Area: 69,873 m2


74 INDEX

SHOpPING CENTRE Guıde TURKEY 2012

Tarsu Shopping Centre Location: Mersin Opening Date: 2012 Leasable Area: 27,700 m2

Buyaka Shopping Centre Location: Istanbul Opening Date: 2012 Leasable Area: 42,000 m2

KIPA Shopping Centre MERSIN Location: Mersin Opening Date: 2008 Leasable Area: 31,185 m2

Kipa Shopping Centre Çiğli Location: Izmır Opening Date: 1999 Leasable Area: 53,000 m2

KIZILAY Shopping Centre Location: Ankara Opening Date: 2012 Leasable Area: 21,000 m2


SHOpPING CENTRE Guıde TURKEY 2012

INDEX 75

Lovelet Outlet Location: Samsun Opening Date: 2012 Leasable Area: 43,000 m2

Ninova Park Location: Diyarbakır Opening Date: 2011 Leasable Area: 40,000 m2

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

Trump Towers Location: Istanbul Opening Date: 2012 Leasable Area: 43,600 m2

Kipa Shopping Centre BALÇOVA Location: Izmir Opening Date: 2007 Leasable Area: 29,742 m2


76 INDEX

SHOpPING CENTRE Guıde TURKEY 2012

Novada Söke Outlet

ORA ISTANBUL

Location: Aydın Opening Date: 2012 Leasable Area: 26,300 m2

Location: Istanbul Opening Date: 2011 Leasable Area: 65,000 m2

Atlantis shoppıng centre Location: Ankara Opening Date: 2011 Leasable Area: 55,000 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 shoppıng centre Location: Kütahya Opening Date: 2012 Leasable Area: 46,580 m2


SHOpPING CENTRE Guıde TURKEY 2012

INDEX 77

Karum shoppıng centre Location: Ankara Opening Date: 1991 Leasable Area: 27,000 m2

Eskişehir Özdilek Location: Eskişehir Opening Date: 2012 Leasable Area: 29,000 m2

Optimum Outlet Location: Izmir Opening Date: 2012 Leasable Area: 58,000 m2

Yaylada shoppıng centre

Kipa Shopping Centre KONYA

Location: Balıkesir Opening Date: 2007 Leasable Area: 20,000 m2

Location: Konya Opening Date: 2006 Leasable Area: 20,000 m2


78 INDEX

SHOpPING CENTRE Guıde TURKEY 2012

KALE OUTLET CENTRE Location: Istanbul Opening Date: 2007 Leasable Area: 26,341 m2

CITY’S NIŞANTAŞI

FORUM KAPADOKYA

Location: Istanbul Opening Date: 2008 Leasable Area: 23,000 m2

Location: Nevsehir Opening Date: 2009 Leasable Area: 26,300 m2

ACITY OUTLET Location: Ankara Opening Date: 2008 Leasable Area: 22,000 m2


SHOpPING CENTRE Guıde TURKEY 2012

INDEX 79

KENT MEYDANI SHOPPING CENTRE Location: Bursa Opening Date: 2008 Leasable Area: 25,318 m2

EGEPARK MAVIŞEHIR Location: Izmir Opening Date: 1999 Leasable Area: 25,000 m2

KAYSERI PARK SHOPPING CENTRE Location: Kayseri Opening Date: 2006 Leasable Area: 25,132 m2

DEMIRÖREN ISTIKLAL Location: Istanbul Opening Date: 2011 Leasable Area: 25,000 m2

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


80 INDEX

SHOpPING CENTRE Guıde TURKEY 2012

ULUSOY OUTLET PARK Location: Balıkesir Opening Date: 2008 Leasable Area: 23,500 m2

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

ADA SHOPPING CENTRE Location: Sakarya Opening Date: 2007 Leasable Area: 23,013 m2

IYAŞPARK SHOPPING CENTRE Location: Isparta Opening Date: 2010 Leasable Area: 24,000 m2

CARREFOURSA BAYRAMPASA

CARREFOURSA KARŞIYAKA

Location: Istanbul Opening Date: 2003 Leasable Area: 23,807 m2

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


SHOpPING CENTRE Guıde TURKEY 2012

INDEX 81

VARLIBAŞ ATAPARK SHOPPING CENTRE Location: Trabzon Opening Date: 2010 Leasable Area: 25,000 m2

ZAFER PLAZA SHOPPING CENTRE Location: Bursa Opening Date: 1999 Leasable Area: 20,850 m2

ATAKÖY PLUS Location: Istanbul Opening Date: 2010 Leasable Area: 23,000 m2

ARMONIPARK OUTLET CENTRE Location: Istanbul Opening Date: 2007 Leasable Area: 23,056 m2

KARES SHOPPING CENTRE Location: Karabuk Opening Date: 2011 Leasable Area: 27,600 m2


82 INDEX

SHOpPING CENTRE Gu覺de TURKEY 2012

CARREFOURSA HARAMIDERE Location: Istanbul Opening Date: 2001 Leasable Area: 22,663 m2

REAL BURSA SHOPPING CENTRE Location: Bursa Opening Date: 2000 Leasable Area: 20,440 m2

BEYLICIUM SHOPPING CENTRE Location: Istanbul Opening Date: 2005 Leasable Area: 20,000 m2

CARREFOURSA BATIKENT Location: Ankara Opening Date: 2001 Leasable Area: 20,383 m2


SHOpPING CENTRE Gu覺de TURKEY 2012

PARKSHOP OUTLET CENTRE Location: Sakarya Opening Date: 2008 Leasable Area: 23,500 m2

MEYSU OUTLET Location: Kayseri Opening Date: 2011 Leasable Area: 20,000 m2

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

Location: Istanbul Opening Date: 2008 Leasable Area: 20,000 m2

WORLD ATLANTIS SHOPPING CENTRE Location: Istanbul Opening Date: 2008 Leasable Area: 22,000 m2

INDEX 83


84 INDEX

SHOpPING CENTRE Guıde TURKEY 2012

SHOPPING CEntre NAME

LOCATION

Openıng Leasable Date Area(m2)

SHOPPING CEntre NAME

LOCATION

Openıng Leasable Date Area(m2)

Park 328 Shopping Centre

Osmaniye

2011

19,774

Kipa Shopping Centre – Silivri

Istanbul

2008

16,707

Real Izmit Shopping Centre

Kocaeli

2000

19,570

Kipa Shopping Centre - Derince

Kocaeli

2008

16,600

Demirpark Shopping Centre

Zonguldak

2009

19,044

Alanyum

Antalya

2006

16,500

Atirus Shopping Centre

Diyar Galleria

Diyarbakır

1999

16,500

Istanbul

2005

19,000

Tekirdağ

2006

16,426

CarrefourSa Bahçelievler

Kipa Shopping Centre – Çorlu

Istanbul

2009

19,000

Yalova

2008

16,107

Fox City Shopping Centre

Kipa Shopping Centre – Yalova

Istanbul

2007

18,588

Kütahya Outlet Park

Kütahya

2010

16,000

Makro Shopping Centre Samsun

Samsun

2008

18,548

Sarar Outlet Shopping Centre

Bilecik

2011

16,000

Makro Shopping Centre Malatya

Malatya

2008

18,394

Priene Country Shopping Centre

Aydın

2005

15,900

Istanbul Outlet Park

Istanbul

2006

18,306

Deepo Outlet Centre

Izmir

1994

15,614

Antalya

2004

18,000

Kipa Shopping Centre – Bornova Osmanlı Çarşı

Istanbul

2008

15,500

Istanbul Dünya Ticaret Merkezi

Istanbul

2007

18,000

Metroport Shopping Centre

Istanbul

2007

15,420

Flatofis Çarşı

Istanbul

2009

18,000

Urfacity Shopping Centre

Kocaeli

2009

15,000

Şanlıurfa

2009

18,000

Arasta Park Shopping Centre

Batman Park Shopping Centre

Ankara

2003

15,000

Batman

2012

17,500

Arcadium Shopping Centre

Kadir Has Shopping Centre

Kayseri

2006

15,000

Istanbul

2003

17,500

İpeksaray Shopping Centre

NCity Shopping Centre

Antalya

2006

15,000

Kocaeli

2006

17,500

Kipa Shopping Centre – Antalya

Bulvar Shopping Centre

Düzce

2012

15,000

Samsun

2012

17,217

Krempark Shopping Centre

Magnesia Shopping Centre

Istanbul

2011

15,000

Manisa

2012

17,150

Marintürk Istanbul Cityport Misland

Elazığ

2008

15,000

Ege Park Balçova Shopping Centre

Izmir

2010

17,000

Real Antalya Shopping Centre

Antalya

2006

14,810

Üstün Dekocity

Ankara

2008

17,000

Orion Shopping Centre

Istanbul

2007

14,800

Tekirdağ

1999

16,795

Real Beylikdüzü Shopping Centre

Kipa Shopping Centre – Edremit

Diyarbakır

2002

14,520

Balıkesir

Mega Centre Shopping Centre

2009

16,780


SHOpPING CENTRE Guıde TURKEY 2012

INDEX 85

SHOPPING CEntre NAME

LOCATION

Openıng Leasable Date Area(m2)

SHOPPING CEntre NAME

LOCATION

Openıng Leasable Date Area(m2)

Mozaik Shopping Centre

Şanlıurfa

2009

14,500

Osmanlı Çarşı Şirinevler

Istanbul

2010

12,250

Efor Shopping Centre

Aksaray

2011

14,480

Eskule Shopping Centre

Istanbul

2010

12,000

CarrefourSA İzmit

Kocaeli

2000

14,460

Bursa

2009

12,000

Kipa Shopping Centre Edirne

Nilpark Shopping Centre

Edirne

2007

14,071

Ankara

2005

12,000

Mesa Plaza Shopping Centre

Planet Shopping Centre

Ankara

1996

14,000

Istanbul

2007

12,000

Margi Outlet Shopping Centre

Prestige Mall Shopping Centre

Edirne

2011

13,947

Istanbul

2008

12,000

Real Fulya Shopping Centre

UYUM ÇARŞI (Park Harmony)

Istanbul

2009

13,880

Beysupark

Ankara

2007

11,500

MKM

Istanbul

2004

13,850

Istanbul

2009

11,400

Kipa Shopping Centre – Salihli

Blackout Şişli Outlet

Manisa

2008

13,760

Bursa

2006

11,400

KC Göksu Shopping Centre

Magazin Outlet Shopping Centre

Ankara

2006

13,642

Uşak

2007

11,398

KC Şehr-i Bazaar Shopping Centre

Kipa Shopping Centre – Uşak

Istanbul

2008

13,601

Istanbul

1989

11,232

Arnelia Shopping Centre

Atrium Shopping Centre

K.Maras

2009

13,500

Kastamonu

2006

11,036

Town Centre Shopping Centre

Barutçuoğlu Shopping Centre

Istanbul

2003

13,400

Izmir

2004

11,023

Kipa Shopping Centre – Aydın

Park Bornova Outlet Centre

Aydın

2006

13,321

Istanbul

2010

11,000

Makro Shopping Centre Konya

ACR Loft Shopping Centre

Konya

2008

13,140

Istanbul

2010

11,000

Asmaçatı Shopping Centre

Olimpa Shopping Centre

Izmir

2011

13,000

Ankara

2007

10,978

Kozzy Shopping Centre

Minasera Shopping Centre

Istanbul

2010

13,000

Istanbul

2005

10,960

Yeşilyurt

Samsun

2007

13,000

Akvaryum Shopping Centre

Flyinn Shopping Centre

Istanbul

2003

12,508

Atakule Shopping Centre

Ankara

1989

10,543

Konak Pier Shopping Centre

Izmir

1998

12,500

Avantaj Outlet Centre

Tekirdağ

1997

10,500

Ereğli Parksite Shopping Centre

Konya

2009

12,454

Shemall Shopping Centre

Antalya

2008

10,500

Kipa Shopping Centre – Kuşadası

Aydın

2007

12,325

Kipa Shopping Centre – Adapazarı

Sakarya

2010

10,459


86 INDEX

SHOpPING CENTRE Guıde TURKEY 2012

SHOPPING CEntre NAME

LOCATION

Openıng Leasable Date Area(m2)

SHOPPING CEntre NAME

LOCATION

Openıng Leasable Date Area(m2)

Kipa Shopping Centre – Çanakkale

Çanakkale

2006

Tansaş

Çanakkale

2000

9,000

Kipa Shopping Centre – Çerkezköy

Muğla Outlet Park

Muğla

2008

8,950

Tekirdağ

2010

10,187

Akgün Shopping Centre

Elazığ

2004

8,861

Makro Shopping Centre Kırıkkale

Kırıkkale

2007

10,106

Asya Park Shopping Centre Outlet

Istanbul

2007

8,842

Laura Shopping Centre

Antalya

2004

10,065

Giresun

2006

8,582

Palmiye Shopping Centre

G-City Shopping Centre

Izmir

2003

10,053

Istanbul

2010

8,565

Aymerkez Shopping Centre

Ekinoks Beylikdüzü Shopping Centre

Istanbul

2003

10,000

Izmir

2008

8,565

Dünya Evi Ege Koop Shopping Centre

Kipa Shopping Centre – Torbalı

Izmir

2011

10,000

White Hill

Istanbul

2012

8,500

Espri Outlet Centre

Istanbul

2008

10,000

Ankara

2009

8,490

Kipa Shopping Centre – Keşan

Divan Shopping Centre

Edirne

2007

10,000

Artvin

2010

8,000

Passtel Shopping Centre (Orkide)

Istanbul Bazaar Shopping Centre

Izmir

2004

10,000

Eskişehir

2007

8,000

Pendik Park Outlet Centre

Kanatlı Shopping Centre

Istanbul

2008

10,000

Mersin

2007

8,000

Sancakpark Shopping Centre

Marinavista Shopping Centre

Istanbul

2011

10,000

Gaziantep

2002

8,000

Tatvan Centre

Bitlis

2008

10,000

Migros Bedesten Shopping Centre

Verde Molino Shopping Centre

Istanbul

2010

10,000

Özdilek Afyonkarahisar Shopping Centre

Afyon

1996

8,000

Yaylada Süreyyapaşa Shopping Centre

Istanbul

1992

10,000

Parkway Shopping Centre

Istanbul

2008

8,000

Makro Shopping Centre Karaman

Karaman

Galleria Ankara Shopping Centre

Ankara

1995

7,771

Akkapark Shopping Centre

Antalya

Kipa Shopping Centre Gaziemir

Izmir

2000

7,734

Ereylin Shopping Centre

Zonguldak

Dolphin Shopping Centre

Ankara

2005

7,721

Ankuva Shopping Centre

Ankara

Becikoğlu Shopping Centre

Bolu

2000

7,600

Pekdemir Shopping Centre

Ege Outlet Söke

Aydın

2004

7,600

Denizli

2006

9,000

Paradise Shopping Centre

Istanbul

2006

7,500

Safran Outlet Park

Karabük

2008

9,000

Bomanti Park Shopping Centre

Istanbul

2006

7,215

2008 2006 2006 1995

10,388

9,689 9,542 9,088 9,065


SHOpPING CENTRE Guıde TURKEY 2012

SHOPPING CEntre NAME

LOCATION

Openıng Leasable Date Area(m2)

Karun Shopping Centre

Uşak

2003

Lyra Park Shopping Centre

Antalya

2008

7,200

Selway Outlet Park

Izmir

2006

7,200

Zeyland Shopping Centre

Afyon

2008

Kültür Parksite Shopping Centre

Aksaray

FTZ Shopping Centre

INDEX 87

SHOPPING CEntre NAME

LOCATION

Openıng Leasable Date Area(m2)

Address Istanbul

Istanbul

2005

5,800

Mirapark Shopping Centre

Trabzon

2005

5,500

Netsel Shopping Centre

Muğla

1990

5,450

7,200

Karacan Point Centre

Muğla

2004

5,365

2007

7,098

ODC Centre Shopping Centre

Ankara

2001

5,314

Ankara

2003

7,000

Muğla

2004

5,250

Kipa Shopping Centre – Lüleburgaz

Port Bodrum Yalıkavak Marina Shopping Centre

Kırklareli

2007

7,000

Giresun

2002

5,200

Citypark Shopping Centre

Sabah Shopping Centre

Diyarbakır

2010

6,700

Antalya

2008

5,000

Ege Outlet1 Söke Shopping Centre

Antalium Premium Mall

Aydın

2004

6,600

Istanbul

2011

5,000

Ihlamur Shopping Centre

Terasium Shopping Centre

Istanbul

2008

6,582

Olivecity Shopping Centre

Balıkesir

2007

6,576

Mesa Studio Plaza Shopping Centre

Istanbul

2003

6,533

Kardiyum Shopping Centre

Istanbul

2011

6,500

Park City Shopping Centre

Sivas

2008

6,500

Dolphin Shopping Centre

Kocaeli

2004

6,337

Sultan Bazaar Shopping Centre

Antalya

2005

6,272

Tepe Prime

Ankara

2012

6,048

İdapark Shopping Centre

Balıkesir

2011

6,000

Onel Shopping Centre

Karabük

2006

6,000

Sunflower Shopping Centre

Istanbul

2005

6,000

Yasa Outlet

Balıkesir

2011

6,000

Soli Centre Shopping Centre

Mersin

2009

5,900

7,200


88 NOTES

SHOpPING CENTRE Gu覺de TURKEY 2012


89 NOTES

SHOpPING CENTRE Gu覺de TURKEY 2012


www.networkingturkey.net

Shopping Center Guide Turkey 2012  

This guide attempts not only to reveal current conditions of the shopping centre development market in Turkey, but also to provide forecasts...

Read more
Read more
Similar to
Popular now
Just for you