SHOPPING CENTRE GUIDE TURKEY 2012
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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
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