Turkey Shopping Center Guide

Turkey Shopping Centre Guide 2011 Edition Free of charge

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Turkey ShoppIng Centre GuIde

WELCOME

1

Turkey Shopping Centre Guide 2011 Edition a publication by

supported by

Editor-in-chief Kuyaş Örs

Welcome to the first edition of Turkey Shopping Centre Guide As the economic downturn is still taking

development market in Turkey. But it seems

Editor Cüneyt Tabanoğlu

its tolls on real estate fundamentals,

that there’s still considerable room for

international investors keep on giving

new shopping centre developments in the

Advertising sales manager Nuran Yıldız

cautious responses to the crises to be

medium and long term.

Corporate communication director Mürüvvet Can

Turkey has been relatively less affected

This guide you’re holding in your hands

by the global economic conditions and has

attempts not only to reveal current

recorded a remarkable economic growth

conditions of the shopping centre

Cover design Emre Çıkınoğlu

this year thanks to its strong banking

development market in Turkey, but also to

system. Certainly, having a relatively high

provide forecasts for global investors.

Graphic designer Doğukan Bilgin

risk profile and limited transparency are

fully on guard against risks. However,

the main issues of the shopping centre

Assistant graphic designer Ali Çelik Publisher Depo Publishing Haci Izzet Pasa Sokak 12/2 Gümüşsuyu, Beyoğlu 34427 İstanbul Printer Ofset Yapimevi Yahya Kemal Mah. Şair Sok. 4 Kağıthane, İstanbul 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

Contents 2 NEWS 18 outlook 18 Shopping Centres in Turkey: Pioneers, Trailers Leaders 20 Amendments in Turkish Legislation 22 A Promising Future Ahead 26 Current Market Conditions

29 WHO’S WHO 47 SHOPPING CENTRE INDEX

Hope you enjoy it.

2

NEWS

Turkey ShoppIng Centre GuIde

CBRE: Retailers look to emerging markets for growth A shortage of new shopping centres being built in Europe restricted the expansion plans of retailers in 2010, but an increase in the amount of space available in emerging markets next year is expected to put retailer growth back on track, according to new research by CB Richard Ellis.

CBRE’s “Shopping Centre

emerging markets of Turkey

Stock in Europe” research

(1.3 million m²), Russia

found that 1.9 million m² of

(856,000 m²), and Poland

shopping centre space was

(712,000 m²).

completed in 2010 - a fall of 36% from the previous

Neville Moss, Head of

year. The 2009 total was

EMEA Retail Research, CBRE,

also 30% lower than 2008,

commented: “The shopping

which represented the

centre development market

peak in shopping centre

in Turkey, for example, has

development. However, if all

sprung back to life. This

of the new shopping centres

resurgence in activity is due

due in 2011 are completed

to increased confidence

on time, there will be an

among retailers, developers

increase of 53% in new

and investors on the back of

space available to retailers

the strong economic growth

new centres opened in March,

CBRE, commented: “Since the

next year, totalling 2.9

seen in 2010, and the forecast

all of which were started in

global economic downturn

million m².

of equally strong growth in

2006-2007.

the majority of investors

Total Shopping Under Construction in Europe – 20,000 m2 and above (Q1 2011) *Russia = Moscow and St Petersburg Source: CB Richard Ellis, 2011

2011. This is attracting new

have focused on core assets

Although the development

retailers to Turkey, while

In Western Europe, Italy

and locations, and this still

pipeline is considerably

major international brands

(394,000 m²), Germany

remains the case today;

smaller than it was in the

already present there are also

(369,000 m²), and Spain

however, the retail sector in

period from 2007 to 2008,

expanding aggressively.”

(356,000 m²) recorded the

particular is now starting to

largest amount of new space

see more capital looking for

renewed confidence in markets such as Turkey,

There are currently 26 new

currently under construction.

‘value-add’ opportunities.

Russia, and Poland has

shopping centres under

The United Kingdom currently

Lack of shopping centre

resulted in an upturn in

construction in Turkey,

has three shopping centres

development in Western

construction starts and

providing an additional 1.3

under development, with

Europe, combined with a

completions are forecast

million m² of modern retail

Westfield Stratford City

growing interest in riskier

to rise again in 2011. There

space. Many of the centres

being the largest at 177,000

markets, should show through

are currently 146 shopping

opened this year and those

m² and due to open in

in 2011 investment activity,

centres (over 20,000 m²)

now being built were put on

September 2011.

with an upside potential

under construction in

hold during the economic

Europe, with the highest

crisis, and have recently been

John Welham, Head of

current fundamentals may be

levels of activity in the

reinstated. In Istanbul, three

European Retail Investment,

suggesting.”

often greater than the

4

NEWS

Turkey ShoppIng Centre GuIde

C&W: Upturn expected in shopping centre development An upturn in shopping centre development in Europe is on the horizon, according to a research by Cushman & Wakefield. Although development has been subdued in some countries for the past few years, improving retailer demand and concerns about potential shortages of prime space are contributing to expectations of a rise in development activity in many European countries.

More than 2.1 million m² of

Forum in Istanbul (156,000

In Western Europe, France and

countries and there is going

new shopping centre space

m²). Just over 400,000 m² of

Italy top the H2 2011/2012

to be a period of continued

in Europe was completed

shopping space completed

pipeline table. France is

uncertainty as further

in the first half of 2011,

in Russia - nearly one fifth of

expected to see a rebound

austerity measures across

roughly equal to that of

the European total. With the

in completions after last

most of Europe take effect.”

the same period in 2010.

opening of AFIMALL City and

year’s slowdown. In Italy,

71 new shopping centres

two other shopping centres,

several large schemes are in

European retail investment

accounted for 90% of this

Moscow accounted for 36% of

the pipeline, although there

volume totalled nearly EUR

space, while extensions of

the new space in Russia. Major

is some uncertainty about

19.8 billion in the first half,

existing schemes made up the

projects were also completed

completion dates after a

4% lower than the previous

remaining 10%.

in Novosibirsk, Yaroslavl,

spate of recent delays.

six months’ level and 9% up

Kazan and St Petersburg. In

on the corresponding period

If all the projects scheduled

Western Europe, Italy and

Elsewhere, notably in

of 2010. Retail’s share of

are finished on time, the

Spain recorded the largest

Germany and the UK,

total commercial property

development total for 2011

volume of new space added.

activity remains subdued. In

investment edged up to

will be 26% higher than that

Germany, the 2011 and 2012

approximately 35%, up from

of last year when completion

5.8 million m² of shopping

development totals are likely

33% in 2010.

levels fell for the second

centre space across Europe is

to be the lowest for more than

consecutive year. Around 5.4

scheduled for completion in

20 years.

million m² of shopping centre

2012, although this figure will

space was completed in 2010,

depend on occupier demand

Justin Taylor, UK CEO Retail &

smaller CEE markets saw

a fall of 29% from 2009 and

and the pace of economic

Leisure, Cushman & Wakefield

retail investment volumes

the lowest annual completion

recovery. Russia and Turkey

said: “We see a number of

increase considerably relative

total since 2004.

account for 41% of the H2

European locations which

to both the previous six

2011/2012 pipeline. In

have an under-provision of

months and the first half

As with previous years,

Russia, nearly 3 million m² of

quality retail space and strong

of 2010. In Germany, retail

Central and Eastern Europe

new space is expected to be

retailer demand. The health

investment volume increased

accounted for the majority

completed before the end of

of many occupational markets

by 37% year-on-year, while

(58%) of new space opened

next year, including schemes

has continued to improve,

Sweden saw annual growth

in the first half of 2011

larger than 100,000 m² in

and prime rents have risen in

of nearly 91%. In Russia,

with strong development

Krasnodar, Ufa and Samara. In

around a third of the countries

Turkey and Italy, Q1 2011

levels in Russia, Turkey and

Turkey more than 800,000 m²

surveyed. However, occupier

saw the highest quarterly

Poland. The largest scheme

is under construction, most of

demand remains subdued

retail transaction totals since

completed was Marmara

which is located in Istanbul.

and highly selective in many

2007/08.

Germany, Sweden, Russia, Turkey, and a number of

6

NEWS

Turkey ShoppIng Centre GuIde

FDI in Turkey will reach USD 12 bln by year end Foreign direct investment in Turkey will reach USD 12 bln by year end, according to the International Investors Association (YASED). “Due to positive expectations, Turkey dissociates with the rest of the global economic habitat that is in a downward trend,” according to an annual report revealed by YASED. The main factors that

YASED’s Barometer Research,

in the country will continue to

shows. Local economic

persuade investors to put

essentially a survey that

do well for investments.

fluctuations, the inability

money into projects in Turkey

interviews foreign investors,

are the magnitude of the

confirms that the Turkish

Fears of a possible second

reforms, unsustainable

market, the qualified labour

economy will likely slow down

dip in the global economy

growth, local political issues

force and the logistical

in the next six months. Still,

are the main concern for

and bottlenecks in the

advantages of the country,

the study said, foreigners

foreign investors’ future

EU negotiations are other

according to the report.

believe economic conditions

plans in Turkey, the barometer

possible risks, it said.

to complete structural

Turkey shows little progress in implementing reforms to ease doing business Despite economic growth and efforts to entice more foreign direct investment, Turkey failed to make a significant rise in the World Bank’s ranking of the ease of doing business, according to a report launched in October.

Turkey ranked 71 st among

of 10 areas of regulation:

although the sector is one

in Turkey, ranking 71 st ,

183 countries in the World

starting a business,

of the fastest growing in the

78 th , 79 th and 80 th places

Bank’s 2012 Doing Business

dealing with construction

Turkish economy.

respectively in each

report, which compares

permits, getting electricity,

regulations that enhance or

registering property, getting

On the other hand, Turkey

other 182 economies, the

constrain business activity,

credit, protecting investors,

placed 120 th regarding the

report said.

only two steps above the

paying taxes, trading across

efficiency of mechanisms

73rd place it ranked in last

borders, enforcing contracts

for resolving commercial

The country is listed as 44 th ,

year’s report.

and resolving insolvency.

disputes or insolvency.

51 st and 65 th regarding

Starting a business, getting

registering property,

155 th

in terms

category compared to the

The Doing Business report,

Turkey ranked

credit, paying taxes and

enforcing contracts and

prepared for the ninth year,

of procedures of dealing

trading across borders are

protecting investors,

ranks economies on the basis

with construction permits,

also difficult for businesses

respectively.

8

NEWS

Turkey ShoppIng Centre GuIde

Prime Development opens second shopping centre in Turkey Prime Mall shopping centre in the Turkish city of Antakya attracted 175,000 visitors on its first day of trading, according to developer and mall manager Prime Development.

Retail Development in the

international brands such as

world, was completed in a

Darty, Mc Donald’s, Vodafone,

construction period of 12

Samsung, Nike, Adidas, Burger

months and is currently 93%

King, Yves Rocher, as well as

let. Overall, the shopping

Benetton, and Pierre Cardin.

centre is home to 127 retail

Prime Mall Antakya

units spread across four

Delivery of Prima Mall

storeys and around 37,000

Antakya follows the opening

m² in leasable area. It is

in August 2010 of Prime

served by 800 parking spaces

Development’s Prime Mall

Located in the town

volume of EUR 90 mln. The

in the underground car park

Iskenderun - the group’s

centre, Prime Mall Antakya

scheme, which won the

and outdoor parking areas.

first shopping centre in

represents an investment

2009 CNBC Awards for Best

Retailers include national and

Turkey.

ECE Turkey to manage two new shopping centres ECE Turkey, a subsidiary of Germany-based ECE, has taken over the management of two new CarrefourSA shopping centres.

In March 2011 the

as ECE Türkiye has been

which also houses approx.

The other centre now under

CarrefourSA Bahcelievler in

successfully managing

800 parking spaces,

ECE Turkey’s management is

Istanbul became part of ECE

CarrefourSA Maltepe Park

comprises a population of

the CarrefourSA Karsiyaka in

Turkey’s centre portfolio and

SC since its opening. We are

around 2.1 million. With

Izmir. Situated in the city’s

was followed by CarrefourSA

proud of managing these

a GLA of 14,000 m², the

dynamic surroundings, the

Karsiyaka in Izmir n April

two additional CarrefourSA

centre provides around 50

centre has a catchment area

2011. ECE now manages a

centres.”

specialist stores, including

of approximately 1.6 million

total of eight shopping centres in Turkey.

a hypermarket, a consumer

people. With a leasable area

CarrefourSA Bahcelievler

electronics specialist as well

of 34,500 m², the shopping

is conveniently located

as 14 restaurants and cafés.

centre provides around 70

Andreas Hohlmann, Managing

at the E5 motorway, one

Furthermore, the shopping

specialist stores, a DIY, a

Director of ECE Türkiye:

of Istanbul’s two arterial

centre houses a food court for

hypermarket, an electronics

“We are good business

roads. The catchment area

800 people and a play area

specialist as well as 14

partners with CarrefourSA

of the shopping centre,

for kids.

restaurants and cafés.

10 NEWS

Turkey ShoppIng Centre GuIde

VastNed secures deal with Zara in Turkey Pan-European retail property fund VastNed Retail has signed a 15-year lease with Spanish fashion giant Zara for its new property on Istiklal Caddesi 161, the leading high street in Istanbul. Total annual rental income is put at EUR 2.3 mln.

VastNed acquired the

merge them to create larger

property in November 2010

spaces. Karli: “We focus on

from Yapi Kredi Bank and is in

development acquisitions, ie

the process of transforming it

retail areas that still need to

into a 100% retail property.

be created. We are the only

At present, about half of the

foreign company active in

total leasable floor space

the particular segment.”

comprises office space. After refurbishment the property

Bora Karli, VastNed Retail’s

will comprise 3,000 metres

Country Manager Turkey:

of gross retail space over

“This lease is in the sweet

five stories with ceiling

spot of our strategy, which is

heights of over five metres

to provide top quality retail

and a 20-metre wide façade.

space to successful retailers.

The redevelopment work is

We have identified strong

expected to be finalised by

demand from both national

March 2012.

and international retailers for sizable floor plans on

The new store will mark Zara’s

28th

in Turkey and its

Istiklal Caddesi and other strong high street areas in

fourth on the Istanbul high

Istanbul. We are proud to

streets. A high-street location

welcome Zara to the city’s

with such a large GLA and

busiest street.”

wide façade is still relatively rare in Istanbul, according to

Taco de Groot, Chief

Bora Karli, VastNed’s Country

Investment Officer of

Manager Turkey. “The average

VastNed Retail: “Our

retail units here are about

Turkish team has done a

street shops in our portfolio

sustainability of cash flows

60-70 m², but the big chains

wonderful job in securing a

from the present 55% to

of high streets shops as an

like Inditex, H&M and C&A

long-term lease with a solid

65%, next to investing in

investment category. The

all want bigger spaces. That

and successful tenant. This

shopping centres and retail

groundbreaking Zara lease

means at least 500 m² and up

confirms our expectations

parks.

encourages us to continue

to about 3,500 to 4,000 m².”

for the Istanbul market.

İstiklal Caddesi

expanding the Istanbul

This transaction is part of

“The challenging retail

portfolio to at least EUR 200

Part of Vastned’s strategy is

our bigger strategic plan to

environment of the past years

million or 10% of the total

to buy up smaller units and

increase the share of high

has revealed the quality and

property portfolio.”

12 NEWS

Turkey ShoppIng Centre GuIde

Marmara Forum opened its doors Multi Development Turkey’s second project in Istanbul, and ninth in Turkey, Marmara Forum, opened its doors in March 2011. A total of 97,669 shoppers visited on the first day.

Marmara Forum is

the city, and central location

in Istanbul. 130,000 m² of

appear on local or national

developed with London-

with easy access”.

rental space with nearly 350

TV. Smartphone check-in

based Area Property

national and international

at all entrances welcomes

Partners, a leading

Hulusi Belgü also said that

brands, and an entertainment

members to a new world of

international real estate

Marmara Forum is the ninth

centre of 13,000 m². With its

advantages, benefits, events

fund manager. Tabanlıoglu

project of Multi Development

“new as the day ahead” motto;

and experiences.

Mimarlik, globally-

Turkey, and the second in

Marmara Forum aspires to

acclaimed architects,

Istanbul, with 95% of the

create new brands, new events,

The project hosts a Cinebonus

designed the scheme with

shopping centre already let.

and new experiences.

movie-plex with the most

Multi’s in-house design

“Marmara Forum is a project

Marmara Forum is the first

movie screens in Turkey

company T+T Design.

that was eagerly awaited by

shopping centre in the

(16), some with 3D screens.

Marmara Forum aims to be a centre of attraction with activities for followers of innovations and new trends, plus bowling and kindergarten areas of 13,000 m².

Marmara Forum, hosting the first concept hypermarket in Turkey, by CarrefourSA, on 21,000 m². The Outdoor Market, opening onto the terrace with its green areas,

Marmara Forum

water ducts and views to a Hans van Veggel, Chairman

retailers, who sought to be

world to host MyForum,

waterfall, features a wide

of Multi Corporation said

a part of it, and thus it was

Multi’s new, state-of-the-art,

variety of boutique produce

the project demonstrated

rented very quickly.”

shopping centre experience

stores from fresh fish to

Multi’s strong commitment

that combines physical with

groceries, from traditional

to Turkey. Hulusi Belgü,

National and international

online, bricks with clicks. The

nut stores, to butchers,

CEO of Multi Development

brands including H&M, C&A,

MyForum lounge in Marmara

delicatessens to pastry shops.

Turkey, noted that Marmara

Marks & Spencer, Massimo

Forum is the cool place to

Forum targets 22 million

Dutti, Stefanel, Zara, Mango,

drop into to check out all of

Marmara Forum is also the

visitors annually and

Lacoste, Armani Kids, Benetton,

the latest trends and “must

new heart of new technology

employs over 4,000 people.

Gant, DKNY, Aldo, Camper,

have” products. Integrated

with brands such as Teknosa,

“Marmara Forum is a breath

Damat Tween, Boyner and YKM

with all social networks,

Bimeks, Zen Electronic, Sony,

of fresh air for Istanbul, with

are already in Marmara Forum.

location based services and

Arcelik, Siemens, Tefal and

its brand mix, architecture

Marmara Forum addresses

multimedia websites; it has a

Bosch, along with Saturn, on an

physically integrated with

the need for “innovation”

full TV studio so members may

area of 11,555 m².

14 NEWS

Turkey ShoppIng Centre GuIde

Pramerica completes its first development in Turkey Pramerica Real Estate Investors, the European real estate arm of US-based Prudential Financial, completed its first development project in Turkey, a shopping centre in Antalya built with Istanbul-based joint venture partner, Eria Partners.

TerraCity, which opens to the

which operates the new

working closely with Wafra, a

We intend to continue

public in May 2011, includes

cinema complex, will host

Kuwait and New York-based

expanding our presence in

48,000 m² of retail space and

events surrounding the

fund manager that ensures

Turkey ‘s real estate market.”

1,400 parking spaces. The

Antalya Film Festival. ECE

the fund’s compliance with

shopping and entertainment

Turkey will be responsible

Islamic law.

centre introduces 180 brands

for the management of the

to Antalya comprising 150

shopping centre.

stores and 30 cafes and

TerraCity’s modern architectural design also

Eric Adler, CEO of Pramerica

includes a commitment

Real Estate Investors-Europe,

to green principles that

restaurants as well as a

The EUR 153 mln project

underscored the importance of

promote energy conservation.

cinema complex. The project

was financed by a Sharia

the investment during a news

The centre boasts a fully

will create almost 1,500 new

complaint fund of the

conference today in Antalya,

automated energy-conserving

jobs and is expected to draw

National Bank of Kuwait.

Turkey, saying, “TerraCity is the

operation design with the

12 million visitors annually.

Pramerica invested in the

first completed project of this

lowest per m² common area

And on the international

shopping centre on behalf

partnership and an expression

cost for its tenants in Antalya,

stage, Mars Entertainment,

of a Sharia-complaint fund,

of our commitment to Turkey.

despite the hot climate.

Terra City

Turkey ShoppIng Centre GuIde

NEWS 15

Gordion shopping centre welcomes H&M and Koctas Gordion, Redevco’ s first shopping centre investment in Turkey, is now hosting H&M, one of today’s biggest names in retail fashion, and Koçtas, DIY market leader in Turkey. Koctas opened its store in Gordion on August 18, and H&M’s store opened on September 24. expansion now continues in Ankara, Turkey’s capital city.

In addition to signing lease agreements with H&M and Koctas, Redevco recently also signed up English Home, KRC and Boyner Evde, favourite home textile brands in Turkey.

Since Gordion opened, Redevco’ s leasing team has succeeded in attracting many national and international brands, including GAP, Lacoste, Adidas, Beymen Business, Apple, B&G, Calzedonia, Mudo

Gordion Shopping Centre

City, New Balance, Accessorize, Since opening in September

Bershka, Oysho, Pull and Bear,

customers a wide range of

Mothercare, Gloria Jeans, The

2009, the 50,000-m² Gordion

Network, Fabrika, Benetton,

products and expert services

Body Shop and Watsons.

Shopping Centre has become

Ipekyol, Twist, Teknosa, Koton,

in home improvement. Koctas

one of the most preferred

LC Waikiki, Nike, Tchibo and

is the largest DIY store in

Gordion shopping centre

shopping centres in Ankara,

Sephora. The centre also has

the Cayyolu district where

houses a total of 152 retail

adding a new dimension

a wide variety of restaurants

the Gordion SC is located.

units. The centre is easily

to the city’s shopping

and cafés, including Cookshop

Cayyolu is Ankara’s fastest-

accessible by public transport

experience.

and Num Num, two of Turkey’s

growing residential area, and

and by car, both from the

most famous restaurant

has an affluent population.

Eskisehir motorway and from

Besides its key tenants

chains.

Carrefour Express,

Cayyolu. The new metro line H&M, one of the world’s most

now under construction will

Electroworld, Cinebonus, Zara,

Gordion is now delighted to

famous fast-fashion brands,

give the Cayyolu district

C&A and Marks & Spencer,

extend its diversified shop

has signed a lease agreement

added appeal. The Gordion

it offers the best in national

mix by welcoming Koctas

for a 1,700-m² unit on two

shopping centre will be

and international retail

and H&M. Koctas has leased

floors. H&M entered the

the only shopping centre in

brands, such as Zara Home,

a 4,900-m² unit in Gordion,

Turkish retail market in 2010,

Ankara to be served directly

Massimo Dutti, Stradivarius,

where it will provide its

opening first in Istanbul. Its

by the metro.

16 NEWS

Turkey ShoppIng Centre GuIde

Vastned Retail expands retail portfolio in Istanbul Pan-European retail property fund Vastned Retail has acquired a high street shop in the heart of the Nisantasi shopping district of Istanbul. The transaction boosts the value of Vastned Retail’s portfolio in Turkey to over EUR 100 mln.

Vastned Retail said it

Channel, Burberry,

Vastned Retail. “Acquiring

high-end retailers and

acquired the entire property

Ermenegildo Zegna and

a property in the most

shoppers.”Furthermore, a

at Abdi Ipekci Caddesi 37,

Salvatore Ferragamo, as well

prestigious shopping street

lease has been signed with

which now hosts three

as many local designers that

of Turkey fits in perfectly

a fashionable café operator

shops. The total property

have gained fame abroad.

with our efforts to further

for the first and second floor

will be redeveloped and it

build our Istanbul portfolio.

of the prime high street

will then comprise close

“With this transaction we are

Based on past experience

shop on Istiklal Caddesi

to 2,000 m² of which some

now present in three prime

we feel comfortable that

119, Istanbul resulting in

1,100 m² will be retail

high streets in the heart of

the redevelopment will

100% occupancy for the

space. The redevelopment

Istanbul,” said Taco de Groot,

result in a top quality

current Istanbul portfolio in

is expected to be completed

Chief Investment Officer of

retail unit appealing to

operation.

no later than August 2013.

The expected rental level is EUR 1.4 mln per annum. The sellers of the property are private individuals.

The 700-meter-long Abdi Ipekci Caddesi is the most prestigious shopping street of Istanbul, Turkey, located in the Nisantasi area of the Sisli district.

The area includes a wide variety of exclusive and luxury shops offering Turkish and international designer labels. In addition, restaurants offering international cuisine and cafés are present on both sides of the street.

Some of the best-known retailers that have settled in Nisantasi include Prada, Louis Vuitton, Hermes,

Abdi İpekçi Caddesi 37

Turkey ShoppIng Centre GuIde

NEWS 17

Comfort supports LC Waikiki’s German market entry Retail property specialist Comfort is supporting the German market entry of Turkish textiles and fashion company LC Waikiki.

The leading Turkish company

advice to LC Waikiki relating

Istanbul-based Tema Group

stores, mainly in Turkey but

in the young fashion and

to German market entry for

which was founded at the end

also in other countries such as

children’s fashion segments

around two years.

of the 1980s. Today it is market

Bulgaria (five stores), Romania

leader in Turkey. In addition

(six stores), Kazakhstan (two

will be commencing its expansion into Germany by

During the first phase of

to its retail operations, the

stores), Albania (two stores),

opening an approximately

market entry, it will be

Tema Group also manufactures

Bosnia (one store), Syria (one

1,100-m² store on

focusing on sourcing retail

textiles, predominantly in the

store), Russia (five stores) and

Limbecker Strasse 75-77 in

properties with a floor area

Middle East/Egypt and India/

Iraq (two stores).

Essen which was previously

of up to approx. 2,500 m² at

Bangladesh.

occupied by C&A and leased

prime city centre locations in

to LC Waikiki by Comfort.

North Rhine-Westphalia and

As a retail company with its

Europe will initially focus on

Berlin.

own labels, LC Waikiki, Xside

Germany, with stores also

and Southblue, the Tema

scheduled to open in Poland,

Group operates more than 400

Hungary and Egypt in 2011.

Prior to this, Comfort had been providing strategic

LC Waikiki is part of the

Expansion into Western

18 OUTLOOK

Turkey ShoppIng Centre GuIde

SHOPPING CENTRES IN TURKEY: PIONEERS, TRAILERS, LEADERS “The projects, which are already launched or under construction, show us that shopping centres all over Turkey will be totalling 320 by the end of 2013. It’s even more exciting to see extremely fascinating projects to be launched in the pipeline.”

Nihat Sandıkçıoğlu

It all started 550 years ago with Grand Bazaar

cities like Istanbul, Ankara, Izmir, Antalya, Adana.

(Kapalicarsi), the world’s first shopping centre

The industry reached 46 shopping centres in

with 3,600 stores. Having been one of the most

2000, and then 106 by the end of 2005. From

popular touristic attraction points of Istanbul,

2006 and on the significant investment action,

the unique centre is still operating as it was in

which is empowered by the great deal of interest

the earlier days.

shown by international commercial real estate

Secretary General,

investors, boomed the market covering many

Turkish Council of

Although the retail market is pioneering the real

Anatolian cities and lead the shopping centre

Shopping Centres

estate industry in Turkey, the retail commerce

inventory to 236 in 2008. Herein we should

throughout Turkey developed at main streets

remember the positive effects of the ICSC World

and even in small shops as individually-owned

Summit 2005, which was held in Istanbul.

businesses until the first modern shopping centre Galleria opened in 1988 in Istanbul.

The pace slowed down after 2008 but the industry reached 291 active shopping centres

Starting with 1988, new shopping centres

in November 2011, which is expected to reach

started to being developed one by one in major

293 by the end of 2011, totalling 7.3 million m 2

Grand Bazaar

Turkey ShoppIng Centre GuIde

Development of shopping centres in Turkey (GLA - m2) Source: Turkish Council of Shopping Centres

of GLA. Today only 49 (out of 81) cities have shopping centres yet and GLA distribution per 1,000 population indicates the high investment potential. The young population and gradually growing buying power of the citizens will lead to new investments in the near future.

The projects, which are already launched or under construction, show us that shopping centres all over Turkey will be totalling 320 by the end of 2013. It’s even more exciting to see extremely fascinating projects to be launched in the pipeline.

The Turkish shopping centre industry, which has grown significantly in the last 10 years, determines a sum of USD 35 bln of investment, of which USD 12 bln is foreign capital, has outstanding shopping centre developments which set best examples among Europe and the world. Recently we have seen a lot of Turkish shopping centres winning European and world wide competitions in all categories. Environmental consciousness, social responsibility, community interaction, innovative marketing strategies are all common interests of design and management teams of shopping centre owners.

Distribution of shopping centres in Turkey (m2 / 1,000 people) Source: Turkish Council of Shopping Centres

OUTLOOK 19

20 OUTLOOK

Turkey ShoppIng Centre GuIde

AMENDMENDTS IN TURKISH LEGISLATION In parallel with developments and needs emerging from the shopping centre market in Turkey, amendments in Turkish legislation have been made. Turkey is attempting to satisfy the needs of current investors and is taking measures to motivate local and foreign investors willing to invest in the market.

During the period beginning in the late

Turkey’s corporate development - is that

90’s and early 2000’s and continuing until

joint stock companies (which are Turkey’s

today, Turkey’s shopping centre market has

most popular form of legal entity) shall be

steadily grown and shopping centres have

permitted to be incorporated by one person

Murat Aygün

opened in almost every city. According to

(either a real person or a legal entity). Under

Attorney at Law

data announced by the Turkish Council of

Turkey’s current legal regime, a joint stock

(Partner), Pekin & Bayar

Shopping Centres, the number of shopping

company must be formed by at least five

Law Firm

centres within Turkey has reached 289 as of

incorporators (again, either a real person

the first half of 2010 and the total amount of

or a legal entity). Consequently, those

GLA has reached approximately 7,000,000

who seek to form a joint stock company in

m2

Turkey must face the hurdle of obtaining

during this period.

four other incorporators. Although this In parallel with developments and needs

threshold problem is often overcome by

emerging from the shopping centre market,

utilizing “Nominee Shareholders,” this

amendments in Turkish legislation have

threshold remains a problem for foreign

been made. Turkey is attempting to satisfy

investors unfamiliar with Turkish legislation.

the needs of current investors and is taking

Through Article 338 of TCC No. 6102, the

measures to motivate local and foreign

presence of only one shareholder is sufficed

investors willing to invest in the market.

for the formation of a joint stock company.

Through the amended TCC, investors no

A major amendment is in the Turkish

longer need four other persons to form a

Commercial Code (TCC). The earlier version of

joint stock company – this heavy hurdle has

the TCC was unable to respond to the needs

been removed. Furthermore, the previous

arising from developments in world trade.

situation where a joint stock company

TCC No. 6762 shall be repealed and TCC No.

could be terminated if the company’s 5

6102 shall enter into effect commencing

shareholders were suddenly reduced to 4 or

July 2012. Regulations made in TCC No.

less shareholders shall no longer be viable

6102 shall (1) facilitate the incorporation of

under the amended TCC regime.

commercial companies, (2) adopt professional management principles and (3) bring

Whereas the old TCC regime required that

regulations in line with the technological

a joint stock company’s board of directors

development.

must have at least three members, Article 359 of TCC No. 6102 – in parallel with the

One of the most important advances ushered

regulation referred to above – shall require

in by TCC No. 6102 – a critical stage in

only one member. Furthermore, Article 390

Turkey ShoppIng Centre GuIde

of TCC No. 6102 shall facilitate meetings

capital to acquire real estate property and

of the board of directors by permitting

limited rights in rem in a shorter period than

meetings to occur electronically. Having

under the old regime.

this option of electronic meetings is a great boon especially for joint stock companies

Additionally, through amendments made in

with foreign capital, as this option removes

Article 2 of the Decree Law numbered 644

logistical obstacles to having meetings.

(“Decree Law”) regarding the Organization

Another change: whereas under the old TCC

and Duties of the Ministry of Environment

regime joint stock company board members

and Urban Planning (“Ministry”) in August

had to be the company’s shareholders, TCC

2011, for those zoning plans that are not

No. 6102 shall remove this obligation and

prepared or approved within the designated

brings Turkey in line within corporate legal

periods of time may now receive the

standards of the EU and the United States

requisite preparation/approval from the

with respect to the idea of having companies

Ministry. Likewise, through the Decree Law,

managed by professionals.

building licenses and utilization permits not issued by the relevant administrative bodies

In addition to changes in the TCC, other

within the designated periods of time may

changes have been made in Turkish

now be issued by the Ministry. In this way,

legislation that closely involves persons

it is currently possible for local and foreign

investing in Turkey’s real estate market, and

investors to complete their projects within

these changes seek to ameliorate investors’

much shorter time periods and commence

existing problems.

their operations.

Prior to Article 5 of the Regulation Regarding

The amendments to Turkish legislation

the Acquisition of Real Estate Property

in line with recent government support

and Limited Rights In Rem by Companies

have played a significant role for current

with Foreign Capital (“the Regulation”),

and prospective local/foreign investors in

companies with foreign capital seeking to

Turkey. The prospective amendments shall

acquire real estate property and limited

remove various bureaucratic obstacles that

rights in rem in Turkey had obtain permission

face investors – these amendments shall

from the appropriate local governorship but

pave the way for boundless prospective

had no way of knowing how long they would

investments in Turkey, which shall in turn

wait before obtaining such permission.

become an attractive investment hub for

Now, through Article 5 of the Regulation,

local and foreign investors.

the military authorities (whose views are sought by the governorship) must respond to the governorship’s letter within 15 days.

If the military authorities do not respond to the governorship’s letter within this period, then the relevant real estate is (according to the Regulation) not within the military restriction zone, military security zone or other restricted zone, and the governorship shall act accordingly. Ultimately, the Regulation permits companies with foreign

OUTLOOK 21

22 OUTLOOK

Turkey ShoppIng Centre GuIde

A promising future ahead As the economic downturn is still taking its tolls on real estate fundamentals, Turkey has been relatively less affected by the global economic conditions and has recorded a remarkable growth this year. It seems that there’s still considerable room for new shopping centre developments in the medium and long term.

Five leading players of the market answered our questions about the current investment climate in Turkey.

Implying something of a V-shape recovery, Turkey’s economy has recorded a significant growth in 2011. What was the impact of this growth on the retail investment market?

centres were delivered to the market in the first 9 months of 2011, which increased the total GLA in the country by nearly 850,000 m2 compared with 568,000 m 2 of new supply in the same period of 2010.

Accordingly, the total number of shopping centres in Turkey reached 292 and total

Hakan Kodal

organized retail stock reached 7.2 mln m 2 as

Although consumers are more cautious due

of the end of September 2011. Considering

to the effects of the European economic

the ongoing retail projects, which are

crisis, the sales have increased by 12 % in

scheduled to open in 2011, total GLA in

the shopping centre market. There is a slight

Turkey could very well reach 7.5 mln m 2 by

slowdown in Q3 but we expect to definitely

the end of 2011.

end with an overall increase by the end of 2011 compared to 2010. The number of

In line with the strong retail sales and

shopping centres and total GLA has increased

positive economic outlook, retailer demand

during 2011 up to 292 from 267 and to

has remained very strong so far in 2011.

m2 .

Cenk Arson

7,200,000 from 6,500,000

CEO, Ronesans Real Estate

is achieved by the demand from the retail

local and international operators, expanding

Investment

brands to open a store in shopping centres

aggressively throughout the year. The

to answer the consumer demand. Showing

demand has been particularly growing for

positive signs, Turkish economy leads to

the secondary cities, which are exhibiting

new investments by local and international

improving purchasing power and brand

players which end up with a significant

awareness. The debt crisis in Europe and

increase in retail space and sales.

political instability in the MENA region have

This growth

We have seen many existing retailers, both

also highlighted Turkey as a preferred growth Cenk Arson

destination for the foreign retailers and as

The superior growth of the Turkish

a result, several new international brands

economy had a positive impact on the retail

have made their debut to the Turkish market

investment market in 2011. Driven by the

during the year. Our expectation is that

exceptionally strong domestic demand and

around 15 new international brands will have

positive retail outlook, 27 new shopping

entered the Turkish market in 2011.

Turkey ShoppIng Centre GuIde

Andreas Hohlmann Regarding investments, the ECE Group is acting strategically - all of our decisions are based on the very positive socioeconomic data of Turkey with a sustainable population growth, a very young average

OUTLOOK 23

The eurozone debt crisis is threatening economic recovery in the European Union. How could this affect Turkish retail market?

age, and a big propensity to consume.

Şenay Azak-Matt

We do see more demand for high quality

As the eurozone countries account for almost

retail space in the near future. The positive

50% of Turkey’s exports, a continued eurozone

economic development of recent years has

debt crisis would be expected to have a spill

proved our strategy, though the Turkish

over effect on the Turkish economic growth,

economy is always exposed to significant

which could consequently result in a reduction

economic fluctuations. In the past, these

of the purchasing power of retail customers.

downturns were very temporal and only had

Meanwhile, an immediate effect of the debt

an influence on short-term decisions, not on

crisis was already reflected on the value of

the strategic decision in favour of a market

the domestic currency, as the TRY depreciated

Şenay Azak-Matt

like Turkey on the whole.

significantly due to increasing concerns on

General Manager, Aareal Bank

the stability of the eurozone economies,

AG - Istanbul Representative

Burhanettin Yurtseven

whereby increasing the price of imported

Office

The retail market dynamics has shown a

goods and leading to a weakening of the

significant positive movement. Especially

consumers’ purchasing power. To counter

Turkish major retail brands could follow

such potential negative implications on the

an aggressive expansion strategy. From

economy, government has already announced a

a foreign investor perspective retail

Medium Term Plan which aims to continue fiscal

investments seem still to be the most

discipline to sustain macroeconomic stability

appealing investment type in Turkey, well

and stable growth over the coming years.

knowing that there is still a lack of sufficient retail space.

Hakan Kodal Briefly I can say that no direct impact is

Şenay Azak-Matt

expected, thanks to the strength of the Turkish

In line with the relatively higher growth

financial sector. The only weakness point

offered by the Turkish market in comparison

could be an increase on the cost of debt, as

to eurozone economies, international

Turkish banks use international syndications

investors looking for higher returns have

for medium/long term financing. In case of

continued to monitor the market.

a worsening of the crisis, Turkish consumer spending could also be affected negatively on

However, we have not yet seen too many

a short term basis but no significant decrease

investors taking action, as most are

should be expected.

still waiting on the sidelines amidst the continued uncertainty in the global financial

Andreas Hohlmann

Andreas Hohlmann

markets. Meanwhile, it is expected that

The situation in 2008/2009 and the current

General Manager, ECE Türkiye

international investors will be increasingly

debt crisis have a direct impact on the

active following the anticipated upgrade

availability and the cost of external financing.

in the country’s long-term foreign currency

This is affecting the investors as well as the

rating to investment grade level.

retailers. Without the necessary loans many

24 OUTLOOK

Turkey ShoppIng Centre GuIde

investments are put on hold and we also have a

offer better opportunities, global investors will

delay in some projects. But this doesn’t change

most likely invest in their core markets. The only

our strategic focus. The ECE group sees a large

way to attract foreign investors is to offer them

and sustainable potential in Turkey. So the

reasonable investment deals, such as reasonable

financial crisis rather has an influence on the

returns on their investment, a clear real estate

question of “when”, not on the “if”.

law, understandable taxation etc. Especially the government needs to take over a major role in

Cenk Arson

that as well.

The sovereign debt crisis in Europe and fragile global economy could weigh on the Turkish retail

Cenk Arson

market in 2012 through decelerating consumer,

Turkey can attract foreign investors in this

retailer and investor demand. Indeed, after an

global economic environment with its political

exceptionally strong 2011, Turkish economy is

stability and relative resilience and dynamic

expected to display a sharp slowdown next year,

nature of its economy. Although Turkey will

Hakan Kodal

which may put a cap on consumer spending and

see a sharp slowdown in its economy in 2012,

CEO, Krea Real Estate

retailers’ expansion plans during 2012. However,

it will still be recording one of the highest GDP

the negative impact on consumption may still

growth rates in Europe and will maintain its

be limited by the relatively low leverage of

strong growth trajectory in the foreseeable

Turkish consumers. On the investment side,

future. In addition to supportive political and

the debt crisis may lead to a slowdown in new

economic factors, Turkey also offers attractive

developments due to a likely tightening in

demographic and socioeconomic fundamentals

liquidity and funding conditions both at home

for foreign real estate investors such as a young

and abroad as retail projects are mainly financed

and growing population, a rising middle class,

by long term project finance loans.

low household indebtedness, low levels of modern retail and office stock and changing

Burhanettin Yurtseven

consumer preferences from traditional to

International brands that would get financial

modern retail outlets, etc. Turkey is also a

problems due to the crisis may suspend or slow

strong candidate for becoming an investment

down their expansion strategy for Turkey. If

grade country in the near future, which is set

the worst comes to the worst they would even

to open up a new investor base and push the

consider to stop their activities in Turkey which

country’s risk premium to new record lows.

would be a disaster for Turkey.

How can Turkey attract foreign investors in this global economic climate?

Hakan Kodal Turkey is considered to be a safe heaven these days. Macro economic figures are positive and Turkish markets continue to support FDI but should care about the new legislations such

Burhanettin Yurtseven

as Commercial Code. Free market applications

Although Turkey’s economical growth figures

should not be disturbed by protective policies.

look very promising, we still compete against

Turkish population’s young age compared to

other investment markets. Especially the

aging Europe, limited investment opportunities

European investment market currently offers

in the eurozone vs Turkey’s significant growth

attractive investment opportunities to the

rate supported by Turkeys improving ratings

international investors in terms of investment

will attract more foreign investors to invest in

price versus risk ratio. As long as Turkey does not

commercial RE in Turkey.

Turkey ShoppIng Centre GuIde

Şenay Azak-Matt

ample equity would continue with their

Given a successful execution of the government’s

planned developments, as the retailer

medium term strategy for the economy, Turkey

demand has continued to be strong with new

would offer investors a stable macro-economic

international tenants entering the market

environment along with a continued sustainable

and Turkish brands following an aggressive

growth. Furthermore, a potential materialization

expansion strategy both in Istanbul and

of the upgrade to an investment grade rating

secondary cities. However, as debt funding

would increase the number of foreign investors

costs are estimated to be higher in 2012,

likely to enter the market. Thus, the key to attract

investors with leverage requirements would

foreign direct investment amidst this gloomy

be limited in their investment options as both

global economic climate would be to continue to

international and local banks would prefer

execute a conservative fiscal policy which would

prime properties with low risk profiles.

OUTLOOK 25

provide comfort for investors who are looking for decent returns with a reasonable risk profile.

Burhanettin Yurtseven As I mentioned before, since shopping centre

Andreas Hohlmann

developments seem to be the most profitable

Turkey is one of the most dynamically growing

income asset, Turkish market player will still

markets for the retail sector and offers great

pursue their development activities. I expect

opportunities for investors and retailers alike.

that new development schemes will come to

Having said this, there are still some risks

the market soon.

regarding inflation, exchange rates, and some legal matters. A high stability offers the best

Cenk Arson

precondition for foreign investments.

The current development pipeline in the Turkish retail market is around 2.2 mln m2 ,

An upturn in shopping centre development in Europe is on the horizon, what’s the 2012 outlook for Turkey in terms of new developments?

which is expected to be delivered until the

Andreas Hohlmann

2012. According to current projections, new

In principle there is an ongoing demand for

supply may be around 850,000-900,000 m2

high quality retail space in Turkey, but at

in 2012, lagging behind that of in 2011.

end of 2013. Given the escalating global

Burhanettin Yurtseven

worries, tightening credit conditions both

General Manager, Pramerica

at home and abroad and likely weakening in

REI -Turkey

domestic demand, we would expect some slowdown in new retail developments in

the moment the growth has slightly slowed.

In such times, quality matters more than

Hakan Kodal

quantity, thus only convincing high quality

Of course we expect new developments

retail concepts and shopping centre projects

in Turkey and some of them are already

will prevail and the market will be adjusted.

in the pipeline but at a slower pace than before. Starting from 2012 we expect to

Şenay Azak-Matt

see acquisitions from different new foreign

Over the short-term, we would expect

global players. Existing shopping centres

the uncertainties present in the global

will be launching extension and renovation

economic environment to limit new retail

projects to be more competitive in the market

developments of foreign investors in

with their new face, concept and tenant/

Turkey. Meanwhile, local developers with

brand mix.

26 OUTLOOK

Turkey ShoppIng Centre GuIde

Current Market Conditions In Turkey, compiling reliable data in a convenient and compact way for the real estate sector is a rather cumbersome process. EVA Real Estate Appraisal and AKADEMETRE Research have issued the Analysis of Shopping Center’s Potential in Turkey – in order to create a solution for this issue.

Aiming to research shopping centre

operation, followed by Ankara with 37 and

development market and to identify potential

Izmir with 17 shopping centres.

regions attractive for investment in Turkey, the study evaluates 116 different shopping centres

As of 2010, monthly average number of

located in 81 province centres, including

visitors of shopping centres being 83,111,000,

those at construction stage, with a completion

total GLA of shopping centres in Turkey was

scheduled latest by the end of 2013.

estimated as 6,773,793 m2. Nevertheless, 3,541,140 m2 of GLA is still needed to be

Shopping centres were introduced to Turkey

offered as of 2011, at different locations and in

with Galleria, which is opened in 1988. Since

different concepts.

then, the number of shopping centres has risen rapidly. Especially in the year 2005 a boom

GLA per 1,000 people in Turkey is estimated

was experienced in the sector. The number of

as 90.46 m2 , according to the research.

shopping centres has reached 106 in 2005,

Provinces above this average in Turkey

263 in 2010, and 279 in 2011. The shopping

are led by Istanbul. This seems to be the

centre sector grows annually by 20 – 25 percent

consequence of Istanbul’s higher population

on average. In the year 2013, the number of

density. Istanbul is followed by the provinces

shopping centres is expected to reach 400.

– Ankara, Kocaeli, Eskişehir, Malatya, Denizli,

Analyzing the breakdown by province, Istanbul

Tekirdağ, Adana and Bursa. On the other

is seen leading with 109 shopping centres in

hand, there are several provinces below the

The Distribution of Leasable Areas Per 1000 People Source: EVA Real Estate Appraisal and AKADEMETRE Research

Turkey ShoppIng Centre GuIde

The Distribution of the Leasable Areas Per 1000 People in the Existing Shopping CentersSource: EVA Real Estate Appraisal and AKADEMETRE Research

average, such as Antalya, Gaziantep, Izmir,

expected to be put into operation until 2013 –

Mersin and Sakarya.

very small amount of shopping centre areas will be needed thereon.

Smaller sized shopping centres are needed to

• Next 3 years is crucial for investors in

be developed further. In the upcoming years,

developing shopping canters. “The biggest”

easily accessible centres, with a GLA of around

does not mean always “the most profitable”.

15,000 - 25,000 m2, preferably at walking

• When deciding for an investment, a more

distance will be favoured.

accurate analysis is required by province. Even the province needs new shopping centre areas,

Despite the improvement in the market,

a development in the wrong location would

Turkey still lags behind many of the European

lead to a lower profitability than expected.

countries with GLA per 1,000 people of 90 m2.

• Since smoking in indoor spaces was banned,

This ratio is observed in France as 252.9 m2, in

high street retail and shopping centres

UK as 258 m2, and in Germany as 153.6 m2.

which are offering outdoor areas came into prominence.

An additional GLA of 3, 829, 515 m2 will be

• Certain shopping centres have already have

offered by the year 2013. Accordingly, together

operating for a decade or have outdated and

with the shopping centres to be built within

worn out physically and functionally.

next 3 years, a total GLA of 10.5 - 11 mln will

• The increase in the number of retailers, can

be available – and the GLA per 1,000 people

not keep up with the dynamical growth of

is expected to be 137 m2. For the year 2013

shopping centres. In the upcoming period,

Kilis, Sinop, Kars, Igdir, Kahramanmaras and

shopping centres will be distinguishing by

Afyon are the provinces with higher investment

retailer diversity, using different concepts and

potentials – whereas Mersin, Sakarya, Nevsehir,

so on.

Gaziantep and Van are anticipated to be

• Turkey needs shopping centres in various

saturated.

sizes and themes – however the market is currently prone to incorrect development

Remarkable Outcomes

approaches. Prior to making an investment

• Regarding the shopping centres currently

decision, analysis has to be carried out yet even

at construction and project stage, which are

more carefully than before.

OUTLOOK 27

Turkey ShoppIng Centre GuIde

WHO’S WHO 29

WHO’S WHO >>>

30 WHO’S WHO

Turkey ShoppIng Centre GuIde

Akademetre Akademetre was founded in 2000 to revolutionize conventional perspectives in marketing and develop creative and goal-oriented research methods and models via employment of data more effectively and practically.

To conduct professional research addressing needs and business goals Halil İ. Zeytin CEO

R. Serkant

Bülent Bekret

of its customers without compromising from sense of trust and quality

Tünay

Price Research

is the key mission of Akademetre. To design professional research

General Manager

Project Director

addressing specific needs of each customer and providing unique strategies, to support client’s in achievement of success via investing in human capital, technology and production of knowledge are only some of Akademetre’s main targets. Akademetre is not only a research company, but also a strategic partner providing strategies based on research. Via the models it develops, Akademetre applies academic perspectives on business solutions and transform data to knowledge and strategies and solutions. Providing a unique research model depending on the needs of its clients, conveys its clients to success via scientific

Cihan Bozkuş

Alev Bayrak

Onur Cenikan

Director of

Director of

Director of

Quantitative

Qualitative

Operations

Research

Research

and trustworthy steps.

With a team consist of academics and professionals takes determinant steps to be a successful agent of Turkey in national and international area.

Applying standards defined by national and international intuitions of sector, Akademetre is one of the first owner of GAB (Trustworthy Research Certificate). As a corporate member of Union of Turkish Marketing and Public Researchers, Akademetre conducts research in accordance with ISO 9001 – 2008 Quality Standards. Akademetre conducts research in a very wide range of topics including Price Research Panel where every week, 420.000 prices (SKUs) are collected from 692 sales channels, a system

Aybike Şen

Pınar Kara

Nimet Erdem

Senior Account

Account

Account

Executive

Executive

Executive

unique and unrivalled in both Turkey and Europe.

Plus, Akademetre is a partner of AYD (Shopping Center Investors’ Association) for National Shopping Center Index, where shopping center managements confidentially provides their category-based

Büyükdere Caddesi. Meydan Sokak Spring Giz Plaza B Blok

turnover and footfall sizes and get monthly reports with comparison

No: 5, Kapı No:17/18 Maslak, Şişli,İstanbul

to sector averages. Akademetre is also a strategic partner of many

T +90 212 276 90 00(pbx)

shopping centers and undertakes research targeting to unveil findings

F +90 212 276 95 50

on feasibility of the investment and positioning of the shopping

www.akademetre.com

centers, as well as awareness, perception, satisfaction and shopping

info@akademetre.com

habits of shopping center customers.

Turkey ShoppIng Centre GuIde

WHO’S WHO 31

AKİŞ GAYRİMENKUL YATIRIMI A.Ş.

Akkök Group of Companies has started up Akiş Gayrimenkul Yatırımı A.Ş. in 2006 for real estate sector which it identified as one of its primary fields of business within the framework of restructuring strategies. Creating the first shopping mall concept of Turkey with Akmerkez in 1993, Akkök Group of Companies keeps up its investments through Akiş, an enterprise with expertise on shopping mall investment and management and life center Gökşin Durusoy

Alize Dinçkök

Erkan Altay

Board Member

Eyüboğlu

Deputy General

and General

Board Member

Manager

Manager

and Deputy

Investment

General

Planning

Akbatı Residences & Akbatı Shopping Mall Project: Akbatı is located on

Manager Sales

and Project

a land of 50,838 m2 in Esenyurt,İstanbul. In Akbatı Shopping Mall, there

and Marketing

Management

are nearly 200 stores, 9 theatres, restaurants, children’s playgrounds and

development, bringing its know-how and experiences into new projects.

There are four current projects within Akiş Gayrimenkul Yatırımı A.Ş.

training areas within a leasable area of net 65,400 m2 and a Festival Park with seating for 5,000. Also above the shopping mall, there are 348 deluxe Hakan Biçen

residences taking place in Blue and Green Towers of Akbatı Residences.

Deputy General Manager Leasing Akbatı White Tower Project : Akbatı White Tower will be located on the Murat Kayman

opposite side of Akbatı Shopping Mall in Esenyurt,İstanbul. There will be

Akbatı Shopping Mall Manager

120 residential units in Akbatı White Tower which will be built on a land of almost 3,000 m2. A boutique restaurant, commercial areas, open and closed

Didem Hiçyorulmazlar

social facilities and a Sky Lobby on the 15th floor will also take place in

Sales and Marketing Manager

Akbatı White Tower.

Akasya Project: Akasya, which consists of Koru, Göl, and Kent components

Miralay Şefik Bey Sokak No:11 K:4-5-6

on a land of 182,000 m2 in Acıbadem, İstanbul has a total construction area

Gümüşsuyu 34437 İstanbul, Turkey

of 650,000 m2 composed of a shopping mall with 85,000 m2 leasable area

T + 90 212 393 01 00

and 1.344 deluxe residences in addition to sports, recreational, and social

F +90 212 393 01 02

facilities. Akiş holds 7% and Akkök Group holds 28 % of the total shares of

www. akisgmy.com

Akasya.

info@akisgmy.com

Akkoza Project: Akkoza is composed of various phases on a land of 415,000 m2. in Esenyurt, İstanbul. The first and second phases with a construction area of 335,000 m2 go on with 75% Garanti Koza and 25% Akiş partnership.

TED College is going to be located on a land of over 14,000 m2 and a sports club is going to be located on a land of over 21,000 m2 within Akkoza Project.

32 WHO’S WHO

Turkey ShoppIng Centre GuIde

TRADE COUNCIL OF SHOPPING CENTERS AND RETAILERS (AMPD) Founded in 1994, AMPD serves to highlight and improve the role of shopping centers, 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 382 members as of October 2011.

Mehmet T. Nane

AMPD is a member of ICSC (International Council of Shopping Centers), NRF

Chairman

(National Retail Federation), FAPRA (Federation of Asian- Pasific Retailers Associations) and EuroCommerce.

Deputy Chairman

The council develops policies and strategies to improve the conditions of

Aziz Torun

the sector. The main objective is to pave the way for the retailing sector to become one of the first 5 leading sectors in Turkey. AMPD also serves to

Vice Chairman

lead the sector towards full registration and transparency.

Avi Alkaş

The goals of AMPD are to improve modern retailing, to increase sector efficiency and profitability and to undertake lobbying activities.

Vice Chairman

Objectives:

Zafer Baysal

• Supporting the organized and modern retailing to develop and grow by producing informative and guiding data and policies on issues regarding the

Vice Chairman

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

Vice Chairman

via supporting high quality production and employment in the sector,

Nihat Özdemir

• Encouraging the establishment and development of regular and healthy relations between the shopping center owners, organized retailers,

Vice Chairman

consumers and public administrators

Serdar Sunay

• Ensuring that the shopping centers become a part of the community and contribute to the healthy environmental and urban development,

Secretary General

• Helping to represent the sector throughout the world and to increase

Sabahnur Erdemli

the investment potential in Turkey by cooperating with international organizations, • Strenghtening the expertise and leadership position of its members in the

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

fields of developing and managing retail shopping centers,

Dikilitaş, Beşiktaş, İstanbul

• Undertaking sector and consumer research to provide objective,

T + 90 212 227 85 42 - 52 - 62

measurable and scientific data about the retailing sector

F + 90 212 227 85 35

Member Profile:

www.ampd.org

Shopping Centers 40%, Chain Stores 29%, Service and Consultancy % 15,

info@ampd.org

Big Box Retailers 10%, Food Retailers 6%.

Turkey ShoppIng Centre GuIde

WHO’S WHO 33

Council of Shopping Centers - 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 centers sector in a Hakan Kodal

Hulusi Belgü

Nuri Şapkacı

responsible manner, and making contributions to the development of the

Chairman

Vice Chairman

Vice Chairman

retail sector.

Vision: to ensure that shopping centers 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 centers

Coşkun

Nihat

sector in a sound manner together with retailers, sectoral solution partners,

Bayraktar

Sandıkçıoğlu

and consumers pursuant to the said vision.

Vice Chairman

Secretary General

AYD office focuses on: SC’s Databank SC’s Index

Büyükdere Cad. No:185, Kanyon Ofis Blok, Kat:3, 34394,

SC’s Investment Conference IV. (01.03.2012)

1.Levent, İstanbul, Turkey

SC’s Customer Perception Survey (12.01.2012)

T + 90 212 353 54 73-74

Most Admired and Preferred Brands Survey

F +90 212 353 54 75

Discussion Meetings

www. ayd.org.tr

SC’s Study Tours

ayd@ayd.org.tr

Shopping Centers Turkey (PC / iPad / iPhone) app.

34 WHO’S WHO

Turkey ShoppIng Centre GuIde

UNITED BRANDS ASSOCIATION OF TURKEY Established in September 2001, United Brands Association of Turkey (BMD) is a non-governmental organization of Turkish retail sector.

BMD consists of more than 150 retail companies and nearly 500 brands which are most valuable Turkish and international names. As of the end of 2010, BMD members are operating on 2,5 million sq.m. selling space Yılmaz Yılmaz

in nearly 50,000 sale points in Turkey. BMD members have more than 2

Chairman

500 stores in 96 countries. 2010 total turnover of UBA members is USD 30 billion.

Vice Chairman

While the mission of BMD is to ensure the transformation of Turkey into

Vahap Küçük

the brand’s economy by increasing the strength and retail skills of our brands, the vision is to move Turkey until 2023 to the position of leading

Vice Chairman

the region’s and world’s fashion and to promote Istanbul in order it

Hüseyin Doğan

becomes the centre of brands.

Vice Chairman

BMD declares in all platforms its opinion concerning the economy and

Semih Şeftali

trade issues. In this context, BMD shares its thoughts with the public opinion in a very large scale.

Vice Chairman Burak Çelet

As a retailer’s organization, BMD has relations with shopping malls. BMD defends the rights of its members in shopping malls by playing an active

Vice Chairman

role in setting up a common policy in order to solve problems.

Jaklin Güner BMD is being organizing social responsibility projects since 2005. The Secretary General

last two projects covered 350,000 students in poverty in Turkey.

Ekrem Utku BMD is a member of Washington based NRF (National Retail Federation) and Brussels based AIM (European Brands Association) AntiDarulaceze Cad. Nadide Sok. SESA Plaza No.30 K.3 34381 Şişli, İstanbul, Turkey T + 90 212 320 82 00-01 F + 90 212 320 82 03 www.birlesmismarkalar.org.tr info@birlesmismarkalar.org.tr facebook.com/birlesmismarkalar twitter.com/#!/bmdonline

Counterfeiting Committee.

Turkey ShoppIng Centre GuIde

WHO’S WHO 35

ISTANBUL CEVAHIR SHOPPING CENTER Büyükdere Cad. No: 22/A , 6. Kat Yönetim Ofisi

Istanbul Cevahir, as Turkey’s most entertaining shopping centre, offers its

34400 Şişli,İstanbul, Türkiye

visitors with an optimal shopping center experience with its 303 shops over

T +90 212 368 69 00

6 floors and 4 floors of car parking for 2,500 cars.

F +90 212 380 13 53 www.istanbulcevahir.com

The centre has a 11 screen cinema, State theatre stages, international food offers and endless entertainment in Atlantis, enclosed themed park, all under the one roof of the Istanbul Cevahir Shopping Centre, which presents a new way of living.

Istanbul Cevahir Shopping and Entertainment Centre is strategically located in Istanbul, Turkey’s main metropolitian area. The centre boasts with a wide range of brand names including Koçtaş, YKM, Debenhams, Zara, Teknosa, Tepe Home and Migros. The centre serves its local and foreign customers 356 days a year.

COMPANY INFORMATION • Located in the centre of Istanbul.

• Direct Metro line &major bus station Access • Main business district of the city, 15 million people live within a 60 minutes drive time.

• 2,500 car parking spaces • 4 floors of retail, 2 floors of food&beverage, 4 floors of car park • 110,000 m2 GLA • 303 unit • Anchored by Debenhams,YKM, Koçtaş, Migros, Tepehome, Teknosa, Zara • 20.7 million footfall per year.

36 WHO’S WHO

Turkey ShoppIng Centre GuIde

Eroğlu Yapı Know-how, experience, courage and foresightedness: We have all required to change the clichés of the sector…

Founded on the know-how and experience based 35-year trade history of Eroğlu Group, Eroğlu Yapı carries out activity in the fields of residence, shopping center and commercial real estate. Eroğlu Yapı has developed Nurettin Eroğlu

Feyyaz

Aybars

projects in Sarıyer, Beylikdüzü, Ümraniye, Merter, Kağıthane, Florya,

Chairman of the

Karabekiroğlu

Kızılsencer

Büyükçekmece, Seyrantepe, Tekirdağ, Antalya and Bursa up to now and

Board

General Manager

Sales and

total volume of the said projects carried out and aimed to be completed

Marketing

within next 2 years by Eroğlu has reached to 2,000,000 m2.

Director

Within its experience over 12 years and its professional personnel which built a brand in the sector, Eroğlu Yapı has started its enterprises which will start a new era by changing the clichés of the sector. Managing business development and construction process of Tekira AVM opened in 2008 and bought by Dutch Corio and putting Ümraniye Akkom Office Park Project into practice in 2009, Eroğlu Yapı delivered the flats of Oksizen Estates in 2010 and carried out Istanbul Lounge Project.

Ruşen Görgülü

Ercan Güneş

Eroğlu Construction developed and constructed Tekira Mall acquired by

Taşpınar

Construction

Dutch investor Corio in 2008, realized Ümraniye Akkom Office Park in

Technical and

Director

2009, delivered Oksizen Residences and signed Istanbul Lounge project in

Design Director

2010.

Starting İstanbul Lounge-2 and Yenimoda Residences in 2011, Eroğlu

Zafer Av. Çınar St. No:2 Floor:5 34520

Yapı launched important mixed-use projects such as Platform Merter and

Yenibosna, Istanbul, Turkey

Florya Ekşinar Residences. Following the new office project Ofishane in Kağıthane, Eroğlu Yapı is planning to launch the mixed-used projects in

T +90 212 652 32 32

Bursa and Seyrantepe in the short term. Eroğlu Yapı will be investing TRY

F +90 212 451 06 66

2.5 bln in total in 2011. Developing 5 new projects, Eroğlu Yapı is planning

www.erogluyapi.com.tr

to increase its investments to TRY 3.2 bln in 2012.

Turkey ShoppIng Centre GuIde

WHO’S WHO 37

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. It has built up a substantial portfolio of clients, partners, brands and projects in Istanbul, Turkey and the Caucasus.

In order to offer a fully comprehensive consultancy for all retail sector Fusun Yılmaz

Tony Phillipson

projects, FYP is further privileged to be a regional partner of the leading UK

Phillipson

Founding

Retail Consultants Lunson Mitchenall, and also works closely with UK-based

Founding

Principal

architects Chapman Taylor, recognised as one of the leaders in retail and

Principal

leisure design worldwide.

Although FYP has generally specialised in Residential and Retail, its

Abdi İpekçi Cad. Altın Sok.

principals’ architectural background and extensive real-estate experience

No:2 Ahmet Kara İş Hanı D:18 K:4

mean that it can also offer services in many other sectors, such as mixed-

Nişantaşı, İstanbul

use, leisure, and tourism. That same background enables FYP to evaluate

T +90 212 291 2311

and implement projects from a technical viewpoint, bringing an extra

F +90 212 291 3043

dimension of practicality to such subjects as project conceptualisation and

www.fyp.com.tr

master planning, feasibility studies, and marketing and sales.

info@fyp.com.tr

We firmly believe that a project’s success is directly related to the rightness of the concept and the clarity and quality of the brief. For all types of real estate projects, FYP’s principals use their extensive architectural and development experience to create the best possible synergy between the site, the environment, the market and the client’s expectations – thus providing the maximum added value to the potential of the project.

As a complement to our wide knowledge of the residential and retail sectors, we are also able to offer practical consultancy advice on many subsectors found in mixed-use projects, including leisure, family attractions and children’s entertainment, food and beverage, and brand consultancy.

FYP’s references include some of the best-known companies in both Turkey and Georgia, including: Koç Holding, Doğan Holding, Demsa Group, Doğuş Group, İş-GYO, Torun Group, Kemer Yapı / Kemer Country, Yapı Kredi Koray, TBC Bank, and Cube Capital. Current projects include Trump Towers Istanbul, yooistanbul, Levent Plaza, CBD Tbilisi shopping centre, and ongoing property consultancy for many of the major groups listed above.

38 WHO’S WHO

Turkey ShoppIng Centre GuIde

GALLERIA SHOPPING MALL Hasan R. Ardıç

GALLERIA Shopping Mall is the first shopping mall of the country which was

Member of Executive Board

opened in 1988. GALLERIA, has one of the most preferable location as much

General Manager

as indicated in the theory of retailing, by taking a place in the heart of the City of İstanbul. As it may be highly appreciated İstanbul is a brand name by itself. GALLERIA location, as being very close to Atatürk International

Galleria Alışveriş Merkezi

Airport, and also nearby to Historical Peninsula of the Ancient City of

Sahilyolu Kennedy Caddesi

İstanbul, is the best location for a shopping mall. However, the area where

34158 Ataköy, Bakırköy, İstanbul

GALLERIA is located, by seaside, full green environment, luxury residental

T +90 212 559 95 60

area around. As a natural result of locational adventages, the people living

F +90 212 560 05 38

in GALLERIA location is well educated and upper income level citizens due

www.galleria-atakoy.com.tr

to the international standarts at A, B+, and B classes.

galleria@galleria-atakoy.com.tr

In GALLERIA, having the huge car parking capacity (over 2,222 cars in a lot which circulates 4-5 times a day in weekdays, and about 7 times per weekend day), someone can park within the first 3-5 minutes. The number of customers visiting GALLERIA is about 20.000 per weekday and almost 25,000 per weekend day. The total area, the landscape of GALLERIA is about 120.000 sqm, 84.000 sqm of it, is covered area, and 50.000 sqm is GLA for GALLERIA. By a short glance at the figures, GALLERIA has large and comfortable corridors inside having fun to its visitors. GALLERIA serving at its customers with almost 140 retailers over the years. GALLERIA, the first contemporary shopping mall of the country was renewed in 2011, by a real definition of A to Z. The total amount of renovation investment is about USD 20 mln. So today, the First shopping mall of Turkey is also the newest one of the country.

Turkey ShoppIng Centre GuIde

WHO’S WHO 39

Jones Lang LaSalle Real Estate Expertise in Turkey Jones Lang LaSalle is a financial and professional services firm specializing in real estate. We offer integrated services delivered by expert teams in 200 wholly owned offices worldwide. Istanbul office has a strong team of 73 market experts delivering value for investors, landlords and occupiers across Turkey.

Avi Alkaş

Nilgün Dil-

Volkan Mueller

MRICS, SCSM,

Erman

COO and CFO

SCMD, CLS

Director of Retail

We address the entire real estate cycle, offering tailored comprehensive and creative solutions:

Country

Retail Agency: As the market leaders for retail, we offer unparalleled

Chairman

knowledge and experience. We will be completing a total 1.2 million sqm by end of 2014. We are also active on main principal High Streets in largest cities.

Property Management: Our innovative and rigorous management strategies help landlords and investors reduce their operating costs and enhance values, with a superior work environment for tenants. With more than 750,000 sqm under management, we have the market share and buying power to deliver top quality service, keeping occupancy levels high.

Ercüment

Kıvanç Erman

Offices and Logistics: Our local specialists provide a wide range of

Alptekin

MRICS - Director

services including development consultancy, leasing and acquisitions. We

Director of

of Capital

understand the local market dynamics and know the key players. We are

Property

Markets,

uniquely positioned to provide high quality services to local, regional and

Management

Advisory and

multinational clients.

Research

Project & Development Services: We deliver project and development management, cost management and building surveying services to investors, occupiers and developer clients.

Akatlar Yeşim Sokak No:2

Capital Markets: We combine in-depth local market knowledge with real

Levent, Beşiktaş, İstanbul

estate and financing expertise. Sales and acquisitions are conducted

T + 90 212 350 08 00

with detailed due diligence process, consistent with international best

F + 90 212 350 08 15

practice.

www.joneslanglasalle.com.tr

Consulting & Research: We provide expert knowledge and in-depth analysis to Turkey’s property markets to assist and inform developers, investors, fund managers, lenders and occupiers.

Valuations: We offer prompt, accurate and professional valuations in accordance with internationally recognized standards across all property asset classes.

Hotels: We work in collaboration with colleagues across the firm to deliver a wide range of services to hotel owners, investors and banks.

40 WHO’S WHO

Turkey ShoppIng Centre GuIde

Multi Development TÜRKİYE Multi Development Türkiye, 100% affiliate of Multi Corporation, the number one retail developer in Europe with 176 real estate projects completed in 11 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.

Hulusi Belgü

Hakan Turunç

Luis Pereira

The “Forum” malls of Multi Development Türkiye are unique projects with

Multi

Forum Turkey

Multi

their special custom architecture in full compliance with the cities they

Development

Fund Ceo

Development

are located in, and in their sensitivity to the local environment and the

Türkiye Mall

community. These projects, designed by Multi’s in-house architectural

Management

design company T+T Design, have won the most prestigious international

Managing

awards and become significant assets to the cities in which they play

Director

important roles in reviving the city and region where they are located.

Türkiye Ceo

Multi Development Türkiye has 16 mall projects under the Forum name; 9 currently in operation, 1 under construction, and 6 at development stages, throughout various key cities 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 Jurn Hoeksema

Tolga Ergut

Forum Turkey

Multi

Fund General

Development

Active projects of Multi Development Türkiye:

Manager

Türkiye Leasing

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

Director

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

continuously strengthen and enhance their investment values.

· Forum Çamlık (Denizli); 33,900 m2 rental space; over 130 stores · Forum Trabzon (Trabzon); 49,200 m2 rental space, 177 brands Ebulula Mardin Caddesi Maya Meridyen İş Merkezi Zemin ve

· Forum Aydın (Aydın); 29,400 m2 rental space; 120 brands

1. Kat 34335 Akatlar, İstanbul, Türkiye

· Forum Ankara (Ankara); 86,300 m2 rental space, 149 brands

T +90 212 349 10 00

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

F +90 212349 10 99

· Forum Kapadokya (Nevşehir); 24,500 m2 rental space, 75 brands

wwww.multi-development.com

· Marmara Forum (Istanbul); 165,000 m2 rental space, over 300 brands · Forum Kayseri (Kayseri) will be opened at the end of 2011); 65,000 m2 rental space; over 200 brands.

Turkey ShoppIng Centre GuIde

WHO’S WHO 41

NATA HOLDING NATA Holding is a group of companies operating in project development and real estate investment, construction, contracting services in foreign countries, concrete pipe and prefabricated manufacture, cement and energy sectors.

Nata VEGA Shopping Mall and Life Center project is among the largest Namık Tanık

Cüneyt

shopping malls and life centers with a total closed area of 450,000 m2 in

Chairman of the

Kandemir

Turkey. This complex houses a giant aquarium of 6,000 m2 and a 98-meter

Board

General

tunnel making it the longest-tunnel-aquarium of Turkey. Worldwide famous

Manager

textile brands have stores in this shopping mall, and Nata VEGA breaking a new ground offers the showrooms of 10 automotive brands along with their technical services to the visitors. Nata Holding brings the concept

Planing

of shopping together in my single address with this project, and has been

Nagihan Polat

constructing 46-storey 365 houses total the tallest ones in Ankara right to next to the Nata Vega as well. Antares Shopping Mall and Life Center

Marketing

constructed by Dolunay Co., a subsidiary of Nata Holding, opened in

Ahmet Çakmak

October 2007. During the course of time, Antares has been the favored and popular shopping and business center of Ankara with its 122,000-m2

Constumer Relations

leasable area. Antares Shopping Mall offers a modern and privileged living

Mustafa Çayırpınar

area to the fellow residents of Ankara with its business tower and living complex of 619 houses. Nata DELTA is the shopping and entertainment center project located in the developing western region of Ankara. Nata

Ayaş Yolu 21. Km Çatalca Sok.

DELTA having a construction site of 300,000 m2 will be put into service in

No: 238 Sincan, Ankara

2013. A ski track of 130 meters will be constructed by a special system on

T +90 312 269 12 32

the roof of this center and the visitors will have the chance of skiing all the

F +90 312 270 03 15

year round. In addition to this, there is a project of building 500 houses in this project. Located by the metro station extending from Central Ankara - Kizilay to Sincan, Nata Delta project will be a major shopping, life and entertainment hub of Ankara thanks to its easy accessibility.

As Nata Holding, we are proud of all the works we completed and we are competing with ourselves. We are aware that not putting any limit to what we assigns greater meanings and responsibilities to us. We continue working to always do the better in line with our goals and objectives while observing the values based on our experiences and achievements, and bringing in living structures to the city life.

That is why we are in the foundation of life.

42 WHO’S WHO

Turkey ShoppIng Centre GuIde

Ora İstanbul Real Estate Investment and Development Co. Ora is the result of painstaking efforts undertaken by Ora İstanbul Real Estate Investment and Development Co. was was established by Duruhan and Ağaçkakan Investment in 2007 with a view to designing and managing Ora project. The company also undertakes designing different real estate projects such as offices, residences, and business centres.

Enver Nalbant

Ahmet Uluğ

Selim Yuna

Ora, situated in Bayrampaşa on a 70,000 m2 land with a total construction

Chairman of the

CEO

General

area of 360,000 m2, has offered different functions such as congress,

Coordinator

meeting, show, entertainment, shopping and accommodation within the

Board

same place for the first time in Turkey.

Information Technology Director

Combining utterly different functions under the same architectural

Gökhan Nalbant

expression with a number of concepts like Ora Convention, Ora Arena, Landora Theme Park, Ora Outlet, and two hotels Crowne Plaza and Holiday

Finance Director

Inn Express, Ora project has been designed to become one of the most

Bahadır Murat Tülünay

tempting places in Istanbul .

Human Resources and Administration Director

All the functions in Ora are to be managed by foreign professionals who are

Ahmet Karaman

globally experienced on their respective fields. Ora is also distinguished in Turkey in that it has a different management structure as a result of

Marketing Director

having formed cooperation with international companies undertaking the

Didem Kırşallıoba

management of Theme Park, Arena, Hotels, and Outlet units. Management of Theme Park is undertaken by International Theme Park Services, a

Design, Construction and Project Group Director

worldly renowned theme park management company, whereas Arena and

Cüneyt Ercan

Convention are meant to be managed by SMG Europe. Crowne Plaza and Holiday Inn Express Hotel, which is another innovation for Turkey, shall be managed by InterContinental Hotels Group and the management of Outlet

Altıntepsi Mahallesi, Kemer Sok.

and the project in general shall be performed by Jones Lang LaSalle.

No:3 Bayrampaşa, İstanbul, Türkiye T +90 212 443 15 00

Meaning to perform the prerequisites of 5 main functions, Ora shall have a

F +90 212 443 15 01

number of restaurants and cafés, indoor and outdoor spaces with different

www.ora.com.tr

sizes where various activities shall be performed so as to ensure that guests have a pleasant time, an outdoor theatre for 500, Fitness and SPA as a fullequipped sports and health centre.

Ora was opened in October 2011 for its guests who want to make the most of the city by relieving themselves from its stressful side.

Turkey ShoppIng Centre GuIde

WHO’S WHO 43

ANTALYA ÖZDİLEKPARK SHOPPING CENTRE Özdilekpark Shopping Centre is designed in a manner as to meet the advanced shopping and culture complex requirement of Antalya, which is the most important cultural and tourism centre of Turkey and the window of the country opening up abroad. Özdilekpark Shopping Centre, which opened its doors to its customers in 2009, continues to be the most enjoyable shopping address in Antalya since its foundation.

Hüseyin

Sertaç Ünal

Şadi Aşıroğlu

Özdilek

Assistant

Mall Manager

General

General

highest population increase and development in parallel to this.

Manager

Manager

Closeness to the city centre and the airport, together with ease of access

The Complex is located in Kepez district of Antalya, which has the

from all parts of the city, is one of the most important advantages of this project.

Fabrikalar Mah. Fikri Erten Cad. Özdilekpark Avm Dokuma Kepez, Antalya

The shopping centre, providing services to its visitors with 114

T +90 242 334 33 99

companies on 38,752 m2 rentable area with hundreds of brands,

F +90 0242 344 55 01

is designed with two-storey parking lot, four-storey shopping and

www.ozdilekpark.com.tr

entertainment centre. Architectural properties featuring brightness and spaciousness are adopted. Besides being the shopping centre having the largest selection with its brand mix in the city, it also has a rich store mix composed of a hypermarket, the largest construction market in the city, electronics market, department store and popular brands.

It is a family based shopping centre with the spaciousness of the refreshments area, brand and play-ground variety, it is also highly preferred by the youth with its various social and entertainment areas and its closeness to the University. In general terms, it constitutes a centre of attraction for all the socio-economic groups of the city with its visitors-pattern, brand-mix and aforementioned characteristics.

Standing out with its sensitivity on the subject of customer satisfaction and service quality in all business units, Özdilekpark Shopping Centre is the first shopping centre in Antalya, and the second in Turkey having ISO 9000 Quality Certificate.

44 WHO’S WHO

Turkey ShoppIng Centre GuIde

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

The centre offers major national and international brands such as Sephora,

Tahincioğlu

Koton, Zara, Forever New, Nike, Adidas, Lacoste, Tommy Hilfiger, İpekyol,

Chairman of

Darty, Gap, Marks and Spencer, Carrefour Expres and Banana Republic. A rich

Board

foodcourt offering local and international tastes supplements a number of a la carte restaurants and cafes with open air terraces. Various children’s

Shopping Centre Manager

entertainment areas and a 10-screen cinema make the centre a place

Ahmet Serhan Sert

beyond a shopping destination.

Palladium brings buoyancy to the retail industry with its fully occupied leasable area of 40.000 m2. It offers an exclusive living experience for its

Palladium Shopping Centre

guests beyond ordinary shopping with a diverse mix of brands, perfect

Address: Barbaros Mah., Halk Cad.,

location and attractive campaigns.

No: 8-B, Atasehir, 34746, Istanbul, Turkey T +90 216 663 15 00

The centre has been leased and managed by AVM mfi Partners, a leading

www.palladium.com.tr

property services company.

Turkey ShoppIng Centre GuIde

WHO’S WHO 45

TSKB REAL ESTATE INVESTMENT TRUST TSKB Real Estate Investment Trust (“TSKB REIT” or “Company”) is a portfolio management company which was founded in early 2006, the Company seeks to create and develop a profitable portfolio of real estate properties that will generate high returns for its shareholders. A subsidiary of Türkiye Sınai Kalkınma Bankası A.Ş. (TSKB), Turkey’s first privately-owned development and investment bank, TSKB REIT derives its strength from its Ömer Eryılmaz

Ufuk Bala Yücel

Hüseyin Tiken

Chairman

Deputy

Executive Vice

Chairperson

President

parent’s sixty years of corporate knowledge and experience.

The fundamental values of TSKB REIT’s corporate strategy are consistency, transparency, quality, social responsibility, customer focus, and teamwork. The underlying principles of the Company’s investment strategy are project development-based growth, sustainability, and risk management. Through its substantially thought-out investments, TSKB REIT continuously authors even greater successes. Supporting its growth-focused investment strategy with its “Always plan what’s next” vision, TSKB REIT realizes projects that have the power to create longterm added value.

F. Aslı Yılmaz

Hakan Üşar

Cengaver

Investments

Asset Manager

Yıldızgöz

Director

Accordingly, the size of the assets of TSKB REIT which had an initial paid in

Finance &

capital of TRY 10 mln has reached TRY 337 mln and the gross leasable area

Investor

(GLA) under management upped to 50 k from 3 k as of H1 2011 due to the

Relations

investments added to the portfolio throughout the years.

Manager TSKB REIT’s real estate property portfolio consists of: • Pendorya Shopping Center located in Pendik on the D100 (E-5) Highway, Meclisi Mebusan Cad. Mollabayırı Sok. No: 1

• Two office buildings located in İstanbul’s Fındıklı region,

34427 Fındıklı, Istanbul, Turkey

• Tahir Han office building located in İstanbul’s Karaköy region,

T +90 212 334 50 20

• Approximately 3,600 m2. of land located in downtown Adana for the

F +90 212 334 50 27

development of a 5-star hotel (Divan Adana) with about 200 rooms.

www.tskbgyo.com.tr gyo@tskb.com.tr

Pendorya Shopping Center: Pendorya is a high added value shopping center investment undertaken by TSKB REIT in İstanbul’s Pendik district on the Asian side of the city. Pendorya has a total 80,648 m2. of enclosed space and 30,275 m2. of rentable space. With 100 stores, including Tesco Kipa as retail chain, Media Markt as electronics chains, and an eightscreen AFM multiplex cinema, Pendorya Shopping Center is an enjoyable venue for shoppers as well as for those seeking entertainment.

Turkey ShoppIng Centre GuIde

WHO’S WHO 47

SHOPPING CENTRE INDEX >>> * All data is based on information provided by Council of Shopping Centres-Turkey

48 INDEX

Turkey ShoppIng Centre GuIde

3

edirne

6

Zonguldak Karabuk

100

Tekirdag

Istanbul

8

1

kocaeli

10 yalova

2

Bursa

Canakkale

3

2

3

Balikesir

l Sakarya Bolu

1

Corum

1

Bilecik

1

kastamonu

2

32

3

4

1

Ankara

Eskisehir

1

Kirikkale

k端tahya

1

manisa

2

17

Usak

4

1

afyon

2

Izmir

6

5

aydin

Denizli

1

Isparta

nevsehir

Aksaray

5

k

konya

6

mugla

13

antalya

1

karaman

5

mersin

ad

Turkey ShoppIng Centre GuIde

1

2

Samsun

artvin

4

2

Trabzon

giresun

1

1

Erzurum

Sivas

2

2

dana

5

Bitlis

Diyarbakir

1

K.maras

4

1

Elazig

malatya

3

kayseri

INDEX 49

6

Gaziantep

1

Sanliurfa

1 hatay

Shopping Centre Density Map

50 INDEX

Turkey ShoppIng Centre GuIde

FORUM ISTANBUL Location: Istanbul Opening Date: 2009 Leasable Area: 178,834 m2

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

MARMARA FORUM

TORIUM

Location: Istanbul Opening Date: 2011 Leasable Area: 137,500 m2

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

ISTANBUL CEVAHIR SHOPPING CENTRE

ISTINYE PARK

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

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

Turkey ShoppIng Centre GuIde

ANTARES SHOPPING CENTRE Location: Ankara Opening Date: 2007 Leasable Area: 84,000 m2

FORUM ANKARA OUTLET Location: Ankara Opening Date: 2008 Leasable Area: 80,000 m2

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

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

PANORA SHOPPING CENTRE Location: Ankara Opening Date: 2007 Leasable Area: 82,591 m2

M1 MERKEZ ADANA Location: Adana Opening Date: 2000 Leasable Area: 76,500 m2

INDEX 51

52 INDEX

Turkey ShoppIng Centre GuIde

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

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

CEPA ALISVERIS MERKEZI

M1 MEYDAN UMRANIYE

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

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

FORUM MERSIN SHOPPING CENTRE

VIA/PORT OUTLET SHOPPING

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

Location: Istanbul Opening Date: 2008 Leasable Area: 70,000 m2

Turkey ShoppIng Centre GuIde

GEBZE CENTRE Location: Kocaeli Opening Date: 2010 Leasable Area: 59,093 m2

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

AUTOMALL 212 ISTANBUL POWER OUTLET Location: Istanbul Opening Date: 2009 Leasable Area: 68,000 m2

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

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

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

INDEX 53

54 INDEX

Turkey ShoppIng Centre GuIde

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

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

CARREFOUR BURSA Location: Bursa Opening Date: 2001 Leasable Area: 54,869 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 UMRANIYE Location: Istanbul Opening Date: 2000 Leasable Area: 50,573 m2

Turkey ShoppIng Centre GuIde

BABIL SHOPPING CENTRE GORDION SHOPPING CENTRE Location: Ankara Opening Date: 2009 Leasable Area: 50,000 m2

Location: Diyarbak覺r Opening Date: 2007 Leasable Area: 48,200 m2

FORUM TRABZON Location: Trabzon Opening Date: 2008 Leasable Area: 49,000 m2

TERRACITY Location: Istanbul Opening Date: 2000 Leasable Area: 50,573 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

INDEX 55

56 INDEX

Turkey ShoppIng Centre GuIde

MALATYAPARK AS MERKEZ OUTLET Location: Bursa Opening Date: 2009 Leasable Area: 47,500 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

OPTIMUM OUTLET

STAR CITY OUTLET CENTRE

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

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

Turkey ShoppIng Centre GuIde

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

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

ISTANBUL TAKSIT CENTRE Location: Istanbul Opening Date: 2008 Leasable Area: 43,825 m2

GALLERIA ATAKOY Location: Istanbul Opening Date: 1988 Leasable Area: 42,794 m2

ESPARK

OPTIMUM OUTLET

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

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

INDEX 57

58 INDEX

Turkey ShoppIng Centre GuIde

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

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

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

PELICAN MALL

CAPACITY SHOPPING CENTRE

OZDILEKPARK ANTALYA

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

Location: Antalya Opening Date: 2009 Leasable Area: 37,580 m2

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

Turkey ShoppIng Centre GuIde

KANYON

NEOPLUS OUTLET

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

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

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

PALLADIUM ALISVERIS MERKEZI Location: Istanbul Opening Date: 2008 Leasable Area: 36,713 m2

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

INDEX 59

60 INDEX

Turkey ShoppIng Centre GuIde

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

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

CARREFOURSA MERSIN

AKMERKEZ

Location: Mersin Opening Date: 2003 Leasable Area: 34,270 m2

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

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

Turkey ShoppIng Centre GuIde

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

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

ARMADA SHOPPING CENTRE KULESITE SHOPPING CENTRE Location: Konya Opening Date: 2004 Leasable Area: 32,780 m2

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

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

INDEX 61

62 INDEX

Turkey ShoppIng Centre GuIde

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

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

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

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

GALLERIA SHOPPING CENTRE Location: Adana Opening Date: 2011 Leasable Area: 31,000 m2

Turkey ShoppIng Centre GuIde

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

ANSE MOBILYA VE DEKORASYON MERKEZI Location: Ankara Opening Date: 2009 Leasable Area: 30,000 m2

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

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

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

INDEX 63

64 INDEX

Turkey ShoppIng Centre GuIde

KIPA ALISVERIS MERKEZI-BALCOVA Location: Izmir Opening Date: 2007 Leasable Area: 29,742 m2

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

FORUM AYDIN SHOPPING CENTRE SAPPHIRE Location: Istanbul Opening Date: 2011 Leasable Area: 30,000 m2

Location: Ayd覺n Opening Date: 2008 Leasable Area: 29,500 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

Turkey ShoppIng Centre GuIde

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

KIPA SHOPPING CENTRE CIGLI Location: Izmir Opening Date: 1999 Leasable Area: 29,000 m2

INEGOL SHOPPING CENTRE

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

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

INDEX 65

66 INDEX

Turkey ShoppIng Centre GuIde

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

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

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

ACITY OUTLET Location: Ankara Opening Date: 2008 Leasable Area: 26,500 m2

MARKA CITY KARES SHOPPING CENTRE Location: Karabuk Opening Date: 2011 Leasable Area: 26,500 m2

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

Turkey ShoppIng Centre GuIde

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

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

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

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

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

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

INDEX 67

68 INDEX

Turkey ShoppIng Centre GuIde

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

Location: Bal覺kesir Opening Date: 2008 Leasable Area: 23,500 m2

ZAFER PLAZA SHOPPING CENTRE

IYASPARK SHOPPING CENTRE

Location: Bursa Opening Date: 1999 Leasable Area: 23,482 m2

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

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

CARREFOURSA KARSIYAKA Location: Izmir Opening Date: 2000 Leasable Area: 23,142 m2

Turkey ShoppIng Centre GuIde

INDEX 69

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

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

CITY’S NISANTASI Location: Istanbul Opening Date: 2008 Leasable Area: 23,000 m2

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

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

70 INDEX

Turkey ShoppIng Centre GuIde

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

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

BEYLICIUM SHOPPING CENTRE Location: Istanbul Opening Date: 2005 Leasable Area: 22,000 m2

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

WORLD ATLANTIS AVM

CARREFOURSA BATIKENT

Location: Istanbul Opening Date: 2008 Leasable Area: 22,000 m2

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

Turkey ShoppIng Centre GuIde

REAL IZMIT SHOPPING CENTRE Location: Kocaeli Opening Date: 2000 Leasable Area: 19,570 m2

DEMIRPARK SHOPPING CENTRE Location: Zonguldak Opening Date: 2009 Leasable Area: 19,044 m2

HISTORIA SHOPPING CENTRE

YAYLADA SHOPPING CENTRE

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

Location: Bal覺kesir Opening Date: 2007 Leasable Area: 19,000 m2

ATIRUS SHOPPING CENTRE Location: Istanbul Opening Date: 2005 Leasable Area: 19,000 m2

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

Location: Istanbul Opening Date: 2009 Leasable Area: 19,000 m2

KIPA SHOPPING CENTRE MERSIN KIPA SHOPPING CENTRE Location: Konya Opening Date: 2011 Leasable Area: 20,000 m2

Location: Mersin Opening Date: 2008 Leasable Area: 19,000 m2

FOX CITY SHOPPING CENTRE Location: Istanbul Opening Date: 2007 Leasable Area: 18,588 m2

MAKRO SHOPPING CENTRE SAMSUN Location: Samsun Opening Date: 2008 Leasable Area: 18,548 m2

TRABZON CEVAHIR OUTLET

MAKRO SHOPPING CENTRE MALATYA

Location: Trabzon Opening Date: 2011 Leasable Area: 20,000 m2

Location: Malatya Opening Date: 2008 Leasable Area: 18,394 m2

INDEX 71

72 INDEX

Turkey ShoppIng Centre GuIde

ISTANBUL OUTLET PARK

DIYAR GALLERIA

Location: Istanbul Opening Date: 2006 Leasable Area: 18,306 m2

Location: Diyarbak覺r Opening Date: 1999 Leasable Area: 16,500 m2

DEEPO OUTLET CENTER

PRIENE COUNTRY AVM

Location: Antalya Opening Date: 2004 Leasable Area: 18,000 m2

Location: Ayd覺n Opening Date: 2005 Leasable Area: 15,900 m2

ISTANBUL DUNYA TICARET MERKEZI

FABULIST SHOPPING CENTRE

Location: Istanbul Opening Date: 2007 Leasable Area: 18,000 m2

Location: Istanbul Opening Date: 2008 Leasable Area: 15,742 m2

FLATOFIS CARSI

OSMANLI CARSI

Location: Istanbul Opening Date: 2009 Leasable Area: 18,000 m2

Location: Istanbul Opening Date: 2010 Leasable Area: 15,500 m2

NCITY SHOPPING CENTRE

METROPORT SHOPPING CENTRE

Location: Kocaeli Opening Date: 2006 Leasable Area: 17,500 m2

Location: Istanbul Opening Date: 2007 Leasable Area: 15,420 m2

USTUN DEKOCITY

ARCADIUM SHOPPING CENTRE

Location: Ankara Opening Date: 2008 Leasable Area: 17,000 m2

Location: Ankara Opening Date: 2003 Leasable Area: 15,000 m2

EGE PARK BALCOVA SHOPPING CENTRE

MALLTEPEPARK SHOPPING CENTRE

Location: Izmir Opening Date: 2010 Leasable Area: 17,000 m2

Location: Ankara Opening Date: 2008 Leasable Area: 15,000 m2

ORION SHOPPING CENTRE

MISLAND SHOPPING CENTRE

Location: Tekirdag Opening Date: 1999 Leasable Area: 16,795 m2

Location: Elaz覺g Opening Date: 2008 Leasable Area: 15,000 m2

ALANYUM SHOPPING CENTRE

MARINTURK ISTANBUL CITYPORT

Location: Antalya Opening Date: 2006 Leasable Area: 16,500 m2

Location: Istanbul Opening Date: 2011 Leasable Area: 15,000 m2

Turkey ShoppIng Centre GuIde

IPEKSARAY SHOPPING CENTRE

CARREFOURSA IZMIT

Location: Kayseri Opening Date: 2006 Leasable Area: 15,000 m2

Location: Kocaeli Opening Date: 2000 Leasable Area: 14,460 m2

ARASTA PARK SHOPPING CENTRE

KIPA SHOPPING CENTRE EDIRNE

Location: Kocaeli Opening Date: 2009 Leasable Area: 15,000 m2

Location: Edirne Opening Date: 2007 Leasable Area: 14,071 m2

CENGELKOY MAXI CITY

MESA PLAZA SHOPPING CENTRE

Location: Istanbul Opening Date: 2003 Leasable Area: 14,904 m2

Location: Ankara Opening Date: 1996 Leasable Area: 14,000 m2

MAXI CITY-CENGELKOY

MARGI OUTLET SHOPPING CENTRE

Location: Istanbul Opening Date: 2003 Leasable Area: 14,904 m2

Location: Edirne Opening Date: 2011 Leasable Area: 13,947 m2

REAL ANTALYA SHOPPING CENTRE

REAL FULYA SHOPPING CENTRE

Location: Antalya Opening Date: 2006 Leasable Area: 14,810 m2

Location: Istanbul Opening Date: 2009 Leasable Area: 13,880 m2

REAL BEYLIKDUZU SHOPPING CENTRE

MKM

Location: Istanbul Opening Date: 2007 Leasable Area: 14,800 m2

Location: Istanbul Opening Date: 2004 Leasable Area: 13,850 m2

SARAR OUTLET SHOPPING CENTRE

KC GOKSU SHOPPING CENTRE

Location: Bilecik Opening Date: 2011 Leasable Area: 14,777 m2

Location: Ankara Opening Date: 2006 Leasable Area: 13,642 m2

MEGA CENTER SHOPPING CENTRE

KC SEHR-I BAZAAR SHOPPING CENTRE

Location: Diyarbak覺r Opening Date: 2002 Leasable Area: 14,520 m2

Location: Istanbul Opening Date: 2008 Leasable Area: 13,601 m2

MOZAIK SHOPPING CENTRE

ARNELIA SHOPPING CENTRE

Location: Sanl覺urfa Opening Date: 2009 Leasable Area: 14,500 m2

Location: Kahramanmaras Opening Date: 2009 Leasable Area: 13,500 m2

INDEX 73

74 INDEX

Turkey ShoppIng Centre GuIde

TOWN CENTER SHOPPING CENTRE

KONAK PIER SHOPPING CENTRE

Location: Istanbul Opening Date: 2003 Leasable Area: 13,400 m2

Location: Izmir Opening Date: 1998 Leasable Area: 12,500 m2

MAKRO SHOPPING CENTRE KONYA

OSMANLI CARSI SIRINEVLER

Location: Konya Opening Date: 2008 Leasable Area: 13,140 m2

Location: Istanbul Opening Date: 2010 Leasable Area: 12,250 m2

KADIR HAS SHOPPING CENTRE

ADESE SHOPPING CENTRELERI

Location: Istanbul Opening Date: 2003 Leasable Area: 13,000 m2

Location: Konya Opening Date: 2009 Leasable Area: 12,132 m2

KOZZY SHOPPING CENTRE

KARUM IS VE SHOPPING CENTRE

Location: Istanbul Opening Date: 2010 Leasable Area: 13,000 m2

Location: Ankara Opening Date: 1991 Leasable Area: 12,000 m2

ASMACATI SHOPPING CENTRE

PLANET SHOPPING CENTRE

Location: Izmir Opening Date: 2011 Leasable Area: 13,000 m2

Location: Ankara Opening Date: 2005 Leasable Area: 12,000 m2

KIPA SHOPPING CENTRE DERINCE

NILPARK SHOPPING CENTRE

Location: Kocaeli Opening Date: 2008 Leasable Area: 13,000 m2

Location: Bursa Opening Date: 2009 Leasable Area: 12,000 m2

YESILYURT SHOPPING CENTRE

ESKULE SHOPPING CENTRE

Location: Samsun Opening Date: 2007 Leasable Area: 13,000 m2

Location: Istanbul Opening Date: 2010 Leasable Area: 12,000 m2

KIPA SHOPPING CENTRE YALOVA

HAYATPARK SHOPPING CENTRE

Location: Yalova Opening Date: 2008 Leasable Area: 12,700 m2

Location: Istanbul Opening Date: 2010 Leasable Area: 12,000 m2

FLYINN SHOPPING CENTRE

PRESTIGE MALL SHOPPING CENTRE

Location: Istanbul Opening Date: 2003 Leasable Area: 12,508 m2

Location: Istanbul Opening Date: 2007 Leasable Area: 12,000 m2

Turkey ShoppIng Centre GuIde

KUTAHYA OUTLET PARK

OUTLET12 SHOPPING CENTRE

Location: Kutahya Opening Date: 2010 Leasable Area: 11,712 m2

Location: Tekirdag Opening Date: 2010 Leasable Area: 11,000 m2

BEYSUPARK

MINASERA SHOPPING CENTRE

Location: Ankara Opening Date: 2007 Leasable Area: 11,500 m2

Location: Ankara Opening Date: 2007 Leasable Area: 10,978 m2

MAGAZIN OUTLET SHOPPING CENTRE

AKVARYUM SHOPPING CENTRE

Location: Bursa Opening Date: 2006 Leasable Area: 11,400 m2

Location: Istanbul Opening Date: 2005 Leasable Area: 10,960 m2

BLACKOUT SISLI OUTLET

ATAKULE SHOPPING CENTRE

Location: Istanbul Opening Date: 2009 Leasable Area: 11,400 m2

Location: Ankara Opening Date: 1989 Leasable Area: 10,543 m2

ATRIUM SHOPPING CENTRE

SHEMALL SHOPPING CENTRE

Location: Istanbul Opening Date: 1989 Leasable Area: 11,232 m2

Location: Antalya Opening Date: 2008 Leasable Area: 10,500 m2

BARUTCUOGLU SHOPPING CENTRE

AVANTAJ OUTLET CENTER

Location: Kastamonu Opening Date: 2006 Leasable Area: 11,036 m2

Location: Tekirdag Opening Date: 1997 Leasable Area: 10,500 m2

PARK BORNOVA OUTLET CENTER

MAKRO SHOPPING CENTRE KIRIKKALE

Location: Izmir Opening Date: 2004 Leasable Area: 11,023 m2

Location: K覺r覺kkale Opening Date: 2007 Leasable Area: 10,106 m2

ACR LOFT SHOPPING CENTRE

LAURA SHOPPING CENTRE

Location: Istanbul Opening Date: 2010 Leasable Area: 11,000 m2

Location: Antalya Opening Date: 2004 Leasable Area: 10,065 m2

OLIMPA SHOPPING CENTRE

PALMIYE SHOPPING CENTRE

Location: Istanbul Opening Date: 2010 Leasable Area: 11,000 m2

Location: Izmir Opening Date: 2003 Leasable Area: 10,053 m2

INDEX 75

76 INDEX

Turkey ShoppIng Centre GuIde

TATVAN CENTER

KIPA SHOPPING CENTRE SILIVRI

Location: Bitlis Opening Date: 2008 Leasable Area: 10,000 m2

Location: Istanbul Opening Date: 2008 Leasable Area: 9,600 m2

G-CITY SHOPPING CENTRE

AKKAPARK SHOPPING CENTRE

Location: Giresun Opening Date: 2006 Leasable Area: 10,000 m2

Location: Antalya Opening Date: 2006 Leasable Area: 9,542 m2

AYMERKEZ SHOPPING CENTRE

KIPA SHOPPING CENTRE SALIHLI

Location: Istanbul Opening Date: 2003 Leasable Area: 10,000 m2

Location: Manisa Opening Date: 2008 Leasable Area: 9,500 m2

ESPRI OUTLET CENTER

KIPA SHOPPING CENTRE ANTALYA

Location: Istanbul Opening Date: 2008 Leasable Area: 10,000 m2

Location: Manisa Opening Date: 2006 Leasable Area: 9,357 m2

VERDE MOLINO SHOPPING CENTRE

KIPA SHOPPING CENTRE BORNOVA

Location: Istanbul Opening Date: 2010 Leasable Area: 10,000 m2

Location: Izmir Opening Date: 1994 Leasable Area: 9,131 m2

YAYLADA ISTANBUL SUREYYAPASA SHOPPING CENTRE

EREYLIN SHOPPING CENTRE

Location: Istanbul Opening Date: 1992 Leasable Area: 10,000 m2

Location: Zonguldak Opening Date: 2006 Leasable Area: 9,088 m2

DUNYA EVI EGE KOOP SHOPPING CENTRE

ANKUVA SHOPPING CENTRE

Location: Izmir Opening Date: 2011 Leasable Area: 10,000 m2

Location: Ankara Opening Date: 1995 Leasable Area: 9,065 m2

PASSTEL SHOPPING CENTRE (ORKIDE)

TANSAS

Location: Izmir Opening Date: 2004 Leasable Area: 10,000 m2

Location: Canakkale Opening Date: 2000 Leasable Area: 9,000 m2

MAKRO SHOPPING CENTRE KARAMAN

PEKDEMIR SHOPPING CENTRE

Location: Karaman Opening Date: 2008 Leasable Area: 9,689 m2

Location: Denizli Opening Date: 2006 Leasable Area: 9,000 m2

Turkey ShoppIng Centre GuIde

INDEX 77

PARK HARMONY SHOPPING CENTRE

DIVAN SHOPPING CENTRE

Location: Istanbul Opening Date: 2008 Leasable Area: 9,000 m2

Location: Ankara Opening Date: 2009 Leasable Area: 8,490 m2

SAFRAN OUTLET PARK

KULTUR PARKSITE SHOPPING CENTRE

Location: Karabuk Opening Date: 2008 Leasable Area: 9,000 m2

Location: Aksaray Opening Date: 2006 Leasable Area: 8,456 m2

MUGLA OUTLET PARK

KIPA SHOPPING CENTRE AYDIN

Location: Mugla Opening Date: 2008 Leasable Area: 8,950 m2

Location: Ayd覺n Opening Date: 2006 Leasable Area: 8,135 m2

AKGUN SHOPPING CENTRE

OZDILEK AFYONKARAHISAR SHOPPING CENTRE

Location: Elaz覺g Opening Date: 2004 Leasable Area: 8,861 m2

Location: Afyon Opening Date: 1996 Leasable Area: 8,000 m2

ASYA PARK SHOPPING CENTRE OUTLET

ISTANBUL BAZAAR SHOPPING CENTRE

Location: Istanbul Opening Date: 2007 Leasable Area: 8,842 m2

Location: Artvin Opening Date: 2010 Leasable Area: 8,000 m2

KIPA SHOPPING CENTRE CORLU

KANATLI SHOPPING CENTRE

Location: Tekirdag Opening Date: 2006 Leasable Area: 8,620 m2

Location: Eskisehir Opening Date: 2007 Leasable Area: 8,000 m2

EKINOKS BEYLIKDUZU SHOPPING CENTRE

COLONY OUTLET CENTER

Location: Istanbul Opening Date: 2010 Leasable Area: 8,565 m2

Location: Istanbul Opening Date: 2005 Leasable Area: 8,000 m2

KIPA SHOPPING CENTRE KUSADASI

PARKWAY SHOPPING CENTRE

Location: Ayd覺n Opening Date: 2007 Leasable Area: 8,500 m2

Location: Istanbul Opening Date: 2008 Leasable Area: 8,000 m2

DIVAN SHOPPING CENTRE

PENDIK PARK SHOPPING CENTRE

Location: Ankara Opening Date: 2009 Leasable Area: 8,490 m2

Location: Istanbul Opening Date: 2008 Leasable Area: 8,000 m2

78 INDEX

Turkey ShoppIng Centre GuIde

NARINAVISTA SHOPPING CENTRE

LYRA PARK SHOPPING CENTRE

Location: Mersin Opening Date: 2007 Leasable Area: 8,000 m2

Location: Antalya Opening Date: 2008 Leasable Area: 7,200 m2

GALLERIA ANKARA SHOPPING CENTRE

SELWAY OUTLET PARK SHOPPING CENTRE

Location: Ankara Opening Date: 1995 Leasable Area: 7,771 m2

Location: Izmir Opening Date: 2006 Leasable Area: 7,200 m2

KIPA SHOPPING CENTRE GAZIEMIR

KARUN SHOPPING CENTRE

Location: Izmir Opening Date: 2000 Leasable Area: 7,734 m2

Location: Usak Opening Date: 2003 Leasable Area: 7,200 m2

EGE OUTLET 2 SOKE SHOPPING CENTRE

FTZ SHOPPING CENTRE

Location: Ayd覺n Opening Date: 2004 Leasable Area: 7,600 m2

Location: Ankara Opening Date: 2003 Leasable Area: 7,000 m2

BECIKOGLU SHOPPING CENTRE

DREAM CENTER SHOPPING CENTRE

Location: Bolu Opening Date: 2000 Leasable Area: 7,600 m2

Location: Tekirdag Opening Date: 2009 Leasable Area: 7,000 m2

PARADISE SHOPPING CENTRE

KIPA SHOPPING CENTRE USAK

Location: Istanbul Opening Date: 2006 Leasable Area: 7,500 m2

Location: Usak Opening Date: 2007 Leasable Area: 7,000 m2

MIGROS BEDESTEN SHOPPING CENTRE

VIA LIFE FASHION OUTLET CENTER

Location: Gaziantep Opening Date: 2002 Leasable Area: 7,400 m2

Location: Ankara Opening Date: 2009 Leasable Area: 6,900 m2

BOMONTI PARK SHOPPING CENTRE

CITY PARK SHOPPING CENTRE

Location: Istanbul Opening Date: 2006 Leasable Area: 7,215 m2

Location: Diyarbak覺r Opening Date: 2010 Leasable Area: 6,700 m2

ZEYLAND SHOPPING CENTRE

EGE OUTLET 1 SOKE SHOPPING CENTRE

Location: Afyon Opening Date: 2008 Leasable Area: 7,200 m2

Location: Ayd覺n Opening Date: 2004 Leasable Area: 6,600 m2

Turkey ShoppIng Centre GuIde

IHLAMUR SHOPPING CENTRE

KIPA SHOPPING CENTRE KESAN

Location: Istanbul Opening Date: 2008 Leasable Area: 6,582 m2

Location: Edirne Opening Date: 2007 Leasable Area: 6,170 m2

OLIVECITY SHOPPING CENTRE

ANTALIUM PREMIUM MALL

Location: Bal覺kesir Opening Date: 2007 Leasable Area: 6,576 m2

Location: Antalya Opening Date: 2008 Leasable Area: 6,000 m2

KIPA SHOPPING CENTRE CANAKKALE

IDAPARK SHOPPING CENTRE

Location: Canakkale Opening Date: 2006 Leasable Area: 6,540 m2

Location: Bal覺kesir Opening Date: 2011 Leasable Area: 6,000 m2

METROPOL SHOPPING CENTRE

SUNFLOWER SHOPPING CENTRE

Location: Corum Opening Date: 2009 Leasable Area: 6,530 m2

Location: Istanbul Opening Date: 2005 Leasable Area: 6,000 m2

KARDIYUM SHOPPING CENTRE

ONEL SHOPPING CENTRE

Location: Istanbul Opening Date: 2009 Leasable Area: 6,500 m2

Location: Karabuk Opening Date: 2006 Leasable Area: 6,000 m2

PARK CITY SHOPPING CENTRE

SOLI CENTER SHOPPING CENTRE

Location: Sivas Opening Date: 2008 Leasable Area: 6,500 m2

Location: Mersin Opening Date: 2009 Leasable Area: 5,900 m2

DOLPHIN SHOPPING CENTRE

ADDRESS ISTANBUL

Location: Kocaeli Opening Date: 2004 Leasable Area: 6,337 m2

Location: Istanbul Opening Date: 2005 Leasable Area: 5,800 m2

SULTAN BAZAAR SHOPPING CENTRE

KIPA SHOPPING CENTRE MUGLA

Location: Antalya Opening Date: 2005 Leasable Area: 6,272 m2

Location: Mugla Opening Date: 2005 Leasable Area: 5,782 m2

MESA STUDIO PLAZA SHOPPING CENTRE

MIRAPARK SHOPPING CENTRE

Location: Istanbul Opening Date: 2003 Leasable Area: 6,240 m2

Location: Trabzon Opening Date: 2005 Leasable Area: 5,500 m2

INDEX 79

80

INDEX

Turkey ShoppIng Centre GuIde

NETSEL SHOPPING CENTRE Location: Mugla Opening Date: 1990 Leasable Area: 5,450 m2

KARACAN POINT CENTER Location: Mugla Opening Date: 2004 Leasable Area: 5,365 m2

ODC CENTER SHOPPING CENTRE Location: Ankara Opening Date: 2001 Leasable Area: 5,314 m2

PORT BODRUM YALIKAVAK MARINA SHOPPING CENTRE Location: Mugla Opening Date: 2004 Leasable Area: 5,250 m2

SABAH SHOPPING CENTRE Location: Giresun Opening Date: 2002 Leasable Area: 5,200 m2

KIPA SHOPPING CENTRE TORBALI Location: Izmir Opening Date: 2008 Leasable Area: 5,081 m2

SAPHIRE SHOPPING CENTRE Location: Gaziantep Opening Date: 2006 Leasable Area: 5,000 m2

SUNWAY CENTER SHOPPING CENTRE Location: Istanbul Opening Date: 2008 Leasable Area: 5,000 m2

TERASIUM SHOPPING CENTRE Location: Istanbul Opening Date: 2011 Leasable Area: 5,000 m2