Turkey Shopping Centre Guide 2011 Edition Free of charge
supported by
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