Just in time for the laying of the foundation stone on March 1, ECE secured the financing of its 220-million project 'Marmara Park' in Istanbul. The investor will be a closed real estate fund by DWS, taking over 50% of the planned shopping center. The other 50% will remain the property of ECE/the Otto family. The Turkish Finansbank was won as financing bank providing a credit of up to 115 million.
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Completion is scheduled for autumn 2012.
ECE CEO Alexander Otto: "With the financing and start of construction of Marmara Park, the financial crisis lies also in Turkey behind us. I am pleased that we found a strong and proven partner in DWS and that financing by a Turkish bank was agreed for the first time. For us, Turkey is currently developing to the most interesting foreign market."
With a total rental space of approx. 100,000 m² including connected DIY and hypermarkets, Marmara Park will be one of Turkey's largest shopping centers. The premises are located in the Beylikdüzü / Esenyurt district, one of the fastest growing districts of Istanbul.
The center has a catchment area of more than four million people. It has a convenient position with own exit ramp directly at the E5 motorway, one of the two arterial roads of the metropolis.
More than 250 shops and around 4,000 parking spaces are planned. Already around 40% of the space is leased out before the start of construction. Completion is scheduled for autumn 2012.
Source: ECE
With a total rental space of approx. 100,000 m² including connected DIY and hypermarkets, Marmara Park will be one of Turkey's largest shopping centers. The premises are located in the Beylikdüzü / Esenyurt district, one of the fastest growing districts of Istanbul.
The center has a catchment area of more than four million people. It has a convenient position with own exit ramp directly at the E5 motorway, one of the two arterial roads of the metropolis.
More than 250 shops and around 4,000 parking spaces are planned. Already around 40% of the space is leased out before the start of construction. Completion is scheduled for autumn 2012.
Source: ECE
