ERIAPARTNERS and PRAMERICA Real Estate Investors have launched the TerraCity shopping mall & entertainment project in Antalya. The total investment cost of the project will be around 150 million. TerraCity will be Antalya's biggest shopping mall. The development of around 120,000 m² of construction consists of shopping mall with around 48,000 m² of gross leasable area, including140 stores.
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The total investment cost of the project will be around 150 million.
ERIAPARTNERS is in charge of the development of the project, while Pramerica is the international investor and a leading global investment manager of real estate assets. TerraCity will not only be a shopping mall but also a lifestyle center which will be a -breath of fresh air for the citizens and tourists alike of Antalya. Mr. Aytek ªavkan, co-partner of ERIAPARTNERS outlined that TerraCity is enriched with an enjoyable food court and terrace and children's play areas which will be the center of entertaining activities for kids between 3-14 years as well as a shop-mix of national and international brands, supermarket, electronic market and biggest movie complex of Antalya. TerraCity also features a 1,400 capacity closed garage to enhance the shopping experience. Further, a large landscaped terrace with restaurants and cafes will provide a different shopping mall experience, allowing shopping center visitors to enjoy open air.
According to Savkan, Antalya is one of the most interesting cities in Turkey with its steady economic growth in GDP for the city of Antalya as well as its steady growth in population. With its population of around 1.9 million habitants the city is attractive for retail but also for touristic and housing investments in the future. In line with the comprehensive market research and analysis it has been resolute that the current supply does not correspond to the demand, especially in retail developments.
The total investment cost of the project will be around 150 million. Dr Frithjof Fuchs, co-partner of ERIAPARTNERS emphasised that the fact that our investors and financial institutions go forward with this prestigious project in Antalya shows that not only Terra City is a first class project in an excellent location, but also that prime projects can obtain financing again in Turkey. This makes Terra City one of the first and largest projects to obtain funding in Turkey since the world economic crisis broke out last year.
Burhanettin Yurtseven, General Manager of Pramerica Turkey, said that this investment also demonstrates Pramerica's long term commitment to Turkey and that Pramerica have further plans to investing into Turkey in the near future.
The leasing and future management of the shopping center is handled by ECE Turkey. The ECE Group is one of the leading companies in this field managing 114 shopping centers in 15 European countries. ECE highlights that the TerraCity is going to offer a unique shopping experience with its brand & tenant mix, while some of the brands that will come to TerraCity will come to Turkey for the first time and will conduct their operation for a while only in the new center.
Source: GMTR
