Multi Turkmall and DIFA Deutsche Immobilien Fonds AG have entered into an agreement for the development and sale of a 65,000 sq.m shopping center in the south-eastern Turkish city of Mersin, the third biggest harbour city of Turkey.
A hypermarket, a multiscreen cinema, a large number of well-known fashion brands, a department store, an electronic store and a sports store will anchor the scheme. The start of construction is planned for May 2006 and completion is foreseen end 2007. The investment marks DIFAs entry to the Turkish market.
The Forum Mersin shopping-center will become part of DIFAs open-ended real estate fund DIFA-Global. DIFA fully funds the development of the scheme, whereas Multi Turkmall will manage the development process. Multi Turkmall Management will take care of the management and commercialisation of the center after completion, based on Multis vast experience in managing centers in countries like Portugal, Spain and the Czech Republic. Multi Asset Management will be responsible for the strategic value enhancement of the scheme in close cooperation with DIFA. At completion of the scheme, Multi holds an option to acquire a minority interest.
Mersin is located on the Mediterranean coast in Southern Turkey. The site is strategically located near the motorway and is embedded in a high density residential neighbourhood with a strong purchasing power. The total catchment area covers a population of 1,8 million people. Due to its favourable coastal location the scheme will benefit in summer from the many holiday visitors. Mersin is a city with a fast economical growth providing perfect opportunities, with a retail market shifting from the traditional retailers to the modern retail sector. Forum Mersin is a retail-led mixed-use scheme of approximately 65,000 sq.m. It has shops and restaurants on three levels, as well as a food court and leisure. The parking garage has 2,000 spaces. Architects are T+T Design, Gouda, The Netherlands (masterplan), Chapman Taylor, Madrid, Spain and MM Project, Istanbul, Turkey.
Source: Multi Development