Pramerica Real Estate Investors announced yesterday (May 31, 2011) that it had successfully completed its first development in Turkey a shopping center in Antalya built with Istanbul-based joint venture partner EriaPartners. TerraCity will open to the public today.
The US $220-million (approx. 153-million) project was financed by a Shariah-compliant fund of the National Bank of Kuwait. Pramerica, one of the world's leading real estate investment managers, invested in the 48,000 m² mall on behalf of a Shariah-compliant fund, working closely with Wafra, a Kuwait and New York-based fund manager that ensures the fund's compliance with Islamic law.
EriaPartners, the local development partner in the TerraCity project, executed of the development, from the coordination of the design to the construction and delivery of the project. The center will be managed by ECE Turkey.
Eric Adler, CEO of Pramerica Real Estate Investors-Europe, underscored the importance of the investment during a news conference today in Antalya, Turkey, saying, "TerraCity is the first completed project of this partnership and an expression of our commitment to Turkey. We intend to continue expanding our presence in Turkey's real estate market."
TerraCity's wide range of brands, a food court with seating capacity for 830 people, a new cinema multiplex, entertainment areas for children and teenagers, and a car park for 1,400 automobiles, serves as a milestone for Turkey and internationally. The project will create almost 1,500 new jobs and is expected to draw 12 million visitors annually. And on the international stage, Mars Entertainment, which operates the new cinema complex will host events surrounding the Antalya Film Festival.
TerraCity's modern architectural design also includes a commitment to green principles that promote energy conservation. The center boasts a fully automated energy-conserving operation design with the lowest per m² common area cost for its tenants in Antalya, despite the hot climate.
Source: Pramerica Real Estate International AG