REDEVCO kick-starts its first 6 projects in Turkey (TR)

REDEVCO has now added Turkey to its investment network. Planning an initial investment of over €1 billion in Turkey, REDEVCO is to construct shopping centers and office buildings in Istanbul, Ankara, Edirne, Manisa and Erzurum.

REDEVCO, one of Europe's leading real estate companies, has launched an investment program in Turkey comprising six different projects in five cities. Having broken ground for shopping centres to be built in Ankara and Erzurum, the company has now also completed the property acquisition and preliminary contracts for two shopping centers in Manisa and one in Edirne. REDEVCO has also purchased a business centre in Istanbul's Ümraniye. It is planning to invest more than €1 bln. in Turkey's expanding real estate sector over the next years.

"REDEVCO is active in 20 European countries and started to research real estate opportunities in Turkey in May 2006", says Jaap Gillis, REDEVCO Europe's COO and Chairman of the European Board of the International Council of Shopping Centers. Gillis is in Turkey to announce REDEVCO's investment plans. He says REDEVCO aims to create value for the society and economy of those cities in which it invests, and that the company is therefore highly selective, opting for projects deliberately focused on the environment.

REDEVCO Turkey's Managing Director Patrick van Dooyeweert announced that it would operate the properties built or acquired in Ankara and Erzurum. Existing projects will provide a total of more than 175,000 m² of lettable space and create jobs for at least 4,000 people. Van Dooyeweert added that six new projects are at the design and development stage. REDEVCO plans to expand its portfolio in major cities, with a focus on retail. Offices and logistic centres are also in the scope of Redevco.

A new Gordion will rise in Ankara

Gordion Shopping Centre, situated in the Çayyolu district on Eskiþehir Road, is schedule to open by the first quarter of 2009. Designed by the world-renowned Chapman Taylor Architects, the shopping centre takes its name from the ancient and mythological town of Gordion, to the southwest of Ankara. The building will provide no less than 50,000 m² of retail space and house nearly 200 stores, a multiplex cinema and a hypermarket; there will be parking for 2,000 vehicles. Thanks to an environmentally friendly design, Gordion will generate its own energy by means of cogeneration facilities. Gordion is expected to quickly become an attraction for residents in the neighbourhood and for students from Ankara's universities.

The shopping centre being developed by REDEVCO in Erzurum will comprise over 30.000 m² lettable area of indoor space. It is scheduled to open by the beginning of 2009.

One of the two shopping centres REDEVCO is to build In Manisa will be among the largest projects in the Aegean region, covering 55,000 m² lettable area.The second center will provide 17.000 m² lettable area. Construction of both centres is scheduled for the beginning of 2008, with completion due in 2009.


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