Redevco Turkey has now leased 90% of units at the Magnesia Shopping Center being developed in Manisa, Turkey's 14th largest city, with a total population of ca. 1.4 million.
Units in the center, which will provide a total of 18,600 m² of gross leasable space, have already been let to tenants such as Tesco Kipa, Fun Plus, Mango, Mavi, Deichmann, De Facto, US Polo and many other national and international brands.
Cinens, a Turkish cinema operator, Teknosa, leader in Turkey's electronics retail sector, and LC Waikiki, a top Turkish clothing brand, recently signed up. Magnesia Shopping Center is Redevco's third investment in Turkey. The center is scheduled to open at the end of June 2012 and, like other Redevco projects, it will have a BREEAM certificate.
The center will be the first to bring a fully modern organized retail offer to Manisa. With no less than 18,600 m² of retail space, the center will accommodate 65 units, a hypermarket, a technology market, a seven-screen cinema, as well as 350 parking spaces. Tesco Kipa, the region's most popular hypermarket operator, has signed up for 4,200 m² Teknosa has 700 sq. m, LC Waikiki, a famous Turkish fast fashion brand has 1,600 m², and Fun Plus has taken 700 m² for its kids' playground.
Construction work on the Magnesia Shopping Center, which covers a total of 35,000 m², started in mid-June 2011. Work on both the site and on the landscape and infrastructure is nearing completion.
REDEVCO's green commitment
To improve energy efficiency and to promote green design, the Magnesia Shopping Center, designed by Redevconcepts, is being developed according to BREEAM standards.
As in all our previous projects, we are committed to reducing the environmental effects of our activities. For example, we aim to improve energy efficiency and indoor quality, to control and minimize water consumption and pollution, and to reduce CO2 emissions. We have therefore adopted BREEAM (BRE's Environmental Assessment Method) as a green certification system. We are aiming to be assessed as 'Good'.
Manisa is ideally located at a main junction connecting Izmir to Ankara, Istanbul and Central Anatolia. And the Magnesia Shopping Center itself is at a prime location close to the city center, between Celal Bayar Hospital, Celal Bayar University (home to 30,000 students), and the Courts of Justice. It can be easily reached by car and public transport from the city center, and is within walking distance of Manisa railway station and other public transport facilities. It is also easily accessible from neighbouring provinces, and from Turgutlu, Salihli and Akhisar, districts with populations of over 130,000 located just 15 and 45 minutes from Manisa.
With its Magnesia Shopping Center, Redevco Turkey is helping to address the great need for retail space in Manisa. The city has been a major settlement and trading Center for centuries, and recently accelerated its commercial and economic development. Manisa's per capita GDP is above the national average, largely owing to the importance of its white goods industry.