Rönesans Gayrimenkul Yatýrým A.S. (RGY), the real estate arm of Turkey’s Rönesans Group, and an affiliate of GIC Real Estate Pte Ltd the real estate investment arm of the Government of Singapore Investment Corporation Pte Ltd (GIC), have announced their agreement to form a 50:50 joint venture for Optimum Ankara Shopping Center.
Upon closing of the transaction based on a property value of approximately US$165 million, RGY will transfer a 50% share of Kurtköy Gayrýmenkul A.S., RGY’s existing special purpose vehicle that owns Optimum Ankara, to an affiliate of GIC. The parties have agreed that RGY will continue to be responsible for the management of the shopping center.
The transaction is the second announced joint venture between RGY and GIC following the Optimum Istanbul transaction signed in December 2012.
Commenting on the transaction, Dr.Erman Ilicak, Chairman of Rönesans Holding, said: “This partnership further strengthens our relationship with one of the most reputable global investors in the real estate industry. We look forward to further growing the strong trading performance and market positions of Optimum Istanbul and Optimum Ankara in a joint venture with GIC.”
Chris Morrish, Regional Head of Europe, GIC Real Estate, commented: “We are pleased to be making our second direct real estate investment in Turkey in partnership with RGY, one of the most recognized property developers and investors in Turkey. We see the relationship with RGY as an important part of our real estate investment strategy in this fast growing market.”
Optimum Ankara Shopping Center is located in Eryaman district and is one of the leading shopping centers in Ankara. It has a gross leasable area of ca. 40,000 m² and more than 10 million annual visitors. It was developed by RGY and first opened its doors to the public in 2004. The shopping center has been extended twice in 2006 and in 2012 due to high demand from tenants and customers. Closing of the transaction is subject to regulatory approvals.
Source: PRO Ýletiþim