The pan-European retail property fund VastNed Retail has acquired a high street shop at Istiklal Caddesi 85 in Istanbul. The acquisition concerns a retail property of 3,200 m² in total located on the very prime part of Istiklal Caddesi, the most popular shopping street in Istanbul. VastNed Retail already owns three shops on this street, which most Saturdays has a pedestrian flow of over one million people.
The anticipated rental income is approx. 1.5 million per year, taking the net yield to over 7%. Reinier van Gerrevink, CEO VastNed Retail: "This acquisition marks a major step for us in putting the Turkish portfolio definitively on the map. We will continue our present strategy, which is to only acquire high street shops in prime locations. With the scheduled renovation we are responding to demand from international retailers for large floor areas."