Monthly Archives: January 2010

Akmerkez Operator to Open Second Luxury Mall – Turkey

Thursday 21 January 2010

Akkök Group, the owner and operator of Akmerkez, one of Turkey’s first private shopping centers, has begun work on a second shopping, residential and wellness center in Istanbul that will cost approximately $220 million (approx. €156 million).

 

Istanbulskyline

The new building will be constructed on 50,838 m² of land.

Purchasing shares of Garanti Koza and Corio, the group will have 100% ownership in the new project, which will be called Akbati AVM.

The group’s real estate investment company, Akis, will build and sell 348 apartments on the upper stories of the new shopping center and rent 300 stores. The new building will be constructed on 50,838 m² of land with a total gross construction area of 242,000 m². The residences will be in a 21-story “blue tower” and an 11-story “green tower,” and the size of these flats will range from 67 m² to 571 m². The cheapest apartment will be TL 67,000, with the most luxurious suites costing TL 1.85 million.

The company bought the land for the new mall from the Esenyurt Municipality in 2006 for $22 million.

Source: Today’s Zaman, Ibrahim Balta

 

Posted via web from CBRE Turkey

Akmerkez Operator to Open Second Luxury Mall – Turkey

Thursday 21 January 2010

Akkök Group, the owner and operator of Akmerkez, one of Turkey’s first private shopping centers, has begun work on a second shopping, residential and wellness center in Istanbul that will cost approximately $220 million (approx. €156 million).

 

Istanbulskyline

The new building will be constructed on 50,838 m² of land.

Purchasing shares of Garanti Koza and Corio, the group will have 100% ownership in the new project, which will be called Akbati AVM.

The group’s real estate investment company, Akis, will build and sell 348 apartments on the upper stories of the new shopping center and rent 300 stores. The new building will be constructed on 50,838 m² of land with a total gross construction area of 242,000 m². The residences will be in a 21-story “blue tower” and an 11-story “green tower,” and the size of these flats will range from 67 m² to 571 m². The cheapest apartment will be TL 67,000, with the most luxurious suites costing TL 1.85 million.

The company bought the land for the new mall from the Esenyurt Municipality in 2006 for $22 million.

Source: Today’s Zaman, Ibrahim Balta

 

Posted via web from CBRE Turkey

Akmerkez Operator to Open Second Luxury Mall – Turkey

Thursday 21 January 2010

Akkök Group, the owner and operator of Akmerkez, one of Turkey’s first private shopping centers, has begun work on a second shopping, residential and wellness center in Istanbul that will cost approximately $220 million (approx. €156 million).

Istanbulskyline

The new building will be constructed on 50,838 m² of land.

Purchasing shares of Garanti Koza and Corio, the group will have 100% ownership in the new project, which will be called Akbati AVM.

The group’s real estate investment company, Akis, will build and sell 348 apartments on the upper stories of the new shopping center and rent 300 stores. The new building will be constructed on 50,838 m² of land with a total gross construction area of 242,000 m². The residences will be in a 21-story “blue tower” and an 11-story “green tower,” and the size of these flats will range from 67 m² to 571 m². The cheapest apartment will be TL 67,000, with the most luxurious suites costing TL 1.85 million.

The company bought the land for the new mall from the Esenyurt Municipality in 2006 for $22 million.

Source: Today’s Zaman, Ibrahim Balta

Posted via web from Jonathan Bowker

Strong final quarter confirms European property market recovery (EU)

Tuesday 19 January 2010

CB Richard Ellis Group, Inc. announced today that European commercial real estate investment turnover grew to €25.7 billion in the fourth quarter (Q4) of 2009, up 42% on the previous quarter. This is the highest quarterly total since Lehman’s collapse, and a confirmation that the upturn in investor interest that started in the major European markets in mid-2009 has now spread further afield in the region.

The Q4 activity brings the total 2009 turnover to €70 billion, compared with the €121 billion reported for 2008 as a whole. CB Richard Ellis expects the European investment market to continue this growth in 2010.

Traditionally, Q4 is the busiest quarter of the year, therefore seasonal effects have also played a part in these activity levels. Many European markets saw a rush of deals being completed towards the year-end. Overall, 17 out of the 26 monitored markets reported Q4 as having the highest quarterly turnover in 2009.

A very sharp turn-around in activity occurred in Europe during the course of 2009. Following a recovery in sentiment from around April, completed transactions picked up strongly from mid-year, with investment deals totaling €43.9 billion completed in the second half (H2) – a 71% total increase compared to the first half (H1) of the year in Europe.

Almost every market saw an increase in investment activity quarter-on-quarter in Q4, as well as on a half-yearly basis. Most notable was the fact that transactions in both France and Germany – the two largest markets in continental Europe – more than doubled in H2 compared to H1 2009. CEE experienced a particularly sharp uplift (of 231%) in H2, but this was coming from a very low base. Investment in the UK continued to increase, with H2 growth of 64% relative to H1 2009. This was below the European average, but reflects the fact that the UK market had already started to recover by the middle of the year, earlier than most other markets.

The recovery in overall turnover has also featured a revival in cross-border investment activity, after a first half which was dominated by domestic investment. The German Open-ended Funds alone spent over €1 billion in December 2009, with at least 13 separate acquisitions spread across seven European markets. Sovereign Wealth Funds also contributed to the uplift in Q4 activity, including the completion of one of 2009 largest single asset deals – the €860 million sale-and-leaseback of HSBC’s tower in London’s Canary Wharf, acquired by the National Pension Service of Korea.

Michael Haddock, Director of EMEA Capital Markets Research, CB Richard Ellis, commented: “Despite the increase in investment activity across Europe, investor interest is still fixated on prime product and the most liquid markets. As a result of tight supply and expanding demand there were further widespread falls in prime yields, although the spread between prime and secondary has increased.”

Jonathan Hull, Executive Director of EMEA Capital Markets, CB Richard Ellis, said: “Although most markets were dominated by local investors in the first half of 2009, the second half of the year saw a significant reversal with the influx of a variety of equity from across the world. In addition to the established investors such as the German Open-ended Funds, we have witnessed strong interest from Sovereign Wealth Funds and private equity, recognising value in many European markets, particularly when compared to cash returns available in local markets.”

Source: CB Richard Ellis

 

Posted via web from CBRE Turkey

Turkey Global Real Estate Institute (GRI) 2010 has a Successful Meeting of Minds

Friday 29 January 2010

In January the Turkey GRI 2010 met in Istanbul, bringing together the leading international players and national decision-makers that are driving the real estate business in Turkey today.

 

Discussion GRI_SCF5565

Many informative discussions took place during the Turkey GRI meeting in Istanbul.

Turkey GRI 2010 started with a keynote by Prof Dr. Vedat Akgiray, the Chairman of The Capital Markets Board of Turkey. Turkey GRI 2010 program was a reflection of the market and its participants. On the whole we saw the mood is slowly brightening up.
All topics were suggested by major players and therefore all were relevant to those joined us on January 19. You can see below the List of Discussions.

Like all GRI meetings, the Turkey GRI had no speakers and no panellists, just informal discussions in small groups, where everyone participates equally.

The following topics were of great interest to the participants.
Turkey GRI 2010 Program

• KEYNOTE by Prof Dr. Vedat Akgiray
• Commercial Real Estate – Not as bleak as it may seem?
• Developing Shopping Centres – Are we missing Something?
• Financing Developers – Is it just talk?
• Hotel & Resort Investments in Turkey – Selecting the right global partners
for a successful venture
• Investing in Turkey – Will inflation make it worth or worse?
• Istanbul Office Market – Too much or too little?
• Mixed Use Developments – Brings comfort or just a cost?
• Middle Eastern Investors in Turkey – Growing appetite?
• New Business Models – how to adapt in a new world?
• Outlook & Opportunities for 2010 – what’s ahead?
• Private Equity – tightening the purse or just empty?
• Retail Parks – Why are investors so slow?
• Shopping Centers in Turkey – More money in management than development?
• Residential in Turkey – stronghold in the downswing?

The GRI is a global club of senior real estate investors, developers and lenders that runs its activities through a collection of annual meetings focused on different regions of the world. There are annual GRI meetings in Turkey, Switzerland, USA, Singapore, Germany, UK, Sweden, China, Brazil, France, Russia, India, Egypt and in the Czech Republic.

If building close relationships with the driving elite of the real estate industry at the most senior levels can be useful to you or your organisation, we invite you to join us at the GRI events.

Source: GRI Turkey

 

Posted via web from CBRE Turkey

Rixos Residences Bomonty the First Residential Project of Rixos Istanbul – Turkey

Thursday 21 January 2010

Rixos Residences Bomonty project, which is to be realized by Rixos, Ayaydın Group, Ipek-Cakırkaya joint venture with TL 200,000,000 (approx. €96 mln.) investment to be operated under Rixos brand, has been put on sale on 12 December 2010. Designed as a 42-story tower on 12,000 m² land in Bomonti, Rixos Residences Bomonty project will have 338 modular suites, mostly studio type of apartments and 6 penthouses. We have been informed that the project will include alternatives with different features in 84-760 m² area range and a 2,500 m² SPA area which is to be operated by Rixos; indoor and outdoor swimming pools, fitness room, massage-multipurpose outdoor sports area, mini golf, cafe, restaurant, hair dresser and dry cleaning services.

Source: TSKB

 

Posted via web from CBRE Turkey

For Sale – Dedeman Palandoken Hotel #Erzurum #Turkey

PROPERTY DETAILS            
             
LOCATION                       Palandoken, Erzurum
RATING 4-star
SITE AREA 12.720m2
TOTAL BUILT UP AREA 22.967m²
OPENING DATE 1994
NUMBER OF FLOORS Ground and 4 upper floors 
NUMBER OF ROOMS 183 rooms with a 610 bed capacity
OWNERSHIP STATUS Property of Erzurum Private City Administration
  Leasehold (1993-2022)
  Ground rent: TL 59.998/year
FACILITIES            
             
Conference Room 180 people
Lifestyle Health and Beauty Centre  Indoor swimming pool, sauna, solarium and 
  massage room, Turkish bath
Sports Sports & health club, skiing and billiards room
Restaurant and Bars Main Restaurant
  Igloo Cafe
  Teleski Cafe
  Dedeman Cafe
  Lobby Bar
  Arzen Disco
Renovation Totally renovated in 2008
             
PRICE Offers invited
             

Income before fixed charges (GOP) 

$ 333,654 (in 2008)

Contact: Dr. Vehbi Cemil HaririPhone: +90 (212) 259-3629 #15

 

Posted via web from Jonathan Bowker