An excellent article that highlights Turkey, and in particular cities are continuing to attract investors.
Canada Pension Plan Investment Board (CPPIB) has committed €250m (US$350m) to a Turkish retail property fund. Multi Corporation announced it had closed the fund, a real estate development platform consisting of 21 completed, under construction or planned shopping centres throughout Turkey. The fund has a projected real estate value upon completion of €4.3bn and will be financed through a combination of fund equity and bank facilities.
CPPIB, which manages the C$117.4bn (US$95.7bn) Canada Pension Plan, was the first founding investor. Multi said it was concluding negotiations with the fund’s second founding investor to close before year-end and might seek additional investors but would retain majority ownership of the fund.The fund is Turkey’s largest portfolio of retail real estate assets, and the largest publicly announced private equity investment in the Turkish real estate sector in 2008.
Property includes the 178,000sqm Forum Istanbul which, when opened in mid-2009, will be the third largest in Europe.The fund is focused on downtown locations in cities covering 70% of the Turkish population. Five of the shopping centres are already opened and fully leased, while eight others are under construction. Article from globalpensions.com 19th December 2008
If you are interested in property investments in Istanbul with a bank back guaranteed rental return of 9.5% per annum for 5 years then contact Nigel now at Girasol Homes.
Girasol Homes Istanbul
44 1974 299055
email istanbul@girasolhomes.co.uk
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