Pramerica Real Estate Investors completes first development in Turkey - TerraCity, the largest shopping center in Antalya, is fully leased
(firmenpresse) - Pramerica Real Estate International AG / Key word(s): Finance/
Pramerica Real Estate Investors completes first development in Turkey
- TerraCity, the largest shopping center in Antalya, is fully leased
DGAP-Media / 31.05.2011 / 11:30
MUNICH/ANTALYA - Pramerica Real Estate Investors announced today that it
has successfully completed its first development in Turkey - a shopping
center in Antalya built with Istanbul-based joint venture partner
EriaPartners. TerraCity will open to the public on Wednesday, the 1st of
June. Pramerica is the European arm of the real estate investment advisory
business of U.S.-based Prudential Financial, Inc. (NYSE: PRU).
The shopping and entertainment center introduces 180 exclusive brands to
Antalya comprising of 150 international and national chain stores, 30 cafes
and restaurants and a cinema complex. The US$220 million project was
financed by a Shariah-compliant fund of the National Bank of Kuwait.
Pramerica, one of the world's leading real estate investment managers,
invested in the 48,000 sqm mall on behalf of a Shariah-compliant fund,
working closely with Wafra, a Kuwait and New York-based fund manager that
ensures the fund's compliance with Islamic law. EriaPartners, the local
development partner in the TerraCity project, executed of the development,
from the coordination of the design to the construction and delivery of the
project. The center will be managed by ECE Turkey.
Eric Adler, CEO of Pramerica Real Estate Investors-Europe, underscored the
importance of the investment during a news conference today in Antalya,
Turkey, saying, 'TerraCity is the first completed project of this
partnership and an expression of our commitment to Turkey. We intend to
continue expanding our presence in Turkey's real estate market.'
TerraCity's wide range of brands, a food court with seating capacity for
830 people, a new cinema multiplex, entertainment areas for children and
teenagers, and a car park for 1,400 automobiles, serves as a milestone for
Turkey and internationally. The project will create almost 1,500 new jobs
and is expected to draw 12 million visitors annually. And on the
international stage, Mars Entertainment, which operates the new cinema
complex will host events surrounding the Antalya Film Festival.
TerraCity's modern architectural design also includes a commitment to green
principles that promote energy conservation. The center boasts a fully
automated energy-conserving operation design with the lowest per sqm common
area cost for its tenants in Antalya, despite the hot climate.
Editor's notes
About EriaPartners
EriaPartners is a privately owned real estate group that develops
prestigious projects, dedicated to delivering outstanding real estate
investments in Turkey to their international partners. EriaPartners was
founded and is owned by Aytek?avkan and Frithjof Fuchs with a mission to
develop pioneering landmark properties that combine high quality living and
working environments through their mixed-use, commercial and urban
properties. EriaPartners seeks to add value to its investments by
optimizing the usage of each concept. All projects are dedicated to
achieving new standards of innovation and excellence for the Turkish market
while being committed to the highest standards of professional and ethical
management.
About Pramerica Real Estate Investors
Pramerica Real Estate Investors is a leader in the global real estate
investment management business, offering a broad range of investment
vehicles that invest in private and public market opportunities in the
United States, Europe, Asia, and Latin America. Headquartered in
Parsippany, N.J., Pramerica has offices in Atlanta, Chicago, New York, San
Francisco, Miami, London, Lisbon, Madrid, Munich, Paris, Luxembourg,
Istanbul, Abu Dhabi, Singapore, Mexico City, Rio de Janeiro, Sao Paulo,
Hong Kong, Beijing and Tokyo; as well as two representatives in Milan and
Zurich. As of December 31, 2010, the company managed about EUR 33,7 million
in gross real estate assets on behalf of more than 490 clients worldwide
and ranks among the largest real estate investment managers. For more
information, please visit http://www.pramericarei.com
About Pramerica
Pramerica Financial is a trade name used by Prudential Financial, Inc., a
company incorporated and with its principal place of business in the United
States, and its affiliates in select countries outside the United States.
PFI (NYSE: PRU), a financial services leader with approximately $859
billion of assets under management as of March 31, 2011, has operations in
the United States, Asia, Europe, and Latin America. PFI's diverse and
talented employees are committed to helping individual and institutional
customers grow and protect their wealth through a variety of products and
services, including life insurance, annuities, retirement-related services,
mutual funds, investment management, and real estate services. In the U.S.,
the company's iconic Rock symbol has stood for strength, stability,
expertise and innovation for more than a century. For more information,
please visit http://www.news.prudential.com/ . PFI of the United States is
not affiliated in any manner with Prudential plc, a company incorporated in
the United Kingdom.
End of Media Release
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Caption: TerraCity, the new shopping and entertainment mall in
Antalya, Turkey
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126812 31.05.2011
Datum: 31.05.2011 - 11:30 Uhr
Sprache: Deutsch
News-ID 34275
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