NEWS FROM TÜRKİYE

The New Anatolian - US investor Apollo Real Estate Advisors has entered the Turkish market by purchasing retail development in Merter, Istanbul from French supermarket giant Carrefour and Turkish property company Sabanci for 267 million euro. Apollo will fund the development by Turkish developer Multi Turkmall of a 1.4 m sq ft shopping center to be anchored by Carrefour. It is expected to be valued at about 700 million euro when it is completed in 2010. Carrefour, the world’s second largest retailer, will occupy approximately 123,500 sq ft and there will be a further 200 retail units at the scheme. Carrefour placed the site on the market last year. It has invested more than £490 million in Türkiye since entering the country in 1996. Apollo and Multi Turkmall were advised by Jones Lang LaSalle, while Cushman & Wakefield advised Carrefour and Sabanci.