8/7/2015

Prime Development portfolio in Turkey to reach USD 1 billion

Dünya – German real estate developer Prime Development plans to have a USD 1 billion Turkish portfolio over the next 2-3 years, according to its CEO, Artug Cetin. The company has started a shopping center project in Sivas, located in Central Anatolia Region, at an investment cost of TRY 200 million (approx. USD 72 million) which will open its doors to visitors by late 2016.


Speaking to the press about their investment plans, Artug Cetin said that Primemall SivasPark, their fourth shopping center in the country, will increase their portfolio to USD 650 million. “With the upcoming projects, our portfolio in Turkey will reach USD 1 billion in the next 2-3 years”, Prime Development CEO said, adding that the company was planning to expand into housing and office projects as well.


“Turkey takes up 20 percent share in our USD 2.5 billion investment portfolio in a total of 15 countries, signifying the importance we attach to the country”, Cetin remarked.

Offering 35.000 squaremeters of retail space, Primemall SivasPark will integrate shops, restaurants, cinemas and recreational areas. The first shopping center in Sivas, Primemall SivasPark will cater to a population of 650.000 people.


Over the last decade, the number of shopping centers has rapidly increased in Turkey, reaching 350 as of the end of 2014, according to Council of Shopping Centers of Turkey (AYD) data. The country also attracts shoppers from neighboring countries with shopping festivals held in major population centers like Istanbul and Ankara.

Image of Primemall SivasPark
Turkey; shopping centers turkey; prime development turkey; turkey shopping festivals