8/27/2008

Corio to invest €50 mln for a mall in southern Turkey

Hurriyet English - The Dutch real estate investment fund Corio would build a shopping center in Turkey’s southern town of Tarsus as it seeks to strengthen its presence in the country, the company said in a statement. Corio said the shopping center, which would be build under the cooperation with Acteeum Group, is planned to be approximately 25.000 m². “The total investment in the Tarsus shopping centre will be approximately 50 million euro and the net initial yield upon delivery is at least 8%, which is in line with Corio's other investments in Turkey,” the company added in its statement. Corio operates 10 shopping malls in Turkey, including Akmerkez in Istanbul. Corio and Acteeum Group plan to invest a total 300 million euros in their investments throughout the country.