TerraCity: A $220 Million Luxury Mall in Turkey Unveiled

Pramerica Real Estate Investors publicly announced the completion of the first phase of a shopping centre in Antalya, in Turkey which is on Mediterranean coast, a sought after destination of tourists. It is a venture of a trio of real estate investors. This partnership venture is fully leased by Pramerica Real Estate Investors, the European real estate arm of US-based Prudential Financial, and Istanbul based real estate investment company EriaPartners. It has also completed the project of the shopping centre “TerraCity” which is opened this week to the public.

It is a project of USD 220 million. Before its inauguration hundred percent occupancy of the area is over, and in its retail area of 48,000 square meters, more than 180 brands will be hosted. It includes 1,400 parking spaces comprising 30 cafes and restaurants, 150 stores, and cinema complex. Annually about twelve million customers are expected to visit TerraCity. The investors are planning to invest a total of USD 1 billion for the projects in Turkey during 2011. They think that the global market of Turkey will be constantly rising, so they intend to expand and carve a name in the market of Turkish  real estate.

The mega project is financed by the National Bank of Kuwait. Wafra, a Kuwait and New York-based fund manager according to ensures the fund follows certain standards in handling luxury business.

Aytek Şavkan and Frithj of Fuchs, control a privately-owned real estate group, Eria Partners, and execute the scheme of the development. The management of the mall is the responsibility of ECE Turkey. The project creates jobs for 1500 candidates. Mars Entertainment operates the events for Antalya Film Festival. This mall could be the next big thing in Turkey!

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