ING Provides €10 million of Construction Financing for Istanbul Shopping Center
ISTANBUL, TURKEY (October 15, 2008) - Amstar Global Property Fund I and Renaissance Development have closed on a €10.0 million loan with ING bank for the development of a class-A shopping center in the Kadikoy district of Istanbul, Turkey.
The Project is already under construction and, when finished in September 2009, will include 13,000 m2 of gross leasable area.
Amstar Global Partners and Renaissance Development have formed a Joint Venture to develop projects throughout Turkey and Russia. In addition to the Kadikoy Project, the Joint Venture is in various phases of development on two other shopping centers in Turkey and one shopping center in Russia. The total expected capitalization of all combined projects is over €650 million.