Amstar and Renaissance Open Piazza Shopping Center in Urfa, Turkey
Urfa, Turkey (October 15, 2013) Amstar announced today the opening of Piazza Urfa Shopping Center, the first institutional-quality shopping center in Şanlıurfa, a city in Southeastern Turkey with a regional population of more than 1.6 million. The 44,000 m2 (474,000 sf) project is the sixth shopping center developed by the joint venture between Amstar and Renaissance Development and the fifth in Turkey.
Piazza Urfa was developed on a centrally located infill site along the city’s principal east-west highway, providing excellent access and visibility. The property is adjacent to the main tourist area of Urfa and will be connected to these historical sites via a pedestrian walkway.
Piazza Urfa was constructed over 14 months and was 95% leased at opening. The project includes 125 retail stores, 24 restaurants and cafes, a family entertainment center, skating rink and eight-screen cinema. “The project’s high quality tenant mix, including retail, dining and entertainment will make it the premier shopping destination of the entire region,” said Amstar Global Advisers President Jason Lucas.
Amstar and Renaissance now co-own five operational shopping centers in Turkey totaling 241,000 m2 (2.6 million sf) of leasable area, making Amstar one of Turkey’s largest retail property owners. Piazza Urfa is Amstar and Renaissance’s third shopping center to open this year. The 64,000 m2 (690,000 sf) Piazza Samsun opened 98% leased in March 2013 and the 49,000 m2 (530,000 sf) Piazza Maras opened 95% leased in April 2013.
Amstar and Renaissance’s properties have been recognized with several of the industry’s most coveted awards. The joint venture’s Kozzy Shopping Center, which opened in Istanbul in April 2010, was awarded Europe’s Best New Retail Project (under 20,000 m2) by ICSC. Adana Optimum Shopping Center, which opened in Adana in April 2011, was recognized by Turkey’s Trade Council of Shopping Centers & Retailers as Outlet of the Year in 2011.
According to Lucas, “Amstar and Renaissance have established a best-in-class development platform. We are confident in the Turkish market’s long-term fundamentals and will continue to leverage this platform for the development of institutional-quality real estate.”
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in the U.S. and select international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $2.5 billion in assets under management (as of June 30, 2013). Amstar’s clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and family offices. For more information, visit www.amstar.com.
Renaissance Development is the investment branch of Renaissance Engineering and Construction of Turkey, the world's third largest international retail contractor and 18th largest general building contractor. Renaissance, which has more than 2.8 million m2 (30 million sf) of commercial space and 13 shopping centers in Turkey, was awarded "Best Real Estate Developer in Turkey" by Euromoney Magazine in 2011. For more information, visit www.rendvlp.com.