Turkey Retail Project Wins Award for Developers Amstar & Renaissance

Kadikoy District, Istanbul, Turkey (January 19, 2011) – Kozzy Shopping Center was named Turkey’s Best New Shopping Center Under 50,000 m2by Turkey’s Trade Council of Shopping Centers & Retailers (AMPD), Kozzy developers Amstar and Renaissance Development announced today. In addition, Kozzy was selected as one of two finalists for the International Council of Shopping Centers’ (ICSC) European Shopping Center Awards as Best New Development Under 20,000 m2.

Kozzy, a 14,600 m² enclosed mall in this affluent Istanbul neighborhood, was developed during 2009 by a joint venture between Amstar and Renaissance Development. The shopping center is located on the Anatolian side of Istanbul in a high-density, residential neighborhood. In addition to the diverse, high-quality mix of 65 international and domestic retailers, Kozzy features a considerable amount of social space including a nine-screen cinema, indoor and outdoor restaurants and cafes, a 400-seat theater and an art exhibition center. Kozzy has been 100% leased since its April 2010 grand opening.

Kozzy earned the AMPD’s designation after being judged on design, concept, location, performance, sustainability, presentation quality and how it exemplified the retail sector’s future trends. The award was determined through a vote of AMPD’s members after a thorough evaluation conducted by Turkish and global retail members according to the criteria established by NRD, Euro Commerce, FAPRA and ICSC.

The ICSC nomination was announced during November and winners will be announced during June at a ceremony in Paris. Presented annually since 1977, the ICSC’s European Shopping Center Awards honor highly successful retail developments. The ICSC considers a variety of criteria during its evaluations, including architecture, financial structure, impact on the surrounding area, innovation, location, property performance, marketing concept, design concept, brand/store mix and environmental awareness.

About Amstar:

Established in 1987, Amstar is a real estate investment manager that offers both commingled funds and tailored separate accounts to its international and domestic clients. With more than $1.50 billion of assets under management, Amstar’s current portfolio consists primarily of retail, office, hospitality and multifamily holdings within the major markets of the United States and select markets in Europe and Latin America. For more information about Amstar visit the company’s website at www.amstar.com or contact Amstar Executive Director Rob Toomey at  +1-303-534-6322.

 About Renaissance:

Renaissance is one of the leading general contractors and commercial real estate development groups in Russia, Turkey, Ukraine and Libya, and is expanding into Turkmenistan and the Gulf countries. During its 15 years of operations, Renaissance has completed more than 420 projects valued at more than $5.0 billion. Currently, the company has more than 11,000 employees working at 32 different locations.  Engineering News Record ranked Renaissance 3rd in “Retail,” 18th in “General Building” and 85th “Top International Contractor” in the world during December 2009. For more information about Renaissance visit the company’s website at www.rendvlp.com.