Amstar and Renaissance Announce Grand Opening of Kozzy Retail Center in Istanbul, Turkey
Kadikoy District, Istanbul, Turkey; May 25, 2010 – Amstar and Renaissance Development celebrated during April the grand opening of Kozzy Shopping Center, the Kadikoy district’s newest neighborhood retail project offering local residents a diverse, high-quality mix of 60 international and domestic retailers, a nine-screen cinema, indoor and outdoor restaurants and cafes and 260 underground parking stalls. At grand opening, the 40,000-square-meter (430,560-square-foot) center was 100% leased with more than 70% of the shops open to the public.
“The strong leasing demand for this project supports our partnership’s investment thesis of developing institutional-quality real estate in under-supplied markets,” said Jason Lucas, Senior Vice President at Amstar.
Amstar in partnership with Renaissance developed and leased the project. Construction began in 2008 and the development team partnered with the Kadikoy Municipality to secure a ground lease of the Municipality’s land in exchange for an office and theatre component reserved for the Municipality’s use.
Amstar and Renaissance formed a joint venture to develop projects throughout Russia and Turkey. In addition to Kozzy, the partnership is developing shopping centers in Adana, Turkey, Novosibirsk, Russia and has a strong pipeline of future projects.
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 $1.65 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 Jason Lucas at +1-303-534-6322.
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 over $5.0 billion. Currently, the Company has over 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 in December 2009. For more information about Renaissance visit the company’s website at www.rendvlp.com.