Amstar and Renaissance Announce Grand Opening of Class-A Shopping Center in Adana, Turkey
Adana, Turkey (April 20, 2011) – Amstar and Renaissance Development celebrated the April 8 grand opening of Adana Optimum Outlet Center, a Class-A regional shopping center offering a diverse mix of 170 international and domestic retailers, a ten-screen cinema, a bowling alley and 35 restaurants and cafes. At grand opening, the shopping center’s 68,000 square meters of leasable area (732,000 square feet) were 99% leased.
“Adana Optimum is a great success for Amstar and an excellent example of the demand for quality retail projects in undersupplied markets in Turkey. Despite constructing and leasing during the financial crisis, the project opened fully leased with a high-quality mix of international and domestic tenants. We expected a strong turnout for the grand opening, but the 280,000 visitors during the first weekend far exceeded our expectations and was a testament to the strength of our tenants and the pent-up demand for quality retail product in the market,” said Jason Lucas, president of Amstar Global Partners.
Amstar in partnership with Renaissance developed the project, which is located near the center of the city in a dense urban neighborhood.
Amstar and Renaissance formed a joint venture to develop projects throughout Turkey and Russia. In addition to Adana Optimum, the partnership has developed shopping centers in Istanbul, Turkey, and 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 $1.50 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.
Renaissance is one of the leading general contractors and commercial real estate development groups in Russia, Turkey and Ukraine. During its 15 years of operations, Renaissance has completed hundreds of turn-key projects and now owns a real estate portfolio valued at over $2.0 billion. In 2010, Renaissance became the second-largest contractor in Russia and Turkey and the 75th largest international contractor in the world according to ENR Magazine. For more information about Renaissance visit the company’s website at www.rendvlp.com.