Amstar and Renaissance Open Piazza Samsun Shopping Center in Samsun Turkey
Samsun, Turkey (April 2, 2013) Amstar announced today the opening of Piazza Samsun Shopping Center in Samsun, Turkey. The project of 66,000 m2 (710,000 sf) leasable area is the largest shopping center in the Black Sea region of Turkey and is expected to become the premier shopping destination for the more than 1.3 million residents of the Samsun region. This is the fourth shopping center delivered by the joint venture between Amstar and its partner, Renaissance Development.
Piazza Samsun was constructed over a 19-month period and was 98% leased at grand opening. The project offers a diverse mix of 165 international and domestic retailers, a ten-screen cinema, bowling alley, skating rink, and thirty-one restaurants and cafes, and the project includes approximately 1,700 parking spaces.
“Piazza Samsun’s best-in-class design and construction quality coupled with its strong retail, dining and entertainment offerings will help to make it the preeminent shopping center of the region. The project was designed to serve the community as a place where people can not only shop, but meet, gather and enjoy themselves with family and friends for generations to come,” said Jason Lucas, President of Amstar Global Partners.
Major tenants of the shopping center include Migros, MediaMarkt, Decathlon, H&M, Inditex Group (including Zara, Bershka, Pull & Bear and Stradivarius), LC Waikiki and Boyner. The project also includes Samsun’s first five-star hotel, the 163-room Anemon Samsun, which will open in May 2013.
According to Mr. Lucas, “The successful development and lease-up of Piazza Samsun is an example of Amstar’s investment strategy of developing institutional-quality real estate in high growth, under-supplied markets.”
About Amstar in Turkey
Amstar, in partnership with Renaissance Development, owns and manages three operating shopping centers in Turkey (including Piazza Samsun) and is currently developing two additional Turkish shopping centers in Kahramanmaraş and Şanlıurfa, which are scheduled to open in April and October 2013, respectively. Combined, these five shopping centers will comprise 250,000 m2 (2.7 million sf) of leasable area, making Amstar one of Turkey’s largest retail property owners.
Over the past several years, Amstar and Renaissance’s properties have been recognized with several of the industry’s most coveted awards. Kozzy Shopping Center, which opened in Istanbul in April 2010, was awarded Europe’s Best New Retail Project (under 20,000 m2/215,000 sf) by ICSC as well as Best New Shopping Center Development (under 50,000 m2/538,000 sf) by Turkey’s Trade Council of Shopping Centers & Retailers (AMPD). Adana Optimum, which opened in Adana in April 2011, was recognized by AMPD as Outlet of the Year in 2011.
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 select U.S. and 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 $2.3 billion in assets under management (as of December 31, 2012). 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 on Amstar, 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 international general building contractor. Renaissance, which has more than 2.8 million m2 (30 million sf) of commercial space and 11 shopping centers in Turkey, was awarded "Best Real Estate Developer in Turkey" by Euromoney Magazine in 2011. For more information on Renaissance visit www.rendvlp.com.