Amstar Sells its 50% Shareholding in Adana Optimum Shopping Center to its Partner, Renaissance
Istanbul, Turkey (August 16, 2017) – Amstar announced today the sale of its 50% shareholding in Adana Optimum Shopping Center to its long-standing operating partner, Rönesans Real Estate Investment. The property was developed by Amstar, in partnership with Rönesans Real Estate Investment, beginning in late-2007 and opened in April 2011. Specific terms of the transaction have not been disclosed.
Located on the banks of the Seyhan River in a dense, urban infill location, Adana Optimum is one of the premier shopping centers in Adana, the fifth largest city in Turkey with a population of 2.1 million inhabitants. The property comprises more than 160 stores and 60,000 square meters of leasable area over five floors. The property is anchored by Migros Hypermarket, MediaMarkt, Avşar Cinema, Macfit and Decathlon and includes a diverse mix of some of Turkey’s most popular retailers including Zara, H&M, LC Waikiki, Koton and Mango.
In 2011, Adana Optimum was awarded as the “Outlet Shopping Center of the Year” by Turkey’s Trade Council of Shopping Centers and Retailers. In 2015, the center underwent a successful rebranding to convert it from an outlet center into a regular shopping center, strengthening the tenant mix and leasing a combined 6,800 square meters to Inditex (Zara, Pull & Bear, Bershka and Stradivarius) and H&M in the process.
“The sale of Adana Optimum marks the culmination of a successful project for Amstar and its investors amidst a complex operational and capital markets environment in Turkey. In addition, the sale provides Renaissance with the opportunity to own 100% of the property and to continue its successful operations for years to come,” said Jason Lucas, President of Amstar.
Following the sale of Adana Optimum, Amstar continues to maintain a strong partnership with Renaissance Development on four additional shopping center investments in Turkey. Similar to Adana, each of the four assets are owned in a 50%/50% partnership.
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 $1.5 billion in assets under management (as of March 31, 2017). Today, Amstar is proud to provide a high degree of focus and attention to its client relationships, counting among them leaders in the private and institutional investment community. Amstar's clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and other family offices.
About Rönesans Real Estate Investment
Rönesans Gayrimenkul Yatırım A.Ş. (RGY) is the commercial real estate development and investment company of the Rönesans Group. RGY has become a leading commercial real estate player in Turkey in regards to total leasable area by combining the Group’s construction experience of over 24 years with its real estate experience of 16 years. RGY’s current portfolio includes 23 real estate assets: 10 operational, 7 projects at various stages of the development process and 6 land sites suitable for future development projects. For more information, visit www.rgy.com.tr