Amstar Sells its 50% Shareholding in Three Turkish Shopping Centers to Long-Standing Partner, Renaissance
Istanbul, Turkey (January 26, 2018) – On January 26, 2018, Amstar successfully completed the sale of its 50% share in three shopping centers totaling approximately 125,000 square meters (~1.35M square feet) – Piazza Samsun, Piazza Maras in Kahramanmaraş and Kozzy Shopping Center in Istanbul – to its long-standing operating and development partner, Renaissance Real Estate Development. Specific terms of the transaction have not been disclosed, however, it is one of the largest real estate transactions to occur in Turkey over the last twelve months.
Renaissance and Amstar jointly developed the three, institutional-quality shopping centers beginning with the successful delivery of Kozzy Shopping Center in April 2010 and subsequently delivered Piazza Samsun and Piazza Maras in March and April 2013, respectively. All three shopping centers were over 95% leased at their opening with an attractive mix of international and local tenants. Since inception, all three centers have operated successfully as the leading retail and entertainment schemes in their respective catchment areas. As a testament to their high construction quality, the centers have received several highly coveted industry awards. In 2011, Kozzy Shopping Center was named Europe’s “Best New Shopping Center under 50,000 square meters” by ICSC. In 2014, Piazza Samsun, located on the Black Sea Coast, was awarded the Silver Commendation (Second Place) at the ICSC European Shopping Center Awards.
According to Jason Lucas, President of Amstar, “The sale of our 50% interest represents a significant milestone for both Amstar and Renaissance. Given the success of the Amstar-Renaissance retail platform, we certainly do not view this as the end of our partnership. Rather, it was as an opportunity to achieve a successful transaction that benefitted both parties, and will allow us to invest in future projects together”.
Amstar’s Turkey Country Manager, Zafer Baysal added “It is a bittersweet moment to exit a large portion of our Turkish shopping center portfolio; but it was a strategic decision for Amstar and we know that Renaissance will continue to operate the centers successfully, as they have throughout our long-standing joint venture partnership.”
Following the sale, Amstar continues to maintain a 50%/50% partnership with Renaissance on Piazza Urfa Shopping Center in Şanlıurfa, and the groups are in close contact regarding additional investment opportunities in Turkey and Western Europe.
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 $1.3 billion in assets under management (as of September 30, 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 Renaissance 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 12 years. RGY’s current portfolio includes 24 real estate assets: 11 operational, 7 projects at various stages of the development process and 6 land sites suitable for future development projects. For more information, visit http://rgy.com.tr/en/.