GIC buys 50 percent stake in Turkey shopping mall

Propertyeu.info, 11 Mar 2013
Singapore's GIC has made its second direct real estate investment in Turkey by taking a half share in Optimum Ankara shopping centre in the Turkish capital.
The 50-50 joint venture agreement with the real estate arm of Turkey’s Rönesans Group reflects a property value of $165 mln (€127 mln). Closing of the transaction is subject to regulatory approval.
The deal is the second direct property transaction by GIC, the real estate investment arm of the Government of Singapore Investment Corporation, in Turkey, and the second with RGY.
GIC acquired a 50% share in Istanbul Optimum Outlet from Rönesans for about €180 mln in December 2012. The centre opened in the Ataºehir district of Turkey's largest city in 2008 and offers 39.000 m2 of gross lettable area. Full story

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