05. Juli 2012 
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Amstar closes €95m investment fund for retail development
Amstar closed Amstar Global Property Fund II with €95 million of total equity commitments. Participants in the Fund are institutional and high net worth investors from Europe and the United States. The Fund was raised entirely to capitalize three Western-designed, institutional-quality shopping center developments located in undersupplied cities of Turkey.
The three development properties are centrally located in the cities of Samsun, Kahramanmaraş (“Maras”) and Şanliurfa (“Urfa”), Turkey. Construction of the Samsun and Maras properties is 20% complete with grand openings planned for March and April of 2013, respectively. Construction of the Urfa shopping center will begin in September 2012 and the grand opening is scheduled for the third quarter of 2013. The Fund invests alongside its Turkey-based operating partner, Renaissance Development, and together the joint venture utilizes moderate leverage resulting in a projected portfolio value of €570 million across the three investments.
The Fund is a continuation of Amstar Global Property Fund I, which developed and owns operational shopping centers in Istanbul and Adana, Turkey, as well as properties in Russia and India. The Fund I shopping centers opened 99% leased and the Istanbul property was recently named Europe’s Best New Retail Project (under 20,000 m²) by the International Council of Shopping Centers (ICSC).
The three development properties are centrally located in the cities of Samsun, Kahramanmaraş (“Maras”) and Şanliurfa (“Urfa”), Turkey. Construction of the Samsun and Maras properties is 20% complete with grand openings planned for March and April of 2013, respectively. Construction of the Urfa shopping center will begin in September 2012 and the grand opening is scheduled for the third quarter of 2013. The Fund invests alongside its Turkey-based operating partner, Renaissance Development, and together the joint venture utilizes moderate leverage resulting in a projected portfolio value of €570 million across the three investments.
The Fund is a continuation of Amstar Global Property Fund I, which developed and owns operational shopping centers in Istanbul and Adana, Turkey, as well as properties in Russia and India. The Fund I shopping centers opened 99% leased and the Istanbul property was recently named Europe’s Best New Retail Project (under 20,000 m²) by the International Council of Shopping Centers (ICSC).
