Grand opening of 100% leased Kozzy retail center in Istanbul

Amstar and Renaissance Development celebrated during April the grand opening of Kozzy Shopping Center, the Kadikoy district’s newest neighborhood retail project offering local residents a diverse, high-quality mix of 60 international and domestic retailers, a nine-screen cinema, indoor and outdoor restaurants and cafes and 260 underground parking stalls. At grand opening, the 40,000-square-meter (430,560-square-foot) center was 100% leased with more than 70% of the shops open to the public.

“The strong leasing demand for this project supports our partnership’s investment thesis of developing institutional-quality real estate in under-supplied markets,” said Jason Lucas, Senior Vice President at Amstar.

Amstar in partnership with Renaissance developed and leased the project. Construction began in 2008 and the development team partnered with the Kadikoy Municipality to secure a ground lease of the Municipality’s land in exchange for an office and theatre component reserved for the Municipality’s use.