02. Juli 2012 
Print
Print
Redevco sells its entire Turkish business to Blackstone
Redevco signed the agreement with affiliates of The Blackstone Group at the beginning of June. The deal includes the 53,000 sq. m. Gordion Shopping Center and the 33,000 sq. m. Erzurum Shopping Center, which were both opened in 2009 and awarded BREEAM certificates with a ‘Very Good’ rating. The sale also includes the recently opened 19,000 sq. m. Magnesia Shopping Center.
These disposals are in line with Redevco’s strategy as communicated at the end of 2011 of further concentrating its activities on its key markets in Europe and ceasing its full development operations in emerging markets. The company plans to use the revenue from these divestments for new acquisitions and redevelopments in its key markets Belgium, Central Europe, France, Germany, Spain/Portugal, Switzerland, The Netherlands and the UK.
Ken Caplan, Senior Managing Director and Head of European Real Estate at Blackstone, commented: “We are very excited about our first real estate investment in Turkey, and are thrilled to be working with the outstanding management team at Redevco. We see Turkey as a promising market for additional investment in the retail sector.”
These disposals are in line with Redevco’s strategy as communicated at the end of 2011 of further concentrating its activities on its key markets in Europe and ceasing its full development operations in emerging markets. The company plans to use the revenue from these divestments for new acquisitions and redevelopments in its key markets Belgium, Central Europe, France, Germany, Spain/Portugal, Switzerland, The Netherlands and the UK.
Ken Caplan, Senior Managing Director and Head of European Real Estate at Blackstone, commented: “We are very excited about our first real estate investment in Turkey, and are thrilled to be working with the outstanding management team at Redevco. We see Turkey as a promising market for additional investment in the retail sector.”
