Vastned acquires prime high street shop in nisantasi istanbul

Pan-European retail property fund VastNed Retail has acquired a prime high street shop in the heart of the prestigious Nisantasi shopping area, Istanbul, which boosts the portfolio size in Turkey over € 100 million.

Abdi Ipekci Caddesi 37, Nisantasi, Istanbul

VastNed Retail has acquired the entire property at Abdi Ipekci Caddesi 37, which now hosts three shops. The total property will be redeveloped and then comprise close to 2,000 sqm GLA of which some 1,100 sqm will be retail space. The redevelopment is expected to be realised no later than August 2013. The expected rent level is € 1.4 million per annum.

The sellers of the property are private individuals.

Most prestigious shopping street

The 700-metres-long Abdi İpekçi Caddesi is the most prestigious shopping street of İstanbul, Turkey, located in the Nisantasi area of the Şişli district. The area includes a wide variety of exclusive and luxury shops offering Turkish and international designer labels. In addition, restaurants offering international cuisine and cafés are present on both sides of the street. Some of the best-known retailers that have settled in Nisantasi include Prada, Louis Vuitton, Hermes, Channel, Burberry, Ermenegildo Zegna and Salvatore Ferragamo, as well as many local designers that have gained fame abroad.

Taco de Groot, Chief Investment Officer of VastNed Retail: ‘With this transaction we are now present in three prime high streets in the heart of Istanbul. Acquiring a property in the most prestigious shopping street of Turkey fits in perfectly with our efforts to further build our Istanbul portfolio. Based on past experience we feel comfortable that the redevelopment will result in a top quality retail unit appealing to high-end retailers and shoppers.’

Istanbul portfolio in operation: 100% occupancy

Furthermore, a lease has been signed with a fashionable café operator for the first and second floor of the prime high street shop on Istiklal Caddesi 119, Istanbul resulting in 100% occupancy for the current Istanbul portfolio in operation.

VastNed Retail invests in high street shops, shopping centres and retail warehouses located in good and top locations in its core countries: the Netherlands, Spain, France, Belgium and Turkey. The value of the investment properties was € 2.1 billion as at 30 June 2011.

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