Corio has signed a forward purchase agreement for the acquisition of a 100%-interest in Tekira shopping centre in the centre of Tekirdağ (west Turkey). The transaction will take place against a predefined net initial yield in line with Corio’s earlier acquisitions in Turkey. The development of Tekira shopping centre with a gross lettable area of approximately 30,000 m2 has recently started and is expected to be delivered mid 2009.

Tekira will be the first shopping centre in Tekirdağ. The project with a gross lettable area of approximately 30,000 m2  and 1,200 parking spaces is situated at an excellent location on the main high street in the city centre. The ground floor will be anchored by a hypermarket of approx. 7,000 m2 and a cinema is planned on the fourth floor. As a result of its unique city centre location, the very good accessibility and the new concept, Tekira will be dominant in its catchment area.

The developers and vendors of the shopping centre are the Eroğlu Group and the Ozdoyuran Family. The Eroğlu Group, headquartered in Istanbul, is a multinational active in the production and sale of jeans and casual wear under Colin’s and Loft brands.  Shopping centre Tekira will be acquired on a let turnkey basis. The total investment will depend on the letting result. Once acquired, Corio will manage the Tekira shopping centre in-house. The lease contracts in Tekira will be based on the Euro. Until the construction permit has been received, the project will be included in the variable pipeline of Corio.