- With Photo
MARAS, Turkey, April 30, 2013 /PRNewswire/ -- Amstar announced today the opening of Piazza Maras Shopping Center, the first institutional-quality shopping center in Kahramanmaras, a city in Southeastern Turkey with a regional population of more than one million residents. The 52,000 m2 (560,000 sf) leasable area project is the fifth shopping center developed by the joint venture between Amstar and Renaissance Development. On opening day, the shopping center attracted an enormous crowd of nearly 115,000 shoppers, 26% of the city's urban population.
Piazza Maras is located in the heart of the city at the junction of the principal north-south and east-west highways, ensuring a high level of car and pedestrian traffic. "Due to the project's prime location and critical mass, we expect it to capture the city's entire catchment area and be the leading attraction in Maras for the foreseeable future," said Amstar Global Partners President Jason Lucas.
Designed by Los Angeles based architecture firm 5+ Design, the project exhibits a thoughtful blend of modern and historical architecture coupled with natural features such as stone, plaster and wood. Its seamless integration into the surrounding landscape sets a high standard for the future urban development of the traditional Anatolian city.
Piazza Maras was constructed over 18 months and was 95% leased at opening. The project includes 153 retail stores, 24 restaurants and cafes, a family entertainment center, skating rink and eight-screen cinema.
Amstar now has four operational shopping centers in Turkey, one in Istanbul and three in secondary cities. In March 2013, Amstar and Renaissance delivered the 66,000 m2 (710,000 sf) Piazza Samsun 98% leased. A fifth shopping center, the 47,000 m2 (506,000 sf) Piazza Urfa in Sanliurfa, will open in November 2013. According to Lucas, "These developments are a testament to Amstar's confidence in the Turkish real estate market and our dedication to bringing institutional-quality real estate to Turkey's large and increasingly affluent consumer base."
About Amstar in Turkey
Amstar, in partnership with Renaissance Development, owns and manages five shopping centers in Turkey (including Piazza Maras). Combined, these projects comprise 250,000 m2 (2.7 million sf) of leasable area, making Amstar one of Turkey's largest retail property owners.
Amstar and Renaissance's properties have been recognized with several of the industry's most coveted awards. Istanbul's Kozzy Shopping Center, which opened in April 2010, was awarded Europe's Best New Retail Project (under 20,000 m2) by ICSC. Adana Optimum, which opened in Adana in April 2011, was recognized by Turkey's Trade Council of Shopping Centers & Retailers as Outlet of the Year in 2011.
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select U.S. and international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $2.4 billion in assets under management (as of March 31, 2013). Amstar's clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and family offices. For more information, visit www.amstar.com.
Renaissance Development is the investment branch of Renaissance Engineering and Construction of Turkey, the world's third largest international retail contractor and 18th largest general building contractor. Renaissance, which has more than 2.8 million m2 (30 million sf) of commercial space and 11 shopping centers in Turkey, was awarded "Best Real Estate Developer in Turkey" by Euromoney Magazine in 2011. For more information, visit www.rendvlp.com.
A picture accompanying this release is available from the European Pressphoto Agency (EPA) at http://www.epa.eu