ISTANBUL, July 3, 2012 /PRNewswire/ -- Amstar today announced that it closed Amstar Global Property Fund II ("the Fund"), Amstar's second international real estate development fund, with euro 95 million of total equity commitments. Participants in the Fund are institutional and high net worth investors from Europe and the United States. The Fund was raised entirely to capitalize three Western-designed, institutional-quality shopping center developments located in undersupplied cities of Turkey.
The three development properties are centrally located in the cities of Samsun, Kahramanmaras ("Maras") and Sanliurfa ("Urfa"), Turkey. Construction of the Samsun and Maras properties is 20% complete with grand openings planned for March and April of 2013, respectively. Construction of the Urfa shopping center will begin in September 2012 and the grand opening is scheduled for the third quarter of 2013. The Fund invests alongside its Turkey-based operating partner, Renaissance Development, and together the joint venture utilizes moderate leverage resulting in a projected portfolio value of euro 570 million across the three investments.
"We are pleased to have reached our targeted fund size that fully capitalizes the Fund's three developments. Turkey is one of our key investment markets and the successful closing of the Fund was an important step in expanding our property portfolio within the country," said Amstar Global President Jason Lucas. "Our strong investment platform in Turkey exemplifies Amstar's international investment strategy of being an early-mover in bringing institutional quality real estate to vastly undersupplied growth markets. To achieve this end, we form joint ventures with best-in-class operating partners and utilize in-country investment managers and a flexible management approach to deliver results to our investors."
The Fund is a continuation of Amstar Global Property Fund I, which developed and owns operational shopping centers in Istanbul and Adana, Turkey, as well as properties in Russia and India. The Fund I shopping centers opened 99% leased and the Istanbul property was recently named Europe's Best New Retail Project (under 20,000 m2) by the International Council of Shopping Centers (ICSC).
Amstar Global Partners Ltd. is a global investment manager focused on creating value for its clients through the implementation of sound real estate-related investment strategies. The firm is an affiliate of Amstar Group, LLC, a real estate investment manager with more than 25 years of experience in acquisition, development, and capitalization of office, hotel, multifamily, industrial, and retail properties within the major markets of the United States and select international markets.
Together, Amstar Global Partners Ltd. and Amstar Group, LLC, collectively referred to as "Amstar", have approximately $1.9 billion in assets under management. For more information on Amstar, go to www.amstar.com or contact Jason Lucas, president of Amstar Global Partners, at firstname.lastname@example.org.