Apollo and Multi Turkmall work on EUR 580 mln Istanbul center

Carrefour was the seller, and the buyers have committed EUR 325 million further to the project’s development. The center comprises 156,000 sqm of GLA and 333,000 sqm of gross buildable area in western Istanbul. The design provides for a shopping center over two separate blocks. The first block will accommodate Carrefour in a hypermarket unit totalling 21,000 sqm, with an additional 85,500 sqm of retail and leisure space provided over four floors.
Eurohypo is providing EUR 232 million for the project’s financing, with Akbank providing EUR 150 million and Garanti Bank EUR 100 million.
The 11.5-hectare site is adjacent to the main highway which links central Istanbul and the International Airport.