Corio acquires shopping centre project in Tarsus (Turkey)
Corio has acquired Tarsus shopping centre, a project of 25,000 m²
GLA in the city of Tarsus, province Mersin, in the Eastern
Mediterranean part of Turkey. In cooperation with ACTEEUM Group
(hereafter: 'ACTEEUM') a shopping centre with approximately 25,000 m²
GLA, for which the commercial zoning has been obtained, will be
developed. The total investment in the Tarsus shopping centre will be
approximately ¤ 50 million and the net initial yield upon delivery is
at least 8%, which is in line with Corio's other investments in
Turkey. The shopping centre is expected to open in 2011. This
transaction is in line with Corio's strategy to further strengthen
its position in Turkey; the Tarsus shopping centre will be Corio's
eleventh shopping centre in Turkey.