As in other countries, the Turkish economy cooled in 2008, with growth down to 2.6% compared with 4.8% in 2007 and also lower than the average for the preceding years (2002-2006 average: 7% per annum).
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The value of the Turkish portfolio fell from € 352.9 million at year-end 2007 to € 333.4 million at year-end 2008 (including investments in the associates Akmerkez and Teras Park).
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The acquisition and commissioning of the Adacenter and 365 shopping centres during the year under review took the theoretical rental income in Turkey to € 7.0 million in 2008.
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Although the shopping centres have been operational for only a short time and no annual or comparative figures are available, it can be deduced on the basis of operations so far that Adacenter...
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The total pipeline in Turkey amounted to € 565.4 million at year-end 2008 (2007: € 459.2 million), including € 117.5 million (2007: € 154.7 million) in investments already made.
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The 365 shopping centre is located in Çankaya, a district to the south of the centre of Ankara.
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In view of the large amount of retail area that came on to the Ankara market in 2007 and the first months of 2008, Corio Türkiye decided to perform an extensive survey of the needs of its primary catchment area to help define the shopping centre’s...
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Turkish consumers like to shop in modern shopping centres, and they also consider them to be a good place to meet up with family and friends.
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Besides liking to shop in modern centres, Turkish consumers are also very keen on brands, provided they get good value for money.
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Promotional activities and media attention are crucial in Turkey, and Corio Türkiye pays a great deal of attention to these matters.
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