| Redevco buys land, reveals new projects |
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10 July 2009
ISTANBUL - Redevco, a subsidiary of Cofra Holding that owns one of the largest retail real estate portfolios in Europe, is preparing for new investments in Turkey’s real estate market.
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Redevco entered the Turkish market with the Gordion Shopping Center in Ankara in 2006. The company has bought land in the Aegean city of Manisa and the westernmost city of Edirne for two new shopping centers. It also has plans to move 130 stores to the eastern city of Erzurum, which has a population of 500,000. The firm, which entered the Turkish market with 1 million euros, has invested 500 million euros in three years, said Patrick van Dooyeweert, managing director of Redevco Turkey.
"Our shopping centers in Ankara and Erzurum, which will provide job opportunities for 5,000 people, will open in the upcoming days," he said. "Besides, we have purchased land to open shopping centers in Manisa and Edirne. We will begin construction next year."
In August, the firm will hold an opening ceremony for the Gordion Shopping Center, an investment worth 150 million euros, said Dooyeweert. The shopping center will include 165 stores, he added.
Source: hurriyetdailynews.com
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