Cushman & Wakefield acquires its long-term Alliance Partner in Turkey

9 Apr, 2008, Istanbul

Global real estate consultant Cushman & Wakefield has acquired its Alliance Partner in Turkey, P&D Real Estate Consultants, as part of its continuing expansion across Europe.

P&D, which is based in the Turkish city of Istanbul, was founded in 1988, becoming Cushman & Wakefield’s partner in the Turkish market in 1991. The Managing Director of P&D Real Estate Consultants, Rahsan Cebe, becomes a Partner of Cushman & Wakefield and Managing Director of the Turkish office of Cushman & Wakefield.

Paul Bacon, CEO EMEA of Cushman & Wakefield, says: “Turkey is one of Europe’s most dynamic markets. The country is attracting interest from a wide cross-section of clients; yields and returns are higher than those in the more developed markets of Europe, and economic growth prospects are strong. We are delighted that we have been able to complete this agreement with our long-standing associates in Turkey, and to be opening our first office in a country of such strategic significance for our firm.”

Rahsan Cebe, Managing Director of Cushman & Wakefield in Turkey, says: “Being part of Cushman & Wakefield puts us in a prime position to offer our national and international clients access to the full range of services offered by Cushman & Wakefield not just in Turkey but also globally, as well as enabling us to be part of one of the strongest and best-recognised brands in real estate.”

Major work to date

Key recent transactions/instructions in which Cushman & Wakefield (Cushman & Wakefield in alliance with P&D) has been involved in Turkey include:

The sale of a site in Merter, Istanbul, for €267mn on behalf of a joint venture of Carrefour and Sabanci in Turkey. The purchaser was a joint venture between Apollo Real Estate and Multi Turkmall.

- The sourcing of development finance for the delivery of an Istanbul-based project comprising more than 11,000 residential apartments. UK fund manager Salamanca Finance was selected as the preferred partner and contributed US$75mn of development finance. C&W has now been instructed to source funding for the second and third phases.

- With regards to the investment market, Rahsan Cebe, Managing Director of Cushman & Wakefield in Turkey, says: “We are seeing increasing numbers of cross-border investors interested in Turkey. Yields and returns are among the strongest in Europe and the medium-term fundamentals of the market are exciting on the back of one of the best demographic and economic outlooks in the whole European region. What is more, while there are clearly risks to consider, investors are finding this is a market in which they can do business.”

Regarding the potential of the Turkish market:

- €2.7bn was invested in commercial property in Turkey last year, of which 70% was accounted for by the retail sector. This was 163% up on 2006.

- Yields are relatively high, at 7.0-8.5% for shopping centres in the six key cities of Istanbul, Ankara, Izmir, Adana, Bursa and Antalya. For offices, yields are at 7.5-8.0% in the prime Levent district of Istanbul.

- Some 274 four and five-star hotels are in the pipeline in the three main and 19 secondary cities across Turkey, with 69 of these schemes in Istanbul.

- Around one million square metres of gross leaseable area of new shopping centre space is due to open in Turkey in 2008, primarily in the Istanbul area, but also in the capital Ankara and the Mediterranean city of Izmir.

- Retail rents were up 40% last year for prime shopping centres in the Istanbul area, and 25% on the high street, with the upward trend expected to continue this year.

- Turkey had some of the fastest office and industrial rental growth in the world last year. Officerents rose 95% in local currency terms in Istanbul’s Levent district. Industrial rents rose 60% in Istanbul, where demand was driven by logistics and light industrial operators.

Part of C&W’s expansion in Europe

The announcement of the acquisition of P&D Real Estate Consultants is part of the European expansion of Cushman & Wakefield. It follows the opening over the past 18 months of wholly owned Cushman & Wakefield offices in Slovakia, Ukraine, Romania (where C&W acquired its Associate Partner ACTIV Consulting) as well as in Birmingham in the UK, and the first office in France outside Paris, in Lyon.

For further information, please contact:

Georgina Power

Cushman & Wakefield EMEA

Tel: + 44 (0) 20 7152 5739

Visit Cushman & Wakefield’s Knowledge Center at www.cushmanwakefield.com to access this and other reports on leading real estate issues, trends and market statistics from around the world.

Notes to Editors:

Cushman & Wakefield is the world’s largest privately held commercial real estate services firm. Founded in 1917, it has 221 offices in 58 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, valuation services, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, and Consulting Services, including business and real estate consulting. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.

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