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Cushman & Wakefield acquires long-term alliance partner in Turkey
9 Apr, 2008, Frankfurt
International real estate services organisation Cushman & Wakefield (C&W) has recently taken over its long-term alliance partner P&D Real Estate Consultants (P&D) in Turkey as part of its European expansion. C&W had already worked with the company, which was founded in Istanbul in 1988, since 1991. Rahsan Cebe, Managing Director of P&D will become a C&W Partner and manage the new C&W office. The 13-person team has consulting expertise in all real estate consultancy sectors.
C&W has already worked with P&D to develop numerous major transactions in Turkey, including the sale of a site in Merter, Istanbul, for 267 million euros on behalf of a joint venture between Carrefour and Sabaci, and the sourcing of development finance from the British fund manager Salamanca Finance for a major portfolio of 11,000 residential apartments in Istanbul.
Turkey is one of Europe’s most dynamic markets with excellent growth opportunities and higher yields than many more-developed European countries. In recent years, it has attracted the attention of many international companies and investors. Last year, for example, 2.7 billion euros were invested in commercial real estate, of which 70% was accounted for by the retail sector. This was 163% up on 2006. Shopping centre yields in the major cities of Istanbul, Ankara, Izmir, Adana, Bursa and Antalya are at levels of between 7.0 and 8.5%. Yields for offices in the Levent area of Istanbul lie between 5.5% and 8.0%.
Around 1 million square metres of new shopping centre space is set to open in Turkey in
2008, primarily in Istanbul, followed by in the capital of Ankara and the Mediterranean city of
Izmir. Lease rates have increased by 40% over the last year in premium shopping centres and by
20% on high streets. This upward trend is expected to continue.
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