Rönesans Real Estate Investment invests 1.7B euros in shopping malls
Rönesans Real Estate Investment (RGY) has opened its extension of the Optimum Shopping Mall in İzmir with an investment of 105 million euros and will invest a total of 1.7 billion euros in seven projects in four years.
Operating within the scope of Rönesans Holding, one of the leading Turkish companies named among the 250 largest construction contractors in the world, Rönesans Real Estate Investment has launched an investment campaign in Turkey.
The company, which operates with eight Optimal, Piazza and Kozzy branded shopping centers in seven districts countrywide, has decided to invest 1.7 billion euros in seven projects in four years.
Murat Özgümüş, vice chairman of Rönesans Real Estate Investment, stated that the company mostly undertakes shopping mall investments.
"Despite the slow economic conjuncture, we continue our investments non-stop. With the ongoing investments, we will realize seven more new projects in four years," Özgümüş said.
Noting that they will invest over 1.7 billion euros for Hilltown, Piazza Maltepe, Karşıyaka, Antalya Kozzy, Bursa AVM, Konak and Turan in both short and medium term, Özgümüş said that they will also invest around 1 billion euros in various districts in Izmir, namely Konak, Mavişehir, Turan and Gaziemir.
8,000 additional jobsMurat Özgümüş stressed that they are aiming to provide additional employment for a total of 8,000 people together with the newly opened shopping malls.
Rönesans Real Estate Investment General Manager Hasan Simsek, on the other hand, said that the Optimum Shopping Mall had a leasable area of 58,000 square meters in the first stage and 28,000 square meters have been added in the second stage.
"With 86,000 square meters in total, we will be the biggest shopping mall in the Aegean region. The number of stores will also increase from 160 to 250," Şimşek said, adding that 954 people work in the shopping mall, and that the total number of employment will reach 3,000 with the additional employment of 1,000 people along with the supplementary investment.Rönesans eyes malls for sale Highlighting that they invested 105 million euros in the second stage of the shopping mall and the investment value of the first stage was 250 million euros, Hasan Şimşek said that Rönesans Real Estate Investment is interested in shopping malls and offices for sale.
Stating that they will make new agreements within a year, Şimşek said, "We are in no hurry. Healthy growth is very important to us."
He also added that they aim to complete the 1 million square meter-leasable area by 2020.
‘We made a 10 pct discount on rent'Hasan Şimşek indicated that rent costs have a share of 13-14 percent in retail expenses.
Şimşek recalled that there are also people who want to lease way below the sector value.
"We maintain the leases with the foreign currency, because our loans are also in foreign currency. We made an average 10 percent discount on rent. We helped our tenants by fixing the exchange rate," he added.
Turkish retailers have suffered due to volatility in the exchange rate because they sign contracts in the dollar currency.
Operating within the scope of Rönesans Holding, one of the leading Turkish companies named among the 250 largest construction contractors in the world, Rönesans Real Estate Investment has launched an investment campaign in Turkey.
The company, which operates with eight Optimal, Piazza and Kozzy branded shopping centers in seven districts countrywide, has decided to invest 1.7 billion euros in seven projects in four years.
Murat Özgümüş, vice chairman of Rönesans Real Estate Investment, stated that the company mostly undertakes shopping mall investments.
"Despite the slow economic conjuncture, we continue our investments non-stop. With the ongoing investments, we will realize seven more new projects in four years," Özgümüş said.
Noting that they will invest over 1.7 billion euros for Hilltown, Piazza Maltepe, Karşıyaka, Antalya Kozzy, Bursa AVM, Konak and Turan in both short and medium term, Özgümüş said that they will also invest around 1 billion euros in various districts in Izmir, namely Konak, Mavişehir, Turan and Gaziemir.
8,000 additional jobsMurat Özgümüş stressed that they are aiming to provide additional employment for a total of 8,000 people together with the newly opened shopping malls.
Rönesans Real Estate Investment General Manager Hasan Simsek, on the other hand, said that the Optimum Shopping Mall had a leasable area of 58,000 square meters in the first stage and 28,000 square meters have been added in the second stage.
"With 86,000 square meters in total, we will be the biggest shopping mall in the Aegean region. The number of stores will also increase from 160 to 250," Şimşek said, adding that 954 people work in the shopping mall, and that the total number of employment will reach 3,000 with the additional employment of 1,000 people along with the supplementary investment.Rönesans eyes malls for sale Highlighting that they invested 105 million euros in the second stage of the shopping mall and the investment value of the first stage was 250 million euros, Hasan Şimşek said that Rönesans Real Estate Investment is interested in shopping malls and offices for sale.
Stating that they will make new agreements within a year, Şimşek said, "We are in no hurry. Healthy growth is very important to us."
He also added that they aim to complete the 1 million square meter-leasable area by 2020.
‘We made a 10 pct discount on rent'Hasan Şimşek indicated that rent costs have a share of 13-14 percent in retail expenses.
Şimşek recalled that there are also people who want to lease way below the sector value.
"We maintain the leases with the foreign currency, because our loans are also in foreign currency. We made an average 10 percent discount on rent. We helped our tenants by fixing the exchange rate," he added.
Turkish retailers have suffered due to volatility in the exchange rate because they sign contracts in the dollar currency.