METRO PROPERTIES develops mixed-use property in Istanbul-Kartal21 April 2015
With a project development in the booming district of Istanbul Kartal, METRO PROPERTIES supports the sales line METRO Cash & Carry - and realises further potential in the emerging location. The former industry zone in the Asian part of the Turkish metropolis is an attractive address, thus the demand for real estate is augmenting continuously. The construction works for the mixed-use location have already begun. Apart from a new store and further shop floors, also offices and apartments are being created on the 21,606 square metres plot.
Out of the box-perspective creates new opportunities
The project development on the former Praktiker plot is a good example for the developers ‘out of the box‘ approach: After the tenant had moved out, they took the opportunity to optimise the location and now realise the mixed-use property in the booming neighbourhood, which is a new and future-oriented concept.
Opening scheduled for 2017
After the demolition of the old buildings, the constructions have started in March. The realisation of the project development is proceeding well and in close co-operation with the sales line as well as the Turkish colleagues and the local developer DKY. The big opening ceremony is scheduled for July 2017. By then, the first customers will enter the market and the new neighbours will move to the residential towers. The store will remain in the METRO PROPERTIES portfolio and will be rented to METRO Cash & Carry on a long-term basis. The further parts of the plot will be divested.