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London, 14th November 2006 — Today St Martin’s/the Kuwait Investment Authority (KIA) and Pradera Asset Management announced that they have bought one of Europe's biggest shopping centres, Cevahir shopping mall in Istanbul, for between $750million. Jones Lang LaSalle advised Pradera.
Jeremy Eddy, a regional director in Jones Lang LaSalle’s Pan-European Retail Investment team said: “This confirms current investor interest for prime shopping centre assets in Turkey - a market with limited track record to date. We have been working with Pradera for some time investigating opportunities, and have witnessed both increasing levels of shopping centre development and depth of investor interest.”
“Prospects for the Turkish market look strong with a young population profile, growing GDP and stabilising economy all driving retailer demand for both existing and future developments. Jones Lang LaSalle is investigating the opportunity for extending our services in this market following increased client demand.”
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