Pramerica Completes Turkish Retail Asset
Pramerica Real Estate Investors, the real estate investment management and advisory business of US-based Prudential Financial, has completed its development of TerraCity, a shopping centre in Antalya, Turkey. Pramerica developed the property in a joint venture with Istanbul-based EriaPartners, and a Shariah-compliant fund of the National Bank of Kuwait financed the $220 million (€154 million) project.
“TerraCity is the first completed project of this partnership and an expression of our commitment to Turkey,” says Eric Adler, CEO of Pramerica Real Estate Investors – Europe.
TerraCity totals 48,000 square metes of space and is the largest shopping centre in Antalya. It inclu