News

26.04.2017

EUR 250 million investment in Küçükyalı by Rönesans Real Estate Investment

Rönesans Real Estate Investment, developer of eight shopping centers under the Optimum, Piazza and Kozzy brands in 7 cities, pursues investments in Istanbul Asian side, as well. Rönesans Real Estate Investment presents Hilltown Shopping Center, its EUR 250 million investment under construction in Küçükyalı due for opening in September 2017, bringing to life a new center of attraction marking a first in Turkey as regards concept development.

In continuation of its EUR 105 million investment last month in expanding Optimum Shopping Center in Izmir, Rönesans Real Estate proceeds with investments at full pace. Rönesans Real Estate presented its fourth-generation shopping center Hilltown raising in Küçükyalı with an architecture featuring new trends. Designed to offer guests the chance to enjoy the restaurants, shopping avenues and outdoor areas with Prince’s Islands view, Hilltown is expected to host 15 million guests in one year. 

A New Shopping Experience

Hasan Şimşek, Rönesans Real Estate General Manager, briefed on Hilltown, an investment valued at EUR 250 million, with the following remarks: “Our project, concept design was the work of the American architectural office Elkus Manfredi Architects, will offer guests a novel life experience through its Princes’ Islands view, neoclassical architecture, easily accessible location, exquisite brands as well as coffee shops, restaurants and recreational areas surrounding the shopping street.” 

Şimşek stated that Hilltown project, spanning over a rentable area of 63 thousand square meters and recreational areas of around 2 thousand square meters, is home to 192 stores, 12 movie theaters, 40 cafés/restaurants, and a 2,400-car parking garage. Giving the sphere of influence as an approximately 2 million people for Hilltown, Şimşek disclosed the number of annual potential visitors as 15 million. 

Built as a shopping and entertainment town providing a fresh breath of air to metropolitans who are overwhelmed with the busy pace of Istanbul, Hilltown was named with reference to its architectural resemblances to a small town. 

Rich Combination of Brands 

Noting that occupancy rate is 65 percent at Hilltown, due to open this year, Hasan Şimşek noted: “We have contracted with brands including Vakko, Massimo Dutti, Oysho, Mavi, Bershka, Sephora, Macro Center, Zara, Zara Home, Koton, Mavi, H&M, Boyner, Beymen Club, Big Chef’s, Ramsey, Macfit and Flo. Our project will also feature hundreds of brands.” Şimşek added that they are in contact with Turkish market newcomers. 

250 meters from the Metro Station 

Neighbor to Istanbul Ticaret University, the prospective Marmara University campus, Turkcell, Bosch and TED Rönesans College; Hilltown rises at 250 meters to metro; 10 meters to the shore, 15 minutes to Kadıköy via the metro line, 30 minutes to Sabiha Gökçen, and 15 minutes to the July 15th Martyrs’ Bridge. 

Hilltown to Create 2,500 Jobs 

Referring to the non-stop mall investments increasing in parallel to the retail sector, Hasan Şimşek, General Manager of Rönesans Real Estate, stressed that these investments bolster employment, as well. “Each new mall project creates thousands of new job opportunities. We foresee these figures reaching 2,500 upon at the opening in September 2017,” Şimşek said. 

Marking that Hilltown is the 12th mall by Rönesans Real Estate Investment in Turkey, Şimşek continued as follows: “At Hilltown, we aim for the highest turnover rate among our other malls in Istanbul. Our purpose is to enter top 5 of all the shopping centers in Istanbul.” 

Investments in the Pipeline 

Informing that Rönesans Real Estate Investment closed 2016 on successful achievement of annual targets, Hasan Şimşek remarked that they would proceed with non-stop investments in 2017 as well. Şimşek noted “First goal of this year was the enlargement of Izmir Optimum. We implemented this project last year and put it at disposal of the locals. Next in line are the Hilltown and Istanbul Piazza projects.”