The deals announced Thursday mark General Growth Properties'first foray into Europe. The company already has joint venturedeals in Brazil, Costa Rica and Venezuela.
"Turkey's geographic location at the junction of Europe andAsia, its size and population growth, as well as recent economicdevelopment have created tremendous opportunities for investment,"says chief executive officer John Bucksbaum. "This is a greatopportunity to collaborate and invest with such an experienceddevelopment and management company as ECE."
The joint venture between the REIT and the Hamburg,Germany-based urban shopping center developer hopes to beginconstruction on the 430,000-sf ESPARK center this month with a fall2007 opening scheduled. The retail center will include 150storefronts, as well as a multi-screen theater.
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