Pramerica Real Estate International AG / Key word(s): Finance/ Pramerica Real Estate Investors completes first development in Turkey - TerraCity, the largest shopping center in Antalya, is fully leased DGAP-Media / 31.05.2011 / 11:30 MUNICH/ANTALYA - Pramerica Real Estate Investors announced today that it has successfully completed its first development in Turkey - a shopping center in Antalya built with Istanbul-based joint venture partner EriaPartners. TerraCity will open to the public on Wednesday, the 1st of June. Pramerica is the European arm of the real estate investment advisory business of U.S.-based Prudential Financial, Inc. (NYSE: PRU). The shopping and entertainment center introduces 180 exclusive brands to Antalya comprising of 150 international and national chain stores, 30 cafes and restaurants and a cinema complex. The US$220 million project was financed by a Shariah-compliant fund of the National Bank of Kuwait. Pramerica, one of the world's leading real estate investment managers, invested in the 48,000 sqm mall on behalf of a Shariah-compliant fund, working closely with Wafra, a Kuwait and New York-based fund manager that ensures the fund's compliance with Islamic law. EriaPartners, the local development partner in the TerraCity project, executed of the development, from the coordination of the design to the construction and delivery of the project. The center will be managed by ECE Turkey. Eric Adler, CEO of Pramerica Real Estate Investors-Europe, underscored the importance of the investment during a news conference today in Antalya, Turkey, saying, 'TerraCity is the first completed project of this partnership and an expression of our commitment to Turkey. We intend to continue expanding our presence in Turkey's real estate market.' TerraCity's wide range of brands, a food court with seating capacity for 830 people, a new cinema multiplex, entertainment areas for children and teenagers, and a car park for 1,400 automobiles, serves as a milestone for Turkey and internationally. The project will create almost 1,500 new jobs and is expected to draw 12 million visitors annually. And on the international stage, Mars Entertainment, which operates the new cinema complex will host events surrounding the Antalya Film Festival. TerraCity's modern architectural design also includes a commitment to green principles that promote energy conservation. The center boasts a fully automated energy-conserving operation design with the lowest per sqm common area cost for its tenants in Antalya, despite the hot climate. Editor's notes About EriaPartners EriaPartners is a privately owned real estate group that develops prestigious projects, dedicated to delivering outstanding real estate investments in Turkey to their international partners. EriaPartners was founded and is owned by Aytek Savkan and Frithjof Fuchs with a mission to develop pioneering landmark properties that combine high quality living and working environments through their mixed-use, commercial and urban properties. EriaPartners seeks to add value to its investments by optimizing the usage of each concept. All projects are dedicated to achieving new standards of innovation and excellence for the Turkish market while being committed to the highest standards of professional and ethical management. About Pramerica Real Estate Investors Pramerica Real Estate Investors is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, Asia, and Latin America. Headquartered in Parsippany, N.J., Pramerica has offices in Atlanta, Chicago, New York, San Francisco, Miami, London, Lisbon, Madrid, Munich, Paris, Luxembourg, Istanbul, Abu Dhabi, Singapore, Mexico City, Rio de Janeiro, Sao Paulo, Hong Kong, Beijing and Tokyo; as well as two representatives in Milan and Zurich. As of December 31, 2010, the company managed about EUR 33,7 million in gross real estate assets on behalf of more than 490 clients worldwide and ranks among the largest real estate investment managers. For more information, please visit http://www.pramericarei.com About Pramerica Pramerica Financial is a trade name used by Prudential Financial, Inc., a company incorporated and with its principal place of business in the United States, and its affiliates in select countries outside the United States. PFI (NYSE: PRU), a financial services leader with approximately $859 billion of assets under management as of March 31, 2011, has operations in the United States, Asia, Europe, and Latin America. PFI's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., the company's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/ . PFI of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom. End of Media Release Photos will be distributed by mecom-bildkanal and available at http://ir-cockpit.equitystory.com/cgi-bin/fncls.ssp?fn=mecomi&news_id=126812 Caption: TerraCity, the new shopping and entertainment mall in Antalya, Turkey =-------------------------------------------------------------------- 31.05.2011 Dissemination of a Press Release, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de =-------------------------------------------------------------------- 126812 31.05.2011
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May 31, 2011 05:30 ET (09:30 GMT)
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