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    Prime to spend $1.5 bln on malls

    Hurriyet Daily News
    22.04.2009 - 00:00 | Son Güncelleme:

    ISTANBUL - Germany’s Prime Development will spend $1.5 billion on shopping malls in Turkey, company partner Philipp Von Wilmowsky said yesterday.

    Speaking in Istanbul, Wilmowsky said Prime Development would invest $350 million in malls in the southern cities of Antakya and İskenderun within a year. The firm plans to build 10 malls within five years in Turkey, he said.

    "Hatay and İskenderun are the rising values of the Eastern Mediterranean. We are continuing to search for locations in 12 other provinces." Wilmowsky said investing in Turkey was a decision made after the company researched markets in Eastern Europe, the Middle East and the Far East. "In the past, we have taken part in the foundations of many shopping centers in Turkey," he said. "Istanbul comes first to mind in this sector, but Anatolia also needs such investments." The İskenderun shopping mall is expected to employ 2,000 people.
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