Posted by meb at March 7th, 2007

Following a contract signed by St. Martins Property and Cevahir Group on March 5th, 2007, selling process of Istanbul Cevahir Shopping Mall has been completed. St. Martins Property assigned two companies, Pradera and Jones Lang LaSalle, for asset and property management of the mall.
50 percent shares of Istanbul Cevahir Shopping Mall was sold to St. Martins Property in November 2006 by a fund provided by Kuwait Investment Authority. After the new contract and completion of selling process, total selling price of the mall has been 750 million USD, said the administration of the mall in a statement on Tuesday.
A revision, change and restructuring program will be carried out under the new management structure in Istanbul Cevahir Shopping Mall, Turkey’s biggest shopping center.

source: The New Anatolian

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