Independent pan-European real estate investment manager Ærium is currently developing the most innovative, next generation shopping, entertainment and life centre in Ankara, Turkey. President of Ærium Turkey, Anthony Khoi talks to RLI about the project and Ærium’s success in the Turkish market.
Founded in 2003, Ærium is an independent pan-European real estate investment manager, headquartered in Luxembourg, with offices in London, Paris, Geneva, Dusseldorf, Stockholm and Istanbul. With over €6.4bn under management throughout Europe and Turkey, Ærium ranks amongst the leading independent platforms in Europe. The company has launched 16 closed-ended funds since 2003, and also manages separate account mandates for long-term institutional investors. Despite the global financial crisis, Ærium has achieved an exceptional track record and has found unrivalled success in managing and developing its portfolio of properties through proactive asset management strategies in several countries.
“Over the past decade, Ærium has achieved an exceptional track record and has found unrivalled success in managing and developing its portfolio of properties through proactive asset management strategies,”Anthony Khoi, President, Ærium Turkey
In 2005, Ærium became one of the first foreign investors to purchase Turkish commercial properties. In 2015, Ærium Turkey’s asset value represents over €720M in property, with an additional €2.7bn under development. “Over the past decade, Ærium has achieved an exceptional track record and has found unrivalled success in managing and developing its portfolio of properties through proactive asset management strategies,” says Anthony Khoi, President of Ærium Turkey.
The company has proven it is not only a market pioneer, but also a leader and expert in Turkey’s shopping centre sector. “Assets in Turkey are managed by CEFIC, a subsidiary of Ærium Turkey, a leader with over 20 years of experience and success in Turkey, having operated in Europe since 1986 and in Turkey since 1994,” explains Khoi. CEFIC manages over 500,000sq m GBA of shopping centres and commercial properties in Turkey, supporting its clients in investment, development, design, leasing, property and facility management, as well as sales, marketing and promotion of shopping centres and commercial properties. Its deep market knowledge and experience have established the company as the leading expert in its field.
“A key factor behind Ærium’s success is ‘thinking global, acting local and executing strategy with highest standards’”
Anthony Khoi, President, Ærium Turkey
“A key factor behind Ærium’s success is ‘thinking global, acting local and executing strategy with highest standards’,” he adds. “The Turkish market is very specific and difficult in terms of risk management, with fast growing catchment areas and competition in a dramatically changing market environment. It is incredibly important to upgrade your shopping centres constantly to local requirements, competition and the expectations of the customer and retailers.” Following the first wave of extension and refurbishment projects in Turkey, Ærium has been looking carefully at the potential of each centre, and the opportunities for increasing their size. “Each centre must be appropriately sized to be competitive. Indeed, in some locations we can be more ambitious, by completely redesigning and redeveloping the property, creating added value for the investors, retailers and the city by implementing ambitious and attractive mixed-use projects,” he adds. Park City, Ærium’s existing shopping centre in Ankara, is located on the busy Istanbul road and has the advantage of benefiting from a strategic position in this strongly developing neighbourhood. Its catchment area includes 868,000 inhabitants living in a 20-minute proximity.