Meinl European Land Limited

euro adhoc: Meinl European Land Ltd.
Mergers - Acquisitions - Takeovers / Meinl European Land wins public tender and invests EUR 118 million in Samsun (Turkey)

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Company Information


Jersey, 21 March 2007. Meinl European Land has won a public tender for the development of a shopping centre with a planned GLA of 50,000 sqm and a five star hotel for 300 rooms in the Turkish city Samsun. Samsun is a city of almost 400,000 inhabitants on the Black Sea. The investment costs for the shopping centre will amount to approximately EUR 90 million, the expected yield is 11.5% p.a. and the opening is scheduled for year-end 2009. The development costs for the hotel part, which will be sold upon completion, are calculated at EUR 28 million. Development partner for the project is Acteeum group.

Turkish portfolio increased to EUR 800 million Following this new acquisition, Meinl European Land continues its dynamic expansion in Turkey. The portfolio in Turkey, one of Meinl European Land`s main investment market, will have increased to approximately EUR 800 million. It includes five large shopping centres in leading cities of Turkey: two sites in Istanbul, one in the Black Sea city of Trabzon, one in Balcova, a suburb of Izmir and the new acquisition in Samsun. The completion of the shopping centres is planned between beginning of 2008 and year-end 2009.

Turkey is a very attractive investment market for Meinl European Land, which will continue the expansion in this region in the future as well. At current, the Turkish portfolio counts for around 16% of the Company’s total portfolio of approximately EUR 4.9 billion.

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ots Originaltext: Meinl European Land Limited
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Further inquiry note:
Pleon Publico Public Relations & Lobbying
Mag. Claudia Müller-Stralz
Tel.: ++43 (0) 1/717 86 107

Branche: Real Estate
ISIN:      AT0000660659
WKN:        066065
Index:    Standard Market Continous
Börsen:  Wiener Börse AG / official market

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