Amstar Closes euro 95 Million Investment Fund for Retail Development in Turkey

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Amstar Closes euro 95 Million Investment Fund

for Retail Development in Turkey

PR Newswire

ISTANBUL, July 3, 2012

ISTANBUL

,

July 3, 2012

/PRNewswire/ -- Amstar today announced that it closed

Amstar Global Property Fund II ("the Fund"), Amstar's second international real

estate development fund, with

euro 95 million

of total equity commitments.

Participants in the Fund are institutional and high net worth investors from

Europe

and the United States. The Fund was raised entirely to capitalize three

Western-designed, institutional-quality shopping center developments located

in undersupplied cities of

Turkey

.

The three development properties are centrally located in the cities of Samsun,

Kahramanmaras ("Maras") and Sanliurfa ("Urfa"), Turkey. Construction of the

Samsun and Maras properties is 20% complete with grand openings planned

for March and April of 2013, respectively.

Construction of the Urfa shopping

center will begin in

September 2012

and the grand opening is scheduled for the

third quarter of 2013. The Fund invests alongside its

Turkey

-based operating

partner, Renaissance Development, and together the joint venture utilizes

moderate leverage resulting in a projected portfolio value of

euro 570 million

across the three investments.

"We are pleased to have reached our targeted fund size that fully capitalizes

the Fund's three developments.

Turkey

is one of our key investment markets

and the successful closing of the Fund was an important step in expanding our

property portfolio within the country," said Amstar Global President Jason

Lucas. "Our strong investment platform in

Turkey

exemplifies Amstar's

international investment strategy of being an early-mover in bringing

institutional quality real estate to vastly undersupplied growth markets. To

achieve this end, we form joint ventures with best-in-class operating partners

and utilize in-country investment managers and a flexible management

approach to deliver results to our investors."

The Fund is a continuation of Amstar Global Property Fund I, which developed

and owns operational shopping centers in

Istanbul

and Adana,

Turkey

, as well

as properties in

Russia

and India. The Fund I shopping centers opened 99%

leased and the

Istanbul

property was recently named

Europe

's Best New Retail

Project (under 20,000 m2) by the International Council of Shopping Centers

(ICSC).

About Amstar:

Amstar Global Partners Ltd. is a global investment manager focused on

creating value for its clients through the implementation of sound real estate-

related investment strategies. The firm is an affiliate of Amstar Group, LLC, a

real estate investment manager with more than 25 years of experience in

acquisition, development, and capitalization of office, hotel, multifamily,

industrial, and retail properties within the major markets of

the United States

and select international markets.

Together, Amstar Global Partners Ltd. and Amstar Group, LLC, collectively

referred to as "Amstar", have approximately

$1.9 billion

in assets under

management. For more information on Amstar, go to www.amstar.com or

contact Jason Lucas, president of Amstar Global Partners, at

[e-mail].