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News Release

Istanbul

Galeries Lafayette enters Turkish Market with Emaar’s Boulevard Mall 


Dubai based public joint stock company Emaar Properties are more and more developing new areas of interest in addition to real estate development, in hospitality, hotel & resorts, malls, retail, commercial leasing and technologies. With more than 60 companies, Emaar has a collective presence in several markets across the Middle East, North Africa, Pan-Asia and North America. Since 2006, EMAAR is operating in Turkey Investing in larger scale developments.

Boulevardi - Emaar Turkey currently is developing a mixed-use project located in Çamlıca a prime location on the Asian of  Istanbul. The project will redefine this area of Istanbul creating a new lifestyle hub. The Project named “New Istanbul Project” has been designed to create an integrated community living, a “landmark downtown”. It will be a catalyst for growth on the Asian side with a synergic product mix totalling an areas of 66,000 sqm land which will include the first five-star The Address Hotel in Turkey, a shopping centre and a variety of residences, apartments, a convention centre and offices.
 
After successful negotiations with local retailer Demsa Group representing  Galeries Lafayette in Turkey  and Emaar Properties under the leadership of Jones Lang LaSalle Turkey Chairman Avi Alkas and the agreement was signed and announced to the media on Tuesday, November 20th. The key players ; Ozan Balaban–Emaar Real Estate Investment CEO, Cengiz Cetindogan - Demsa Group Chairman, Philippe Houze  - The Galeries Lafayette’s Chairman and Avi Alkas – JLL Turkey Chairman were attending a press conference and officially announce covered the opening of the first Galeries Lafayette in Turkey. The famous department store will spread over 3 floors and cover 9,000 sqm of space “We are very pleased to announce the negotiations concluded and mutually agreed by the parties.
We are very proud to able to do the grand opening of the first Galleries Lafayette in Turkey in this developing project of Emaar Group.” said, JLL Turkey Chairman Avi Alkas.