Profilo Shopping Center (Profilo AVM), one of the oldest shopping centers in Turkey, was acquired by Artaş Group. This was reported by the portal Emlakkulisi.
By the way, Profilo shopping center became the second largest shopping center that Artaş Group acquired over the past 12 months; the first was Forum Trabzon, which cost Artaş Group 53 million euros (bought out in March 2022).
At the moment Profilo AVM has become the fifth Artaş Group shopping center in Istanbul and the eighth in Turkey. The shopping centers in the Artaş Group portfolio are as follows: Vadistanbul AVM, Arenapark AVM, Armonipark AVM, Carousel AVM, Forum Trabzon AVM, Kayseri Park AVM, Tema World ve Profilo AVM.
The Profilo shopping center has a difficult "biography": it was opened in 1997 and was going through hard times due to debts. As a result, in 2014 it was put up for sale for $ 150 million, but there was no buyer. Profilo AVM later became the property of Işbank, and then was put up for sale again in 2019, with a starting price of 425 million Turkish lira (TL); but even then, there was no buyer.
In the end, Işbank sold Profilo AVM to Iş Gayrimenkul Yatırım Ortaklığı for less than a billion (989 million TL) in November last year. There is an eight-storey shopping center in Istanbul's Shishli district, where many famous shops and even entire shopping streets are concentrated; the Profilo AVM infrastructure includes, in addition to dozens of shops, also a cafe, an entertainment center and a cinema. Artaş Group will determine its further fate.
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