Torunlar REIC snaps up 2 malls from Union Investment for €350M

Torunlar Real Estate Investment Company (REIC), one of Türkiye’s leading property firms, has acquired two high-profile shopping centers, Forum Kayseri and Forum Mersin, from Germany-based Union Investment Real Estate for €349.45 million ($414.67 million).

The transaction, one of the largest full-ownership portfolio deals in Türkiye, was facilitated by international commercial real estate consultancy Cushman & Wakefield.

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According to the company’s public filings on late Friday, the agreed price was €219.02 million for Forum Mersin and €130.43 million for Forum Kayseri, with both transactions involving full ownership of the respective project companies.

The acquisition marks the first time that the Turkish company has added income-generating retail assets developed by another party to its portfolio. Until now, the firm has focused on developing and operating its own retail and commercial projects.

The share transfer process for Forum Kayseri is ongoing, while the Forum Mersin deal has already been completed.

A view of Forum Kayseri shopping center in central Türkiye. (Photo via realestate.union-investment.com)

Key retail assets join Torunlar’s $2.75B portfolio

Forum Kayseri and Forum Mersin stand out for their strong tenant mix, central locations, and high visitor volumes. Opened in 2011 and 2007 respectively, the two malls offer a combined 140,000 square meters of gross leasable area, with Forum Mersin accounting for 73,189 square meters and Forum Kayseri for 66,531 square meters.

Union Investment Real Estate, the property investment arm of Germany-based Union Investment, manages €50 billion in real estate fund assets and serves institutional investors through diversified global strategies; in Türkiye, the firm was solely operating the Forum Mersin and Forum Kayseri shopping centers prior to their sale.

Founded in 1996, Torunlar REIC is one of Türkiye’s largest publicly listed real estate investment trusts, specializing in the development, ownership, and management of retail, residential, office, and mixed-use properties. The company manages a portfolio valued at up to ₺119.22 billion ($2.74 billion), according to its latest financial report.

The company’s shares on Borsa Istanbul were up nearly 3% during Monday’s trading session.

February 02, 2026 02:55 PM GMT+03:00