Cushman Picks Up Istanbul-Based Partner

ISTANBUL-Cushman & Wakefield has acquired P&D Real Estate Consultants, its partner here since 1991, for an undisclosed price. The purchase comes as New York City-based Cushman is expanding in Europe and follows the opening of Cushman offices over the past 18 months in Romania, Slovakia and the Ukraine.

“Turkey is one of Europe’s most dynamic markets,” said Paul Bacon, Cushman’s CEO of its Europe, Middle East and Africa division, in a statement. “The country is attracting interest from a wide cross-section of clients; yields and returns are higher than those in the more developed markets of Europe, and economic growth prospects are strong.”

According to Bacon, developers’ interest in Turkey is high. On the retail front, rents increased 40% last year in the Istanbul area, and about 10.8 million sf of shopping-center space is due to come online in the country this year. Additionally, a recent CB Richard Ellis study says that Turkey is the most-desired emerging country for expansion by North American-based retailers.