Pramerica Real Estate Investors, the European real estate arm of US-based Prudential Financial, announced on Tuesday that it has completed its first development project in Turkey, a shopping centre in Antalya built with Istanbul-based joint venture partner, Eria Partners.

TerraCity, which opens to the public on Wednesday, includes 48,000 m2 of retail space and 1,400 parking spaces. The shopping and entertainment centre introduces 180 brands to Antalya comprising 150 stores and 30 cafes and restaurants as well as a cinema complex.

The $220 mln (EUR 153 mln) project was financed by a Sharia complaint fund of the National Bank of Kuwait. Pramerica invested in the mall on behalf of a Sharia-complaint fund, working closely with Wafra, a Kuwait and New York-based fund manager that ensures the fund's compliance with Islamic law.

Eria Partners, a privately-owned real estate group controlled by Aytek Şavkan and Frithjof Fuchs, executed the development of the scheme. ECE Turkey will be responsible for the management of the centre.

'TerraCity is an expression of our commitment to Turkey. We intend to continue to expand our presence in this market,' said Eric Adler, Chief Executive of Pramerica Europe.

The project will create almost 1,500 new jobs and is expected to draw 12 million visitors annually. Mars Entertainment, which operates the new cinema complex, will host events surrounding the Antalya Film Festival.