Corio faces challenges in Turkey

09/1/2010 | Wall Street Journal, The

Corio, one of Europe's largest retail-center owners, is facing unexpected challenges as it executes its plan to expand into Turkey because of the economy and cultural differences in the retail environment. The company will have invested $760 million by the end of the year, for a 15% capital loss, according to Green Street Advisors. "It's not my expectation that they're going to be deploying a lot of capital there in the near term," says John Lutzius, managing director with Green Street Advisors in London.

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