New Retail Project by Amstar & Renaissance Named "Best in Europe" by ICSC

PARIS, June 22, 2011 -

- With Photo

Amstar and Renaissance Development announced today that Kozzy
Shopping Center was named Europe’s Best Shopping Center Development
(under 20,000 m2) by the International Council of Shopping Centers
(ICSC).

(Photo:   href="photos.prnewswire.com/prnh/20110622/LA24054">photos.prnewswire.com/prnh/20110622/LA24054)

Kozzy Shopping Center, which opened in April 2010, was built by
a joint venture between Amstar and Renaissance, and is located on
the Anatolian side of Istanbul in the affluent residential
neighborhood of Kadikoy. Kozzy is designed as a neighborhood center
that includes a diverse, high-quality mix of 65 international and
domestic retailers, a nine-screen cinema, indoor-outdoor
restaurants and cafes, a 400-seat theater and an art exhibition
center. Kozzy has been fully leased since its grand opening.

“The ICSC award is a validation of Amstar and Renaissance’s
strategy of developing best-in-class real estate in undersupplied
markets of Turkey,” said Jason Lucas, president of Amstar Global
Partners.  ”We are delighted by the award and will strive for
similar honors with our strong pipeline of Turkish shopping center
developments.”

Presented annually since 1977, ICSC’s European Shopping Center
Awards honor highly successful retail developments. Kozzy was
selected as an award winner by an eight-person jury of ICSC
officials after being judged on a variety of criteria, including
architecture, financial structure, impact on the surrounding area,
innovation, location, property performance, marketing concept,
design concept, brand/store mix and environmental awareness.

About Amstar:

Established in 1987, Amstar is a real estate investment manager
that offers both commingled funds and tailored separate accounts to
its international and domestic clients. With more than $1.5 billion
of assets under management, Amstar’s current portfolio consists
primarily of retail, office, hospitality and multifamily holdings
within the major markets of the United States and select markets in
Europe and Latin America. For more information about Amstar visit
the company’s website at  href="www.amstar.com/">www.amstar.com or contact
Amstar Executive Director Rob Toomey at +1-303-534-6322.

About Renaissance:

Renaissance is one of the leading general contractors and
commercial real estate development groups in Russia, Turkey and
Ukraine. During its 15 years of operations, Renaissance has
completed hundreds of turn-key projects and currently owns a real
estate portfolio valued at over $2.0 billion. In 2010, Renaissance
became the second-largest contractor in Russia and Turkey and the
75th largest international contractor in the world according to ENR
Magazine. For more information about Renaissance visit the
company’s website at www.rendvlp.com.

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Julie Dunn, +1-303-522-2659