Demirören Holding’s shopping mall on Istiklal Street was transferred to Denizbank due to the debt of the holding.
Demirören Istiklal AVM, whose construction started in 2006 and was completed in 2011 and opened to visitors on Istiklal Street, is due to Demirören Holding’s debts. Transferred to Denizbank.
According to the details conveyed by Medyakorikori, Demirören did not repay the 800 million dollar loan he received from Ziraat Bank. Due to its debt, the Holding completely empties the AVM. Transferred to Denizbank. No details about the deal were shared.
The name and website of the mall has changed:
With the transfer of the AVM to Denizbank, its name and website domain name were also changed. The new name of the mall Istiklal Mall registered as. The website is “demirorenistiklal.com” from the domain name.istiklalavmtr.com” switched to domain name.
The construction of the mall created great controversy:
With the announcement of the shopping mall plans, great debates arose in the public. The building on the parcel where the shopping mall is located was originally a hall established under the name ‘Gamo’. Since 1933 Palace Cinema continued to exist.
The discussions at that time were on topics such as the construction contrary to the international protection legislation, and the damage to the Ağa Mosque during the construction.
Even Cristiano Ronaldo was brought to the mall:
Source :
https://www.bloomberg.com/news/articles/2023-03-20/denizbank-seizes-turkish-media-mogul-demiroren-s-istanbul-mall-over-unpaid-debt