Cordea Savills, the fund manager, is to launch a fund to invest in the fast-growing Turkish property market. Financial Times

Turkish Property Ventures Fund will invest in development, primarily shopping centres and residential, with a target return of 20% a year. The fund aims to raise €400m (£323m) of equity. On completion of developments, the fund value is projected to be in the region of €1bn.

Shopping centres in Turkey are set to increase by about 60% during the next two years, according to research yesterday by Jones Lang LaSalle and Alkas Consulting.

'There is a dramatic shortage of quality stock in all sectors and strong demand from some household name companies for retail outlets,' said Ian Jones, director of investment at Cordea Savills.