Blackstone-owned Multi Development has been adding non-retail elements to its shopping centres for years, but believes ‘pure retail’ still has a place.
Dutch-headquartered Multi Development, which has been creating commercially-led schemes for nearly 40 years, arguably had diversification in its DNA from day 1. ‘We have consistently been the pioneers of mixed-use or multi-use!’ says Patrick van Dooyeweert, the firm’s chief development officer and chief investment officer.
The firm, which was taken over by private equity giant Blackstone in 2013, has ‘a very long history and deep experience with creating and managing magnetising and therefore successful commercial environments, usually beyond retail, for our investors and those who have mandated Multi to evolve and manage their assets’, Van Dooyeweert affirms.
He recalls early stand-out projects such as Armazéns do Chiado in Lisbon, which opened in 1999. ‘The centre spans six floors with 55 specialty stores, cafes and restaurants, an elegant dining space with a fantastic view across the city centre and one of the finest hotels in Lisbon. It has become, and is today, the “Lisbon meeting point” for local residents and the millions of visitors to the city,’ he notes.
Finding the right mix
‘In 2000, we realised the award-winning Nike European HQ offices in Hilversum, the Netherlands, and, in 2006, the city centre of Woerden with 9,000 m2 of shops, cafes, restaurants and bars, offices and services, 86 apartments, town houses and an underground parking garage for the city. We have opened and managed multi-use projects such as in Ostrava and Gdansk, Poland, in Pforzheim, Germany, La Vache Noire in Arcueil, France and many more, including in Istanbul, Turkey.
‘In 2011, we opened our first private Lusíadas healthcare clinic in Forum Algarve, Portugal. The format was quickly duplicated and adapted into five more Multi-managed centres there. I could go on listing medical outlets across Europe... Then just two months ago, we opened Forum Rotterdam, offering around 64,000 m2 of shops, food & beverage outlets, fitness, offices and residential units.’
For Van Dooyeweert, Multi’s ability to find the right mix over the years has been driven by ‘the need to balance financial stability with sustainability for the future’. He adds: ‘With Forum Rotterdam we have realised a major inner-city redevelopment project in the heart of Rotterdam that is truly fit for the future.’
Resilient retail
However, the firm still believes that pure retail has its place, particularly in the case of neighbourhood centres. ‘Clearly the most resilient assets are always those that have a clear positioning and are fully up to date in their offering of an accumulation of positive and affirming experiences throughout their visitor journeys,’ Van Dooyeweert suggests.
The question of resilience was tested this year by the global pandemic, when Multi did its best to deploy an agile response. ‘From minute one, we focused on pro-active and close communications with our partners and tenants. Our aim was to provide guidance and reassurance with regard to our commitment and the long-term partnerships we strive for, and to address the uncertainties many of our tenants and partners faced,’ he says.
‘This experience has helped us to improve and grow. When the full extent of the Covid-19 crisis in Europe became apparent in March of this year, it was obviously frightening for lots of people. We invested in motivating and supporting our teams.’
With assets under management in 14 countries across Europe, including Turkey, Multi had to deal with a broad range of local and national government responses to the outbreak. The company put together an international taskforce to coordinate responses per country and share best practices. ‘One of the most important lessons of 2020 is that digital technology has radically changed the lives of millions of consumers. We are continuously on the lookout for new solutions to keep our locations attractive, safe and desirable, so people will continue to visit our assets,’ Van Dooyeweert concludes.
