Multi and Atrium conclude pan-European deal

Multi Corporation has signed a pan-European package agreement with Atrium European Real Estate that involves the trading of five assets and non-active land positions between the pair.

Under the agreement, Multi is to acquire 100% of the shares in the company that owns Forum Trabzon shopping centre in Turkey. Atrium, which is listed in Vienna and Euronext Amsterdam, said the price values the business at EUR 115.7 mln.

At the same time Atrium is to acquire the 49.9% it did not already own in the company that owns Forum Koszalin, Poland from Multi for EUR 7.4 mln. Forum Koszalin was valued at EUR 107 mln at end-December 2010.

In addition, Multi is also selling its minority share in non-active land positions in Sofia, TEM project in Istanbul and the Balcova project (Izmir) in Turkey to Atrium.

Atrium said in a statement that the two sides have agreed to terminate their relationship on all outstanding developments.

Forum Trabzon's acquisition expands its Turkey Retail Fund. The Multi-developed project opened in 2008 and is managed by Multi Mall Management.

Multi Development Turkiye is optimising its development portfolio by focusing on developing Forums in Gaziantep, Adana, Canakkale, Corum, Elazig and Diyarbakir and completing construction of Marmara Forum, Istanbul and Forum Kayseri, which will both open in 2011. The agreement is subject to anti-trust approval, expected in the first half of 2011.

Hans van Veggel, chairman of Multi Corporation said: 'This provides us further impetus for development of six exciting projects in Turkey and to acquire our successful Forum Trabzon (One of the 8 Forums managed by Multi Mall Management in Turkey) for our Forum Turkey Fund. At the same time it means we can focus on opportune new developments in Central and Eastern Europe'.

Atrium CEO Rachel Lavine: 'The agreement we have announced today is an important achievement for Atrium and marks a significant step in the process of bringing all of our outstanding development contracts in house. The transaction provides Atrium with increased flexibility and strengthens our platform for future growth.'