The UK property market has seen international m&a activity with Amsterdam-based Multi Corporation buying a majority stake in UK specialist retail asset and property manager, Realm.
Multi, which is on an acquisition trail following a management buyout from Blackstone in 2022, said the deal marked a return for Multi Corporation to the UK where it had a significant presence between 2001 and 2021 having developed or managed major retail destinations across the country including the Southgate Centre in Bath, Victoria Square in Belfast, and Glasgow’s St Enoch centre.
Following a management buyout from Blackstone in 2022, Multi is now owned and led by co-CEOs Elmar Schoonbrood and Steven Poelman.
Since the buyout, the firm has entered four new countries - Switzerland, France, Denmark, and the UK.
It is one of Europe’s largest independent retail managers and developers, with €5 bn of AUM, 6,000 tenants, 550 full-time employees, and operates in 15 countries.
Along with shopping centres, the company manages a broad range of assets including retail parks, convenience retail, and high street retail, and also has extensive experience of developing and repositioning retail destinations, including converting retail assets to residential.
Realm was founded in 2001 and has established itself as a leading operator of retail destinations and designer outlets in the UK having worked on 19 properties representing 45% of the UK outlet market. Realm’s current portfolio includes a number of high-profile venues including the London Designer Outlet, Wembley Park, Resorts World, Birmingham, Lakeside Village, Doncaster, Ringsted Outlet in Denmark, and the development of the Cotswolds Designer Outlet, opening in Spring 2025.
Realm will continue to be run by Dan Mason and Chrisine Grace, who continue to have a stake in the business, while all 40 members of the existing Realm teams based in the UK and Denmark will stay with the new company to be called Multi-Realm.
Multi’s Schoonbrood said: ‘We are excited to take a majority stake in Realm and partner up with the existing management team as we see a huge opportunity in the UK market for a best-in-class retail specialist.’
‘The combination of Multi’s pan European footprint and cross-sector expertise with Realm’s established UK operating platform and team is a compelling one. Together, we are well placed to assist owners of both stronger and distressed retail assets, either through intensive asset management programmes or by co-investing to deliver a step-up in performance.’
‘Multi has a proven track record of developing, redeveloping, managing, and turning around retail assets across Europe and together with Realm, under the leadership of Dan and Christine, we look forward to implementing our ambitious growth plans for the UK market.’
Mason said: ‘We are delighted to welcome Multi Corporation as an investor in our company. Multi’s excellent track record and strong corporate culture make them the perfect partner for us as we seek to grow our portfolio of retail assets under management.’
‘We will be targeting bigger, premium shopping centres, retail destinations and further outlets with asset management, development and property management angles and are ideally placed to drive value for owners and investors.’
