Multi Corporation has taken full ownership of Multi Turkmall in Turkey by giving its former joint venture partner Turkmall shares in Multi Corporation and an undisclosed cash amount. The joint venture has opened its first shopping centre Forum Bornova in Izmir and there are currently ten shopping centres and mixed-use projects under way. The projects, totalling 1.1 million m[sup]2[/sup] are in Istanbul, Mersin, Trabzon, Ankara, Antalya, Çamlik, Aydin, Kayseri and Diyarbakir. There is another 500,000 m[sup]2[/sup] of projects in the pipeline.
Multi Corporation has taken full ownership of Multi Turkmall in Turkey by giving its former joint venture partner Turkmall shares in Multi Corporation and an undisclosed cash amount. The joint venture has opened its first shopping centre Forum Bornova in Izmir and there are currently ten shopping centres and mixed-use projects under way. The projects, totalling 1.1 million m2 are in Istanbul, Mersin, Trabzon, Ankara, Antalya, Çamlik, Aydin, Kayseri and Diyarbakir. There is another 500,000 m2 of projects in the pipeline.
Dutch-based Multi Corporation entered the Turkish market in 2004. Multi Turkmall, based in Istanbul, has 120 employees. Levent Eyuboglu, managing director of the former joint venture, has been appointed to the executive committee of Multi Corporation. He will continue to oversee the day-to-day business in Turkey, as well as new expansion to countries such as Romania, Bulgaria and Georgia, jointly with Nico Veldhuis, managing director of Multi Development.
