Multi Corporation plans to launch a fund targeting regional retail developments in the Turkish market. The target size of the fund will be well in excess of EUR 1 bn, according to well-informed sources. It is believed the fund will be sourced by a group of leading international investors including Morgan Stanley.
Multi Corporation plans to launch a fund targeting regional retail developments in the Turkish market. The target size of the fund will be well in excess of EUR 1 bn, according to well-informed sources. It is believed the fund will be sourced by a group of leading international investors including Morgan Stanley.
Dutch-based Multi Corporation is one of Europe's leading shopping mall developers and was acquired in 2005 by Morgan Stanley Real Estate Fund V.
Multi is active in Turkey through Multi Turkmall, which is the biggest developer in the country. It also has a sizeable landbank in regional cities. In the past two years, the company has opened a string of new shopping centres in Izmir (Forum Bornova), Mersin (Forum Mersin), Denizli (Forum Çamlik), Trabzon (Forum Trabzon) and Ankara (Forum Ankara).
Earlier this year, Multi Corporation emerged as the top player in PropertyEU's ranking of pan-European developers with a pipeline valued at EUR 18.4 bn.
