Multi merges with Qubicon to create Turkey's largest mall owner

European shopping centre specialist Multi Corporation is merging its Turkish arm with Qubicon, the retail real estate investor and manager owned by a Blackstone fund.

'We are pleased that we’ve successfully combined the Multi and Qubicon portfolios, creating the largest shopping centre management and development company in the Turkish market,’ commented Jaap Blokhuis, CEO of Multi Corporation, which was acquired by US private equity group Blackstone last year.

The combined Multi-Qubicon business owns and manages 14 active shopping centres and four new developments, representing over one million m2 and welcoming 160 million annual visitors.

The company’s centres include Forum Istanbul, one of the biggest shopping centres in Europe, and Marmara Forum, awarded the ICSC Best Shopping Center in Europe, as well as Gordion and Forum Ankara in the nation’s capital.

The company has appointed Patrick van Dooyeweert, Steven Poelman, and Hulusi Belgu as managing directors of Multi Turkey. Together they have a combined 40 years experience in developing and managing innovative retail destinations in Turkey.

Kemal Kaya, a senior adviser to Blackstone, will replace Blackstone's managing director Jonathan Lurie as non-executive chairman of Multi Turkey. Kaya’s previous positions include CEO of Yapi Kredi Bank and CEO of Kocbank.