Dutch developer Multi Corporation has opened Marmara Forum in Istanbul. The project, a 50:50 joint venture with Area Property Partners, is Multi's second mall in Istanbul and its first mixed-use project in Turkey.
Dutch developer Multi Corporation has opened Marmara Forum in Istanbul. The project, a 50:50 joint venture with Area Property Partners, is Multi's second mall in Istanbul and its first mixed-use project in Turkey.
The complex, which has a total GLA of 165,000 m2 including the 35,000 m2 Garden Office, involved a total investment of EUR 700 mln and was financed by Eurohypo, Akbank and Garantibank. The project brings the total value of Multi's Turkish portfolio to EUR 3.2 bn. Multi now has nine malls in Turkey including Forum Istanbul which was opened at end-2009.
Multi expects Forum Marmara to attract over 20 million visitors a year and to generate annual turnover of EUR 250 mln. The mall includes a Carrefour outlet with a new upmarket concept. With a GLA of 20,000 m2, it is the French retailer's biggest store in Turkey. Swedish fashion chain H&M has also opened its largest outlet at Forum Marmara. With a GLA of 3,000 m2, the store is H&M's 5th in Turkey.
Forum Marmara also features an innovative concept dubbed MyForum which revolves around an online shopping experience. It makes use of social media to attract consumers to the MyForum store where new gadgets are physically available.
