Multi opened three large fully-let shopping centres in Turkey, Portugal and Belgium last week. The Stadsfeestzaal in Antwerp, Forum Mersin in Turkey and Forum Castelo Branco in Portugal provide a total of 110,000 m[sup]2[/sup] of retail floor space.
Multi opened three large fully-let shopping centres in Turkey, Portugal and Belgium last week. The Stadsfeestzaal in Antwerp, Forum Mersin in Turkey and Forum Castelo Branco in Portugal provide a total of 110,000 m2 of retail floor space.
Multi Investment and Bank of Ireland Private Banking are the owners of Stadsfeestzaal; Forum Castelo Branco is a joint investment of a fund managed by Rockspring PIM and the Jerónimo Martins Group through its Feira Nova supermarket brand; and Hamburg-based Union Investment Real Estate through its open-ended real estate fund Uni lmmo Global and Multi Investment will own Forum Mersin.
Multi Development currently has 35 projects under construction in 20 countries and an additional 61 secured projects in various stages of planning with a total secured pipeline completion value of EUR 11 bn. In 2008, another 27 schemes are forecast to begin construction on site. Amongst these projects under construction and in planning are major inner-city regeneration projects such as Victoria Square in Belfast, Northern Ireland (75,000 m2), Boulevard Berlin in Germany (86,000 m2), New Karolina, Ostrava (240,000 m2 including mixed use components) in the Czech Republic and Forum Palermo in Italy (58,000 m2).
While Europe and New Europe have historically been the focus of Multi Corporation, it is Turkey where Multi Development's growth has been most remarkable with a secured pipeline of thirteen shopping centre schemes totaling a million square meters and another dozen projects in negotiations.
See the November edition of PropertyEU Magazine for an interview with Multi's CEO Glenn Aaronson.