Multi sells 35% interest in Forum Mersin for EUR 68m

Multi Corporation is selling its 35% interest in the Forum Mersin shopping centre in Turkey to Union Investment for EUR 68 mln, the Dutch developer said on Tuesday. The deal makes Union Investment the 100% owner of the mall, which opened in autumn 2007 and is the dominant retail destination in South East Turkey. The 35% stake will be added to the German investment manager's UniImmo: Global fund.

Forum Mersin is one of the eight shopping centres opened by Multi in Turkey. The mall contains 213 shops anchored by a hypermarket and DIY in the middle of Mersin city. . All Multi shopping centers and developments in Turkey are owned by the Multi Turkey Retail Fund co-owned by Canadian Pension Plan. Multi Corporation will continue to be responsible for the center management and asset management of Forum Mersin.

'This agreement reflects the high and proven quality of Forum Mersin as well as the strong belief of our long term partner Union Investment in the Turkish retail market and the management of Multi. The transaction fits in the strategy of the Multi Turkey Retail Fund of re-using capital for the future development pipeline,' said Roderik Zegering Hadders, General Manager of the Multi Turkey Retail Fund.