Multi Corporation, the largest independent developer in Europe, has formally announced that it has split its Turkish business, Multi Turkmall, into separate development and fund units.
Multi Corporation, the largest independent developer in Europe, has formally announced that it has split its Turkish business, Multi Turkmall, into separate development and fund units.
The move is part of the Multi group's refocus on developing shopping centres and inner-city regenerations as its core activity. In the past Multi has operated an investment arm but from now ondevelopment will be carried out in strategic collaboration with professional investors.
The name Multi TurkMall has been discontinued and the organisation is now divided into Multi Development Turkey (MDT) and Forum Turkey Fund. MDT coordinates development and mall management that are led by Hulusi Belgu. Forum Turkey Fund is now led by Cem Bodur. Both were appointed from 1 April 2010.
The strategic group-wide re-focusing is closely linked to the sale of a EUR 1.3 bn portfolio of existing shopping centres and developments to Corio as part of a strategic alliance with the listed property firm.
Multi will continue and roll out this strategic step and 'give further substance to its strategy at country level in future'. This could involve other strategic partnerships with investors, similar to the deal with Corio, the company said.
The group which is active in 14 countries also announced that chief financial officer Luurt van der Ploeg is leaving Multi after 10 years to join Dutch residential fund investor Vesteda. His duties will temporarily be assumed by non-executive board member Mark van den Berg.
