Dutch retail specialist Multi Corporation says it will not long develop exclusively for its own real estate portfolio in some countries. 'The new projects in Turkey, Ukraine, Georgia are open to other investors,' Multi's managing director Nico Veldhuis told property newspaper Vastgoedmarkt. Multi's decision marks a significant turnaround in the company's strategy which since the takeover twee years ago by the pan-European Morgan Stanley Real Estate Fund V (MSREF V) has been focusing solely on the development of its own portfolio. Veldhuis pointed out that the decision also applies to the large shopping centre that Multi will build in Tiblisi, the capital of Georgia.
Dutch retail specialist Multi Corporation says it will not long develop exclusively for its own real estate portfolio in some countries. 'The new projects in Turkey, Ukraine, Georgia are open to other investors,' Multi's managing director Nico Veldhuis told property newspaper Vastgoedmarkt. Multi's decision marks a significant turnaround in the company's strategy which since the takeover twee years ago by the pan-European Morgan Stanley Real Estate Fund V (MSREF V) has been focusing solely on the development of its own portfolio. Veldhuis pointed out that the decision also applies to the large shopping centre that Multi will build in Tiblisi, the capital of Georgia.
According to Veldhuis, the news is already been spread in the market, with several investors demonstrating interest for its projects. 'Investors are queuing,' he said. However, the company does not intend to sell more than 50% of its developments in Turkey. Multi's Turkish unit, Multi Turkmall also plans to retain the management of the centres. The reason behind the strategy turn-around is the 'big success' obtained by Multi Turkmall, according to Veldhuis.
