Multi takes 100% ownership of Italian operation

European retail property developer Multi has taken 100% control of its operations in Italy and rebranded the business unit as Multi Development Italy.

Multi announced on Thursday that it has acquired a 25% stake in CDC, its partner in Italy since 2005. After six years of collaboration, Multi and CDS Holding decided to pursue different strategies for their retail development business, Multi said.

The financial details were not disclosed.

Following the transaction, Multi will again operate independently in Italy for all new development and consulting projects. CDS Holding remains involved only as a minority partner in Multi Mall Management Italy and companies related to existing projects.

Paolo Tassi, managing director of Multi Development Italia said: 'Multi believes strongly in the Italian market and this means we can now focus fully on the numerous opportunities available to a retail developer with our track record'.

Contraction will start shortly on Multi’s Forum Valle Aurelia project, located in the inner city of Rome, close to the Vatican. Multi Development Italy is also expanding its consultancy work for third parties in the areas of shop leasing, property management and overall project development.

Multi has two existing shopping centres in Italy: the 65,000 m² Forum Palermo and the 30,000 m² multifunctional scheme Petali in Reggio Emilia. The 21,200 m² Forum Valle Aurelia scheme is set to open in 2012, while the 42,000 m² Forum Como is due to open next year.