Multi's Marcel Kokkeel appointed CEO of Citycon

Marcel Kokkeel is leaving Multi Corporation to become CEO of Nordic shopping centre investor Citycon. Kokkeel served on the executive committee of Multi, the European unlisted mall developer, and was responsible for Multi Mall Management and Western European Development.

Kokkeel takes up his new appointment on 1 March. Petri Olkinuora will continue as the Citycon's current CEO until the annual general meeting on 23 March.

'This is the right time for us to accelerate the growth of Citycon,' said Chaim Katzman, chairman of the Citycon Board of Directors. 'Marcel Kokkeel is widely known and respected throughout Europe for his deep commercial real estate experience and background. He has special expertise in the shopping centre sector, strong international background and leadership skills. His extensive industry experience and proven track record will help us with our plans to grow Citycon, and increase shareholder value.'

Citycon, listed in Helsinki, is an owner and long-term developer of shopping centres in the Nordics. At end-March 2010, Citycon owned 33 shopping centres and 49 other retail properties with a fair value totalling EUR 2.2 bn.

Multi said in a statement that Kokkeel's task is to further professionalise the Citycon organisation and grow the portfolio. Kokkeel added: 'After five years of working with great pleasure at Multi, I decided to accept a new personal and professional challenge. After Ahold (retailer), Bouwfonds Property Finance (investor) and Multi (developer), leading a publicly listed investment company is a step that will complete my career'.

Citycon also announced that Michael Schönach will join the company as executive vice president, Finnish Operations and member of the Corporate Management Committee. Schönach was CEO of Catella Property and Catella Corporate Finance.