Multi Vastgoed and Fortress are to join forces in a 50/50 joint venture (JV) exclusively for office development. The name of the new company will be announced soon.
The two companies have decided to work together on the basis that it is logical to strengthen each other’s positions in the market. Multi has undergone strong expansion in recent years as an investment developer in the area of retail and city centre developments in more than 23 countries in Europe. Placing office activities in the Netherlands in a new joint venture fits in with this trend.
This cooperation provides both parties with a unique opportunity to create and extend a superb development portfolio in city centres and suburbs in a very creative manner with a professional team of developers. The aim of both parties is to be able to respond more effectively to the opportunities this market offers. The new company will have access to a portfolio with substantial development potential.
This concerns a portfolio with a total development volume of some EUR 950 million distributed across approximately 14 projects. The projects in The Hague, Amsterdam, Rotterdam and the Utrecht region fit seamlessly into the current networks and commercial operation areas of Fortress and Multi.
Ton van Oosten, currently a Fortress board member, will be appointed to the position of Managing Director of the JV, which will be based in Amsterdam. Employees of Multi and Fortress who are currently involved in the office divisions will be transferred to the new company.
The joint venture will be finalised following a positive due diligence report for both parties. The parties are aiming to complete this process before the summer holiday period.
Design & Development
The design & development formula employed by Multi in conjunction with Multi’s in-house architects group T+T Design will also be used as a conceptual approach in the new joint venture. Fortress and Multi believe that their attractive projects and locations, in combination with the good mix of concept, development, communication and commerce, will certainly add to the profits of both companies. The JV will concentrate on the development of high-value offices with a strong identity, with the central focus on attractive public spaces and sustainability.
Joint venture mission
To create an effective and strong offices platform to serve current office users in a competitive market and to generate a long-term relationship with office users in the Netherlands. Fortress and Multi view this as a unique opportunity to strengthen both organisations and to reinforce their already solid position in this market.
Creative initiators
Both parties have demonstrated many times their ability to realise imaginative projects through their decisive actions in combination with the right input of creative and commercial thinking. Fortress and Multi see this JV as an exceptional opportunity to deploy these qualities in an optimum way.