Multi Corporation announces that they now have full ownership in Multi Turkmall in Turkey by giving its former joint venture partner Turkmall shares in Multi Corporation and a cash amount in exchange for their shares.
Multi entered the Turkish market in 2004 and has since showed a spectacular growth. Multi Turkmall, based in Istanbul, has now 120 employees. In 2006 its first shopping centre Forum Bornova in Izmir was opened. At present there are ten shopping centres and mixed-use projects under construction and under development in cities as Istanbul, Mersin, Trabzon, Ankara, Antalya, Çamlik, Aydin, Kayseri and Diyarbakır totalling up to 1,100,000 sq m. There is another 500,000 sq m of projects in the pipeline.
Multi Corporation also announces that Multi Turkmall’s Managing Director Levent Eyűboglu has been appointed Member of the Executive Committee of Multi Corporation. In his position as Managing Director of Multi Turkmall he will continue to oversee the day-to-day business in Turkey as well as new expansion to countries such as Romania, Bulgaria and Georgia, jointly with Nico Veldhuis, Managing Director of Multi Development.
Multi Corporation
Multi Corporation is a leading property company in Europe, developing, owning and operating quality shopping centres, offices and mixed-use projects - through its subsidiaries - Multi Development, Multi Investment, Multi Asset Management and Multi Mall Management. With the backing of the Morgan Stanley Real Estate Funds, Multi combines financial strength and investment capacity with its experience and proven track record as a quality developer. Multi is active in 20 European countries and has branches in 18 cities.