Multi Corporation ('Multi') has signed an agreement with Atrium European Real Estate Ltd. ('Atrium') to sell Multi's remaining 50% share of the successful Forum Koszalin shopping center in Poland, which opened in 2008. Multi in Eastern Europe is focusing on new developments across the region.
Additionally, Multi has expanded the Turkey Retail Fund by acquiring Forum Trabzon (Turkey) from Atrium. This Multi-developed project opened in 2008 and is managed by Multi Mall Management.
Multi Development Turkiye is optimizing its development portfolio by focusing on developing Forums in Gaziantep, Adana, Canakkale, Corum, Elazig and Diyarbakir and completing construction of Marmara Forum, Istanbul and Forum Kayseri, which will both open in 2011. The Agreement is subject to anti-trust approval, expected in the first half of 2011.
Hans van Veggel, Chairman of Multi Corporation said: "This provides us further impetus for development of six exciting projects in Turkey and to acquire our successful Forum Trabzon (one of the eight Forums managed by Multi Mall Management in Turkey) for our Forum Turkey Fund. At the same time it means we can focus on opportune new developments in Central and Eastern Europe".