Multi Corporation chooses to focus on development as core activity (EU)

Multi Corporation, the largest independent developer in Europe with offices in 14 countries, will, in future re-focus primarily on developing shopping centers and inner-city re-generations in strategic collaboration with professional investors.

Multi has chosen for a clear core business in the future. An important pillar of this strategy is the recently announced transaction with Corio, during this unique market situation, with a value of € 1.3 billion. The agreement includes the acquisition of both operational projects and projects in-development as well as a strategic alliance in Germany, with Multi as developer and Corio as the investor.

Multi will continue and roll out this strategic step and give further substance to its strategy at country level in future. Multi in Turkey has already split development and fund activities. The name Multi TurkMall has been discontinued and the organization is now divided into Multi Development Turkey (MDT) and Forum Turkey Fund.

MDT coordinates Development and Mall Management that are led by Hulusi Belgu, whilst the Forum Turkey Fund is now led by Cem Bodur. Both were appointed from April 1, 2010. The CFO of Multi, Luurt van der Ploeg, has accepted the CFO position at residential fund investor Vesteda, as per October 1st, 2010. Van der Ploeg has played an important role in Multi over the past 10 years and contributed to the growth of the company. His duties will temporarily be assumed by Mark van den Berg, non-executive member of the Board of Multi since 2006.

Source: Multi Corporation

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