Multi Corporation has announced 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 center Forum Bornova in Izmir was opened. At present there are ten shopping centers 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 m². There is another 500,000 m² 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.