Multi Development opens Forum Kayseri with Union Investment (TR)

Forum Kayseri, designed and developed by Multi Development Turkey, the shopping center market leader in Europe and Turkey, together with Union Investment, opened its doors on December 21, 2011.


Forum Kayseri is Multi's 10th mall developed in Turkey.

With 150,000 m² of construction area, 65,000 m² GLA and parking for 2000 vehicles, Forum Kayseri has an investment value of €250 million, is Multi's 10th mall developed in Turkey, and will be managed by Multi Mall Management.

Hulusi Belgü, CEO of Multi Development Turkey, said Multi Development Turkey is the leader of the Turkish mall investment sector under the 'Forum' shopping centers brand since 2004, and added: "We are proud to bring Forum Kayseri to the people of Kayseri as our 10th Forum Mall. With an investment value of €250 million, Forum Kayseri will be the shopping and social meeting point of Kayseri and represent world-class standards.

"With its 150,000 m² of construction area; 65,000 m² GLA, and a 2000-vehicle parking lot, Forum Kayseri will synchronize with the people of Kayseri."

Belgü said that Forum Malls, having received various top international awards, are all positioned as indispensable assets of the cities they operate in, and make major contributions to those cities as well as their surrounding areas.

Heino Vink, CEO of Multi Corporation, said: "I am delighted to witness our 10th individual shopping center opening in this amazing country and in Kayseri which is a most dynamic commercial hub with such rich cultural heritage.

"I am further encouraged that Multi Mall Management, as with our other nine centers here, and totaling 50 in Europe will be managing Forum Kayseri to ensure continuity of the concept and maximization of its attractiveness and value."

Dr. Frank Billand, Member of the Management Board of Union Investment Real Estate GmbH, Hamburg: "Forum Kayseri marks our second shopping center investment in Turkey which we are proud to realize together with Multi Development. This investment underlines the strategy we have implemented successfully in other countries, focusing on the creation of core products with a dominant market position in mid-size centers.

"The success of this strategy was proven not least by the almost complete letting of Forum Kayseri at the date of opening, which means that the investors of the UniImmo: Europa fund can look forward to stable cash-flows."

Union Investment acquired the development project of Forum Kayseri in 2007 for its open-ended real estate fund UniImmo: Europa. In addition to Forum Kayseri, the Hamburg-based real estate investment company owns three other retail properties in Turkey - the Forum Mersin and two Media Markt outlets in Istanbul, with a total value of some 452.2 million.

Union Investment today holds 32 shopping centers in its portfolio with a total area of 1,376,000 m² and a current market value of €5.2 billion.

Mall now, residence and hotel projects next
Hulusi Belgü said that Forum Kayseri, construction began in 2008, and completed in 1,200 days, offers direct employment for 3,000 people.

"Forum Kayseri is a very special proje

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