Multi Corporation, the largest independent developer of retail space in Europe and Turkey with offices in 11 countries, has agreed the terms of extension for its 850-million corporate facility, with its banking syndicate of 11 member banks, led by Dutch NIBC bank.
This is a new foundation for the continuity of the business and has created space for the further roll-out of the company's commercial strategy. The executive management of Multi is, despite the challenging conditions in the financial markets, pleased with this vote of confidence in the company and its strategy.
Strategically, Multi will continue to focus on two pillars: its trusted core activity as an initiator, designer and developer of new retail and urban centers in close collaboration with investors, and as a full service company which acts for investors, retailers and towns in the area of (re)development, design, research, marketing, leasing and mall management.
Hans van Veggel, Chairman of the Board of Multi Corporation: "The company is in good shape. This facility is an excellent foundation for the continuity of our multi-strategy.
"We also have made our organizational structure more efficient. An entire management layer has been removed and the country managers have joined the executive committee.
"As a result of these changes a new CEO has been appointed to the executive board. We are delighted that Heino Vink will fill this position".
Vink has been active since 1999 in the former Amstelland and since 2002 through the merger has been responsible for Multi in the Netherlands, Belgium and France.
"In Heino we have found a true retail real estate man; commercial, communicative and with the momentum and leadership that fits with the modern creative, entrepreneurial culture and challenges of the varied (retail) market in which we operate. In this market we are well positioned and competitive, and are moving full speed ahead," said Van Veggel.
The Executive Board, in addition to Hans van Veggel, Heino Vink and Eric van Duren (Chief Investment Officer) consists of Mark van den Berg (Chief Financial Officer) and Jochen Blaffert (Chief Legal Officer), who joined the board in 2010.
Van den Berg had previously been non-executive member of the board since 2006 and, as of mid-2010 joined as full-time executive in Multi. Blaffert had previously worked as lawyer and Director Legal and Compliance.
"The new structure and governance is fully robust throughout the organization, with more emphasis on risk management. With this refinancing the financial position of the company is in sound order," according to Mark van den Berg.
Glenn Aaronson, former CEO, switches to a new position in Multi as Non-Executive Chairman of the Forum Turkey Fund, which over the next four years should grow to a public listing.
Van Veggel said: "We thank Glenn for his continuous efforts over the last few years and are grateful that his commitment is maintained in his new role".
Source: Multi Corporation