Multi Development opens Forum Kayseri with Union Investment (TR)
Monday 10 January 2011
|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 project for us. We have implemented a mall in Kayseri that is distinctive and has a clear and unique identity, from its world-class architecture to the brands it hosts. Another differentiator is that Forum Kayseri is a project planned with residences and a hotel, making Forum Kayseri a multi-purpose project, serving not only the city but also domestic and international tourism.”
Forum Kayseri reflects the city of Kayseri with its architectural design and features
As with the other nine Forum Malls, the design of Forum Kayseri reflects the architectural identity of the city. All architectural designs were made by T&T Design, Multi’s in house design-company. It uses local Kayseri stonework for the facades and the interior of the mall, and the design was enriched with arches and domes specific to the local architecture. Also, a special corridor was created in Forum Kayseri, where modern stores are brought together in a traditional marketplace concept, further evoking the local fabric.
New brands for Kayseri
Forum Kayseri, hosts over 200 national and international brands with a GLA of 65,000 m² and will introduce Kayserians to famous brands such as Migros, Koçtaþ, Media Markt, Cinebonus, YKM, Boyner, C&A, LC Waikiki, Flo, Koton, and Marks & Spencer.
Brands in Kayseri for the first time include Media Markt, Deriden, Timberland, Starbucks, Bodyshop, Bilstore, C&A, Beymen Club, Parla, Vepa62, New Balance, Home Store, Swarovski. Forum Kayseri has a vast food court, offering 26 brands of cafés and restaurants to suit all tastes. The center will be managed by Multi Mall Management.
For the people of Kayseri, by the people of Kayseri
Forum Kayseri already has a special place in the hearts of the residents of Kayseri, said Belgü: “We incorporated the wishes and preferences of the residents of Kayseri to mold and shape this project from the start. Three alternative concepts were developed during the design stage. They were then presented to Kayserians to vote on them.
“We went with the most popular alternative, with the most votes, of course. We have experienced, first-hand, the difference of being a Kayserian, and so we even drafted our advertising on the inherent characteristics of the people of Kayseri, and we wanted Kayserians to feature in them.
“This idea actually turned out to be the core of our campaign. We launched an audition on Facebook: ‘Forum Kayseri in Search for its Ad campaign stars’. Individuals who applied to become ad campaign stars were auditioned, and test shots were made. Then, we presented all of these photos on the Kayseri Facebook page for voting.
“The top 11 people selected in the voting process became ‘Advertising Stars of Kayseri Forum’. We are doing our best to organize everything we can in line with the preferences and expectations of Kayserians.”
Environmentally friendly project
Explaining that the Forum Kayseri project was planned and built according to the criteria of BREEAM, the European environmental building certification system, Hulusi Belgü said: “Forum Kayseri was planned in such a way as to ensure an infrastructure that takes as its basis; a low carbon emission level that meets stringent European standards, that minimizes power consumption, and that offers benefits to its visitors and tenants through ozone-friendly electromechanical systems.
“In Forum Kayseri, we have created pedestrian and green areas to encourage pedestrian traffic in the areas outside the building footprint, and in line with the approach to expand bicycle use in urban areas, we have allowed for protected private bicycle parking areas within the project area.
“We have integrated humidity and rain sensors into the watering system of the project to ensure utilization in the most efficient manner, and to reduce water consumption. We have created all of the infrastructural systems necessary for recycling waste generated in the building operation process. Moreover, we arranged, during the construction period to prevent disruption to the surrounding areas, disposing of waste in line with the BREEAM waste management plan.”
Forum Malls portfolio set to expand
Belgü, noted that with nine other malls, all managed by Multi Mall Management; Forum Bornova, Forum Mersin, Forum Çamlýk, Forum Trabzon, Forum Aydýn, Forum Ankara Outlet, Forum Istanbul, Forum Kapadokya and Marmara Forum, Multi Development Turkey had reached an investment value of €3.2 billion.
“We have 1,915 stores in nine Forum Malls with a total rental area of 721,000 m², and employment for 35,000 people. As we leave 2011 behind, we have reached a total of 110 million visitors with an increase of 23% and a turnover of €3.6 billion with an increase of 37% across all Forum Malls this year, a growth rate that is well above sector figures. We are determined to extend this success.
|“In addition to Forum Kayseri, we are moving ahead on our projects in Gaziantep, Diyarbakir, Adana, Çorum, Çanakkale and Elazig, and reaching across Turkey with our presence in all seven geographical regions."|
New funding and organizational structure for Multi Corporation
This week, in addition to the celebratory opening of Forum Kayseri, Multi will mark another important milestone. On December 20, 2011, the contractual affairs were concluded for Multi’s new refinancing agreement, announced on September 13, 2011.
Multi Corporation, the largest independent retail developer in Europe and Turkey with offices in 11 different countries, has concluded this refinancing arrangement with its financiers, a syndicate of 11 banks led by the Dutch bank NIBC.
The refinancing of the organization involves a total of €850 million, which will reinforce the basis for the continuity of the organization and enable further execution of the organizational strategy. The management of Multi is delighted with this demonstration of faith in the organization and its strategy, especially given the current turbulence within the financial markets.
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