Multi Corporation has bought a majority stake in UK specialist retail asset and property manager Realm.
This marks Multi Corporation's return to the UK, where it had a significant presence between 2001 and 2021. With this acquisition, Multi has entered four new countries since the management buyout from Blackstone in 2022. Multi is one of Europe's largest independent retail managers and developers, with €5b of assets under management, 6,000 tenants, and 550 full-time employees. Realm's portfolio includes high-profile venues such as the London Designer Outlet, Wembley Park, Resorts World Birmingham, and Lakeside Village Doncaster. The acquisition will help Multi expand its reach in the UK and strengthen its position in the European market.
Multi will manage over 160 assets in the UK and Europe with a GLA of c. 2,7m m2. Its UK operations will be called Multi-Realm. Realm Managing Director, Dan Mason, and Leasing Director, Christine Grace, will remain as co-owners of the business and, along with all 40 members of the existing Realm teams based in the UK and Denmark, will continue to work for the combined company.
Elmar Schoonbrood, Co-Chief Executive of Multi, said: ”We are excited to take a majority stake in Realm and partner up with the existing management team as we see a huge opportunity in the UK market for a best-in-class retail specialist. Multi has a proven track record of (re)developing, managing, and turning around retail assets across Europe and together with Realm, under the leadership of Dan and Christine, we look forward to implementing our ambitious growth plans for the UK market. The combination of Multi’s pan-European footprint and cross-sector expertise with Realm’s established UK operating platform and team is a compelling one. Together, we are well placed to assist owners of both stronger and distressed retail assets, either through intensive asset management programmes or by co-investing to deliver a step-up in performance.”
Dan Mason, Managing Director of Realm, said: “We are delighted to welcome Multi Corporation as an investor in our company. Multi’s excellent track record and strong corporate culture make them the perfect partner for us as we seek to grow our portfolio of retail assets under management. We will be targeting bigger, premium shopping centres, retail destinations and further outlets with asset management, development, and property management angles and are ideally placed to drive value for owners and investors. Realm is a leading operator of outlet centres and retail destinations and has a reputation for professionalism, integrity and delivering results for our clients. Multi has an excellent track record in the European shopping centre sector and, as such, the investment by Multi in Realm combines the best of both market segments and will provide a comprehensive operating platform which will benefit our clients’ retail assets under our management. Multi and Realm have the same business model, offering clients and investors a fully integrated suite of services and systems. Our experience in operating outlet centres provides us with extensive sales and performance data, and this intelligence enables us to pursue very active asset management, maintain excellent occupier relationships and drive performance with our brand partners and clients. Multi’s operation of a large portfolio of shopping centres will give us pan-European leasing insight contacts with brands, and a service to clients and investors which, we believe, will be second to none. Under our new name, Multi-Realm, we look forward to continuing to provide our clients with a very hands-on and collaborative service.”
Image source - Pexels.
Europe Real Estate — an overview of real estate developments in European countries.
