Multi is also selling its minority share in the non-active land positions in Sofia (Bulgaria), TEM project (Istanbul) and the Balcova project (Izmir) in Turkey to Atrium.

Additionally, Multi has expanded the Turkey Retail Fund by acquiring Forum Trabzon (Turkey) from Atrium. This Multi-developed project opened in 2008 and is managed by Multi Mall Management.

Multi Development Turkiye is optimizing its development portfolio by focusing on developing Forums in Gaziantep, Adana, Canakkale, Corum, Elazig and Diyarbakir and completing construction of Marmara Forum, Istanbul and Forum Kayseri, which will both open in 2011. The Agreement is subject to anti-trust approval, expected in the first half of 2011.

Hans van Veggel, Chairman of Multi Corporation said: “This provides us further impetus for development of six exciting projects in Turkey and to acquire our successful Forum Trabzon (one of the eight Forums managed by Multi Mall Management in Turkey) for our Forum Turkey Fund. At the same time it means we can focus on opportune new developments in Central and Eastern Europe”.

Source: Multi