7/6/2011

Multi Development to invest EUR 1 billion in Turkish mall projects

Hurriyet - Dutch commercial development company Multi Development thrives on its 'Forum' branded shopping center projects in Turkey. Actively building and managing shopping centers in Turkey since 2004, Multi Development Turkey has nine completed malls in its portfolio, with seven more on the way, according to CEO Hulusi Belgu.

Kayseri Forum is scheduled to open in late September or early October, said Belgu, taking the company’s total investments in Turkey to EUR 3.2 billion. Kayseri included, Forum-branded shopping centers will be providing 25,000 direct and indirect jobs, said the CEO. Multi Development plans to expand the Forum brand to Gaziantep, Adana, Diyarbakir, Elazig and Corum over the next three years, with a further EUR 1 billion investment.

Multi Development currently manages 52 shopping centers globally. Turkish shopping malls take up 35-40 percent share of the company’s entire organized retail business. “We have reached TRY 1.2 billion (EUR 511 million) of turnover in the first six months of 2011, a 37 percent increase from last year,” Belgu noted.

Turkey is an important market for the Dutch company’s future plans as its vibrant economy grew at a record rate in the first quarter and there are relatively few shopping centers in the country’s Anatolian provinces. As of June 2011, only 46 of 81 Turkish provinces have shopping centers, according to the Turkish Council of Shopping Centers.
Turkey; retail sector; turkey organized retail; commercial property; multi development; forum kayseri; forum shopping center; turkish shopping malls