Amsterdam, 12 January 2023
Multi Corporation announces the acquisition of a Burger King restaurant in Rotterdam, the Netherlands, which was bought from a private investor. This marks Multi’s fourth retail acquisition since the management buy-out in March last year. Multi was advised by Dutch Properties Group.
The Burger King restaurant, which has a long-term rental agreement, is part of shopping centre Zuidplein. It is home to about 150 retail units, with a mix of convenience, grocery, fashion and a wide range of food & beverage. The centre, with a Gross Leasable Area of 55,000 sqm, was built in 1974 and is currently undergoing a major refurbishment. The adjacent square and bus terminal station, one of the busiest in the Netherlands, were recently upgraded.
“We are thrilled with our first standalone fast food acquisition. As we have mentioned before, we see long-term value in grocery-anchored convenience assets, dominant shopping centres and fast food locations,” says Elmar Schoonbrood, Co-CEO of Multi Corporation. “This acquisition is a proof of our conviction that fast food is an excellent investment class, even in a higher inflationary environment. We are actively looking for similar opportunities across Europe.”
Multi Corporation, which started as developer in 1982, manages more than 80 shopping centres across Europe and Turkey. In March 2022 the company became independent following a management buy-out. Since then, it has expanded to different asset classes, and is also actively investing and developing again. In July, Multi won management mandates for two offices and a hotel in Spain and it took over a competing retail management platform in Germany. In September, Multi acquired three grocery-anchored retail assets in the Netherlands. In October, Multi was appointed asset manager for Central in Bratislava, Slovakia, which will be repositioned in 2023.
