Amsterdam, 27 September 2022
Multi Corporation celebrates its 40th anniversary with an additional €1.3 billion worth of new assets under management (AUM) in the last twelve months. The bulk of the additional management contracts relate to retail assets, whilst the new assignments also comprise of other asset classes such as office and hotel. Multi now has over €5 billion of AUM.
The new assets under management that Multi has been awarded are in: Germany, Italy, Slovakia, Spain and Switzerland. The top-5 of newly acquired assets include Quincy in Cologne, Vulcano Buono in Naples, Gran Roma in Rome, Central shopping centre in Bratislava and Mall of Switzerland.
Multi Corporation, founded in 1982 and operating in 13 countries in Europe and Turkey, completed a management buy-out (MBO) in March this year. Since then, the company has accelerated its expansion through the takeover of Koprian IQ, a German retail management company. In addition to the various new retail instructions, Multi also signed two office mandates and a hotel management mandate in Spain and opened an office in Switzerland.
First acquisition since MBO
The acquisition of three retail assets in the Netherlands, announced earlier this month, is the first direct real estate investment since the MBO six months ago. Multi took over three grocery anchored retail centres with a combined GLA of almost 18,000 sqm from funds managed by Blackstone. Multi explores options to develop those assets into mixed-use.
40 years of experience
Multi started 40 years ago as a developer in the Netherlands, before expanding to countries like Portugal, Germany, Belgium, Czech Republic, Spain, Italy and Turkey, where offices, apartments and shopping centres were developed. The company recently re-entered the French market and also considers a comeback to the UK, where it used to manage or develop a host of retail properties, including the Stratford Shopping Centre in London, the Houndshill Shopping Centre in Blackpool, SouthGate in Bath, St Enoch Centre in Glasgow and Victoria Square in Belfast.
Throughout the 40 years, Multi Corporation has worked with a large number of institutional and private equity clients. Most of its customers, such as Allianz, Commerz Real, Union Investment and Credit Suisse, have been working with Multi for a long time, some of them for more than 15 years.
“Multi has gained a wealth of experience over the last four decades but still retains the entrepreneurial spirit of a start-up company. We are growing again and hiring talent across multiple disciplines,” says Steven Poelman, co-CEO of Multi Corporation. “Multi is in a great shape and we continue to deliver a high-quality service to our clients,” adds Elmar Schoonbrood, co-CEO. “Our ambition is to become Europe’s largest independent retail operating partner. We can source, underwrite, co-invest, manage and (re)develop retail assets across Europe.”
Multi Corporation has developed over 200 real estate project assets across different asset classes over the past 40 years. With over 550 employees in 13 countries across Europe, the company offers a complete range of capabilities, including property management, asset management, ESG advisory, (re-)development, refurbishment, and capital market services. As an independent company, Multi Corporation is ideally placed to partner with real estate investors to drive value.