Amsterdam, 10 April 2024

Amsterdam, 10 April, 2024 – Multi Corporation, a leading European retail management and development company, has bought a majority stake in UK specialist retail asset and property manager Realm.

The acquisition signals the return of Multi Corporation to the United Kingdom where it had a significant presence between 2001 and 2021 having developed or managed major retail destinations across the country including the Southgate Centre in Bath, Victoria Square in Belfast, and Glasgow’s St Enoch centre.

Following a management buyout from Blackstone in 2022, Multi is now owned and led by co-Chief Executives Elmar Schoonbrood and Steven Poelman. With today’s announcement, Multi will have entered four new countries since the buyout – Switzerland, France, the UK, and Denmark. The company, one of Europe’s largest independent retail managers and developers, has €5 billion of assets under management, 6.000 tenants, 550 full-time employees, and operates in 15 countries. Along with shopping centres, the company manages a broad range of assets including retail parks, convenience retail, and high street retail, and also has extensive experience of (re)developing and repositioning retail destinations, including converting retail assets to residential.

Realm was founded in 2001 and has established itself as a leading operator of retail destinations and designer outlets in the UK, building up a strong client base among institutional investors having worked on 19 properties representing 45% of the UK outlet market. Realm’s current portfolio includes a number of high profile venues including the London Designer Outlet, Wembley Park, Resorts World, Birmingham, Lakeside Village, Doncaster, Ringsted Outlet in Denmark, and the development of the Cotswolds Designer Outlet, opening in Spring 2025.

Multi will manage over 160 assets in the UK and Europe with a GLA of approximately 2,7 million sqm and an estimated total value in excess of €5 billion. 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 and 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”.

Realm is a sector leader in ESG, and is a B Corp certified business demonstrating the highest social and environmental performance. Its strong client base has included LaSalle Investment Management, Blackstone, DTZ Investors, CBRE Global Investors, The Crown Estate, Nuveen Real Estate, ARES, Hermes Investment Management and Quintain.


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