Canadian investor for Multi Turkmall
Güncelleme Tarihi:
Anatolia News Agency
Oluşturulma Tarihi: Aralık 25, 2008 00:00
ISTANBUL - Multi Corporation’s Turkey subsidiary, Multi Turkmall, has announced it will spend 4.3 billion euros on new projects and investments as part of its "Multi Turkey Real Estate Fund."
The Investment Board of Canada Pension Plan, or CPP, became the first founding investor to the Multi Turkey Real Estate Fund with a 250 million euro commitment, according to a written statement by Multi Turkmall.
Multi Turkmall also announced talks were ongoing with a second founding investor.
The statement said Multi Turkmall would retain majority shares in the fund and it was possible they would enter into agreements with additional investors before the new year. Morgan Stanley is the sole financial adviser for the fund.
This investment was chosen due to Multi’s extraordinary retail development portfolio in shopping malls, said Graeme Eadie, in charge of the CPP fund and senior deputy chairman for Real Estate Investments of Canada Pension Plan Investment Board, or CPPIB, one of the leading institutional real estate investors in North America, with a value of 117.4 billion Canadian dollars.
"This investment was a unique opportunity for us to invest long-term in one of the most promising developing markets in Europe," he said.
Levent Eyüboğlu, chief executive officer of Multi Turkmall, said this development was an assertion of the peerless position of Multi Turkmall in Turkey and reflected the power of Multi’s retail development quality Europe-wide.
The Multi Turkey Real Estate Fund consists of 21 forum shopping and living centers. Some centers have been completed, others are in construction and some are at the development stage. The fund is the largest real estate portfolio in Turkey and the highest foreign capital investment announced this year in the Turkish real estate market.
Multi Turkmall also announced talks were ongoing with a second founding investor.
The statement said Multi Turkmall would retain majority shares in the fund and it was possible they would enter into agreements with additional investors before the new year. Morgan Stanley is the sole financial adviser for the fund.
This investment was chosen due to Multi’s extraordinary retail development portfolio in shopping malls, said Graeme Eadie, in charge of the CPP fund and senior deputy chairman for Real Estate Investments of Canada Pension Plan Investment Board, or CPPIB, one of the leading institutional real estate investors in North America, with a value of 117.4 billion Canadian dollars.
"This investment was a unique opportunity for us to invest long-term in one of the most promising developing markets in Europe," he said.
Levent Eyüboğlu, chief executive officer of Multi Turkmall, said this development was an assertion of the peerless position of Multi Turkmall in Turkey and reflected the power of Multi’s retail development quality Europe-wide.
The Multi Turkey Real Estate Fund consists of 21 forum shopping and living centers. Some centers have been completed, others are in construction and some are at the development stage. The fund is the largest real estate portfolio in Turkey and the highest foreign capital investment announced this year in the Turkish real estate market.