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Multi Readies as Mall Investing Developer

THE NETHERLANDS-Multi Corp. is morphing from a merchant to an investing developer of European shopping centers.

By Allan Saunderson | Updated on October 08, 2009

Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

THE NETHERLANDS-Netherlands-based Multi Corp. is well on course to transform from a merchant to an investing developer of European shopping centers, retaining stakes in malls it builds such as the newly-opened Centrum Galerie in east Germany’s Dresden.

CEO Glenn Aaronson, a native of San Francisco, says that Multi–de-listed and taken private three years ago wıth the help of the Morgan Stanley Real Estate Funds–is making considerable strides. “Many original centers were pre-sold to the likes of German open-ended funds, insurance companies, private investors,” he tells PIE. “But since that point we’ve moved away from being a merchant developer to being an investing developer. Now, as much as 50% to 60% of that which goes into the pipeline is for our own box. That will come to fruition in another two year or three years, and we will then have a reasonably substantial portfolio of our own.”

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