Atrium, Multi End Turkey, Poland, Bulgaria JVs

AMSTERDAM-Dutch-based groups Atrium European Real Estate and Multi Corporation just before year end ended their joint holdings in shopping centers as part of a framework agreement covering five projects in Turkey, Poland and Bulgaria. Atrium and Multi have also agreed to terminate their relationship on all outstanding developments.

No financial details were released, but Atrium is making a conditional purchase of 49.9% of Forum Koszalin in Poland currently owned Multi Investment BV and selling it the Forum Trabzon in Turkey. Atrium will sell 100% of shares in the company that owns Trabzon at a price which values the business at $157 million. Trabzon opened in May 2008 and produced a net rental income of $7.7 million for the first nine months of 2010. Atrium will also acquire the remaining 49.9% of the firm that owns Koszalin for $10 million and become the 100% owner. Koszalin opened November 2008 and has a gross lettable area of around 600,000 square feet.