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European retail management and development company Multi Corp. has acquired a majority stake in retail asset and property manager Realm, marking Multi’s return to the UK.
The Amsterdam-based, pan-European real estate business had a significant UK presence between 2001 and 2021, having developed and managed major retail destinations including the Southgate Centre in Bath, Victoria Square in Belfast and the St. Enoch Centre in Glasgow.
Following the acquisition, Multi will manage a total of more than 160 assets in the UK and Europe with a combined gross leasable area of approximately 29M SF.
Its UK operations will be called Multi-Realm.
B Corp-certified Realm was founded in 2001 and has worked on 19 properties within an estimated 45% of the UK outlet market.
Its portfolio includes the London Designer Outlet in Wembley Park, Resorts World Birmingham, Lakeside Village in Doncaster and Ringsted Outlet in Denmark. It is also developing the Cotswolds Designer Outlet, due to open in spring 2025.
Realm Managing Director Dan Mason and Leasing Director Christine Grace will remain co-owners of the business, while the existing team will continue to work for the combined company.
Multi, led by co-CEOs Elmar Schoonbrood and Steven Poelman, has entered three other countries — Switzerland, France and Denmark — since a March 2022 management buyout from Blackstone, its owner since 2013. The company has €5B of assets under management and operates in 15 countries.
Alongside shopping centres, the company manages a range of assets, including retail parks, convenience retail and high street retail. It has also specialised in the redevelopment and repositioning of retail destinations, including asset conversions to residential.
“We see a huge opportunity in the UK market for a best-in-class retail specialist,” Schoonbrood said in a statement. “Multi has a proven track record of redeveloping, managing, and turning around retail assets across Europe and together with Realm we look forward to implementing our ambitious growth plans for the UK market.”
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