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Feb. 7, 2013

Multi Corporation Investing Big in Turkish Retail Market

By Alex Girda, Associate Editor

Gaziantep, Turkey—In preparation for the upcoming MIPIM, Multi Corporation has arranged a presentation including its ramped up investments in the Turkish retail market. A number of projects spearheaded by the retail development company are in various stages of development with some about to break ground and others nearing completion. Multi Corporation is putting up approximately $950 million into the Turkish retail market.

The development company is on-schedule with its massive Forum Gaziantep project, a 480,000-square foot development that aims to become the main attraction in the city of Gaziantep. The project was designed in order to tie the ancient city center with the modern residential areas of the city. Forum Gaziantep is in the company’s vision as part of an ongoing transformation of the city that will be a pioneering part of the renewal process. Multi Corporation’s enthusiasm for the project seems backed up by preliminary leasing agreements, with around two thirds of the leasable space being spoken for by the end of 2012.

Multi Corporation’s development slate for Turkey is far from ending with Forum Gaziantep. A number of other projects in the Forum Shopping Centers line are lined up as follows:

  • Forum Adana: With a gross leasable area of around 460,000 square feet, the project will redefine the city with the project including outdoor plazas, indoor and outdoor walkways and galleries and a movie theater. Parking at the facility will accommodate around 1400 cars.
  • Forum Diyarbakir: The first project by the company in the South-Eastern part of Anatolia, the shopping center will be largest of its kind in the entire region, with a GLA of approximately 575,000 square feet, enough for 160 stores. Parking at the Forum Diyarbakir will serve around 1800 vehicles.
  • Forum Elaziğ: Will offer shoppers a number of 100 stores and have a rentable area of around 355,000 square feet. Construction is set to begin this year, with a completion date set for 2015.
  • Forum Çorum: 400,000 square feet of space spread over three levels, will feature a lifestyle center, a hypermarket, and parking for 900 vehicles, also set to open in 2015.
  • Forum Çanakkale: A shopping project built in a triangular shape offering a GLA of 333,000 square feet and a total area of 410,000 square feet. 1000 vehicles will be accommodated in the center’s parking facility.