European retail management and development company Multi Corporation has marked its return to the UK market by buying a majority stake in UK specialist retail asset and property manager Realm.
Multi Corporation built up a significant presence in the UK between 2001 and 2021, developing or managing several major retail destinations including Victoria Square in Belfast and Glasgow’s St Enoch centre.
Following a management buyout by Blackstone in 2022, Multi Corporation is now owned and led by co-chief executives Elmar Schoonbrood and Steven Poelman.
Realm was founded in 2001 and its current portfolio includes London Designer Outlet (pictured), Lakeside Village and the Cotswolds Designer Outlet, which is due to open in Spring 2025.
Realm managing director Dan Mason and leasing director Christine Grace will remain as co-owners of the UK business, which will be called Multi-Realm.
Schoonbrood said: “We are excited to take a majority stake in Realm and partner up with the existing management team as we see a huge opportunity in the UK market for a best-in-class retail specialist. Multi has a proven track record of (re)developing, managing, and turning around retail assets across Europe and together with Realm, under the leadership of Dan and Christine, we look forward to implementing our ambitious growth plans for the UK market.
“The combination of Multi’s pan European footprint and cross-sector expertise with Realm’s established UK operating platform and team is a compelling one. Together, we are well placed to assist owners of both stronger and distressed retail assets, either through intensive asset management programmes or by co-investing to deliver a step-up in performance.”
Mason added: “We are delighted to welcome Multi Corporation as an investor in our company. Multi’s excellent track record and strong corporate culture make them the perfect partner for us as we seek to grow our portfolio of retail assets under management. We will be targeting bigger, premium shopping centres, retail destinations and further outlets with asset management, development and property management angles and are ideally placed to drive value for owners and investors.
“Realm is a leading operator of outlet centres and retail destinations and has a reputation for professionalism, integrity and delivering results for our clients. Multi has an excellent track record in the European shopping centre sector and, as such, the investment by Multi in Realm combines the best of both market segments and will provide a comprehensive operating platform which will benefit our clients’ retail assets under our management.
“Multi and Realm have the same business model, offering clients and investors a fully integrated suite of services and systems. Our experience in operating outlet centres, provides us with extensive sales and performance data, and this intelligence enables us to pursue very active asset management, maintain excellent occupier relationships and drive performance with our brand partners and clients. Multi’s operation of a large portfolio of shopping centres will give us pan European leasing insight and contacts with brands, and a service to clients and investors which, we believe, will be second to none. Under our new name, Multi-Realm, we look forward to continuing to provide our clients with a very hands on and collaborative service.”
