Multi Corporation returns to UK with Realm stake

Multi Corporation has bought a majority stake in UK specialist retail asset and property manager Realm. The acquisition signals the return of Multi to the UK, where it had a significant presence between 2001 and 2021 having developed or managed major retail destinations across the country, including the Southgate Centre in Bath, Victoria Square in Belfast, and Glasgow’s St Enoch Centre. Multi co-chief executive Elmar Schoonbrood said: “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.”  Dan Mason, managing director at Realm, added: “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, which will now be know as Multi-Realm, was founded in 2001 and operates schemes including the London Designer Outlet, Wembley Park; Resorts World, Birmingham; Lakeside Village, Doncaster; and Ringsted Outlet in Denmark. Mason and leasing director Christine Grace will remain as co-owners of the business. Following the acquisition, Multi will manage more 160 assets in the UK and Europe with a GLA of approximately 2.7m sq m.