Multi establishes new Turkish fund
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ISTANBUL - Multi Corporation, Europe’s largest retail developer announced Friday it has closed a deal on a new Turkish retail property fund.
The Multi Retail Turkey fund is a real estate development platform consisting of 21 shopping centers throughout Turkey. The establishment of the fund has meant the creation of Turkey’s largest retail real estate asset portfolio and the largest publicly announced private equity investment in Turkish real estate in 2008.
The Canada Pension Plan Investment Board, or CPPIB, is the first founding investor with an equity commitment of 250 million euros. One of North America’s leading institutional real estate investors, CPPIB manages the nearly 70 billion euro CPP Fund and is a professional investment management organization that invests funds not needed by the Canada Pension Plan to pay current benefits. Multi is concluding negotiations with the fund’s second founding investor to close before the year’s end.