Atrium European Real Estate has announced the conclusion of its business relationship with European mall developer Multi following the trading of assets between the pair in Turkey and Central and Eastern Europe. Atrium received net cash of approximately EUR 64 mln and generated a profit of about EUR 15 mln from the asset swap agreement which was first signalled in December 2010.

Under the agreement, Multi is to acquire 100% of the shares in the company that owns Forum Trabzon shopping centre in Turkey. Atrium said at the end of last year that the price values the business at about EUR 116 mln. Atrium acquired the 49.9% it did not already own in the company that owns Forum Koszalin, Poland from Multi for EUR 7.4 mln. Forum Koszalin was valued at EUR 107 mln at end-December 2010.

In addition, Multi sold its minority share in non-active land positions in Sofia, TEM project in Istanbul and the Balcova project (Izmir) in Turkey to Atrium. Multi and Atrium agreed to terminate their relationship on all outstanding developments.

Forum Trabzon's acquisition expands its Turkey Retail Fund. The Multi-developed project opened in 2008 and is managed by Multi Mall Management. Multi Development Turkiye is optimising its development portfolio by focusing on developing Forums in Gaziantep, Adana, Canakkale, Corum, Elazig and Diyarbakir and completing construction of Marmara Forum, Istanbul and Forum Kayseri.

Commenting on the transaction, Rachel Lavine, CEO of Atrium European Real Estate, said: 'The finalisation of this mutually beneficial agreement is very positive for Atrium as it allows us to strengthen our position in Poland, gain control of the development projects and improve our cash position; thereby providing us with a stronger and more flexible platform for future growth.'

Atrium focuses on shopping centre investment, management and development in Central and Eastern Europe. At end-March 2011 the group owned 153 shopping centres with a market value of EUR 1.5 bn across eight countries. Multi was ranked number one in PropertyEU's research on the largest European retail property developers, with a pipeline of 1.7 million m2, in 2010. The company has its head office in the Netherlands and offices in Belgium, France, Portugal, Spain, Italy, Germany, UK, Czech Republic, Poland, Switzerland, Slovakia, Ukraine and Turkey.