Europe's largest retail developer Multi Corporation has announced the appointment of Heino Vink as its new chief executive, replacing Glenn Aaronson, who is switching to a new position as non-executive chairman of the Forum Turkey Fund. Aaronson will be charged with preparing the fund for a public listing within the next four year.

Additionally, the company announced the extension of a EUR 850 mln corporate facility with a banking syndicate of 11 lenders, led by Dutch NIBC bank.

Vink has been active in the company, at the time known as Amstelland, since 1999. For the past 10 years he has been responsible for Multi in the Netherlands, Belgium and France.

The appointment is part of the company's plan to streamline its organisational structure, and follows on the removal of an entire management layer and the appointment of the country managers to the executive committee.

'The company is in good shape,' commented Hans van Veggel, chairman of the board of Multi Corporation.

'The new structure and governance is fully robust throughout the organization, with more emphasis on risk management. With this refinancing the financial position of the company is in sound order,' added chief financial officer Mark van den Berg.