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Multi and Qubicon create Turkey’s largest mall owner

Multi Corporation has joined forces with Qubicon to create one of the biggest players in Turkey.
Jaap Blokhuis, CEO of Multi Corporation: “We are pleased that we’ve successfully combined the Multi and Qubicon portfolios, creating the largest shopping center management and development company in the Turkish market.” 

The combined Multi-Qubicon business owns and manages 14 active shopping centers and four new developments, representing over 1 mln m². The active shopping centers welcome 160 mln annual visitors and generate five billion TL turnover per year. The company’s centers include Forum Istanbul, the biggest shopping center in Europe and Marmara Forum, awarded the ICSC Best Shopping Center in Europe , as well as Gordion and Forum Ankara in the nation’s capital. 

The company has appointed Patrick van Dooyeweert, Steven Poelman, and Hulusi Belgu as Managing Directors of Multi Turkey. Together they have a combined 40 years’ experience in developing and managing innovative retail destinations in Turkey. ‘With Patrick van Dooyeweert, Hulusi Belgu and Steven Poelman at the helm, we have combined the best management skills from both companies,’ Jaap Blokhuis said.  

Kemal Kaya, a senior adviser to Blackstone, will replace Blackstone Managing Director Jonathan Lurie as non-executive chairman of Multi Turkey. Mr. Kaya’s previous positions include CEO of Yapi Kredi Bank and CEO of Kocbank. Mr. Kaya has extensive experience in the Turkish business and banking sectors, as well as with international investors in Turkey. Jonathan Lurie will continue his role on the supervisory board of Multi Corporation in the Netherlands.  

"By appointing Kemal Kaya as non-executive chairman of Multi Turkey, Blackstone is reaffirming its commitment to Turkey. We see Turkey as an exciting and growing market and one where we will deliver best-in-class shopping experiences to a growing population. We look forward to working with Kemal and the team, as well as with local and international retailers," said Jonathan Lurie.

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