The European firm has signed an agreement to develop a key city centre site

Multi Development is to develop a site in the city centre of Presov, the third largest town in Slovakia in the east of the country.

The development, to be called Forum Presov, will comprise 172,224 sq ft (16,000 sq m) of new shopping and leisure space over three levels and will be linked to an exisitng Tesco store. The site is part of an area designated for redevelopment.

Multi plans to start construction in spring 2008.

Multi Development will develop it through its Czech arm – Multi Development Czech Republic which is part of the parent company Multi Corporation, a group of companies owned by Morgan Stanley Real Estate Fund (MSREF).