Blackstone Completes Takeover of European Mall Developer

Blackstone Group LP’s real estate unit completed the acquisition of European shopping mall developer Multi Corp., to add assets on the continent and in Turkey.

Multi will be a well-capitalized, growth-oriented company focused on rental income, Blackstone said in a statement today that. The takeover comes after the Gouda, Netherlands-based shopping-mall developer said in March that it couldn’t make interest payments on its debt.

“Our acquisition has significantly strengthened Multi’s financial position, and its portfolio includes some of the highest-quality retail real estate in Europe,” Ken Caplan, Blckstone’s head of European real estate, said in the statement.

Blackstone, the biggest manager of private-equity property funds, amassed more than 90 percent of Multi’s 900 million euros ($1.2 billion) of debt and a similar share of its equity over a span of about 15 months, two people with knowledge of the matter said in August.

The New York-based firm was in talks to buy the rest of Multi’s loans and stock from a German lender, one of the people said. Both asked not to be identified because the discussions were private

Multi owns or manages 56 shopping centers throughout Europe and most of its assets are in Turkey.

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