Aug 29 Private equity firm Blackstone Group LP's
real estate unit is set to take over Netherlands-based
real estate company Multi Corp following the completion of its
restructuring, Bloomberg reported, citing two sources familiar
with the matter.
Blackstone has already taken over more than 90 percent of
Multi's debt of over 900 million euros ($1.19 billion) and
equity over the past 15 months, Bloomberg said. ()
Blackstone is currently in talks with a German lender to
acquire the remaining loans and stock of Multi, Bloomberg
Reuters reported earlier this month, citing sources, that
Blackstone is targeting up to $5 billion for a new European
fund. Real estate is Blackstone's biggest earner, accounting for
about half its profits in the last quarter.
New York-based Blackstone plans to merge Multi's retail
centers in Turkey - the two largest malls in the country and six
malls in other cities - with three Turkish malls it acquired
from another Dutch real estate developer, Redevco VB in 2012,
according to the report.
Multi would absorb Blackstone's 500 million euro ($661.23
million) portfolio of retail properties in Poland, the report
said, along with a potential deal of buying a group of Italian
malls, Bloomberg said.
Blackstone and Multi were unavailable for comment outside