October 3, 2013 / 9:03 AM / 5 years ago

Blackstone buys Dutch mall developer Multi Corp

LONDON (Reuters) - U.S. private equity giant Blackstone (BX.N) said on Thursday it had completed its acquisition of Dutch shopping centre Multi Corporation.

The deal is likely to boost Blackstone’s presence in Turkey, where Multi is the largest owner and manager of shopping centres. Multi currently owns or manages 56 malls across 13 European countries.

No value for the deal was disclosed.

Reuters reported in July that Blackstone was planning to buy Multi after it amassed about half of Multi’s estimated 900 million euros of debt at steep discounts. The European Commission gave the take over the green light in August.

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

“Blackstone and Multi together look forward to future growth and expansion opportunities in European retail,” he said.

Blackstone bought three Turkish malls from Dutch firm Redevco last year, which it could merge with Multi’s Turkish properties, a source told Reuters in August.

Reporting by Brenda Goh; Editing by Neil Maidment

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