Private equity firm Blackstone recently finalized its purchase of Multi Corporation, a Netherlands-based shopping center. Financial details of the transaction were not disclosed. According to a Reuters report, the transaction would increase Blackstone's presence in Turkey. Multi Corporation owns and manages the most number of shopping malls in the Asian country. The Dutch firm has 56 malls in 13 countries in Europe.
Blackstone Head of European Real Estate Ken Caplan said, "Our acquisition has significantly strengthened Multi's financial position, and its portfolio includes some of the highest quality retail real estate in Europe." He added that Blackstone and Multi expected future growth and opportunities for expansion in the European retail industry.
In July, Reuters reported Blackstone's plan to buy Multi after assuming half of the firm's debt at a discount. Multi's debt was pegged at around EUR 900 million. The European Commission approved the takeover in August.
A source also told Reuters that Blackstone purchased three Turkish malls from Dutch company Redevco last year. The person said these shopping centers could be merged with the newly-acquired Turkish properties from Multi.
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