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Bloomberg: Blackstone Group to buy Dutch developer Multi Corp

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August 29
8:46 PM 2013

A Bloomberg report said that private equity firm Blackstone Group LP's real estate unit would take over Multi Corp. The latter is based in Netherlands and operates as a real estate company. The acquisition would take part after Multi Corp's restructuring plan, said two sources familiar with the matter.

In the past 15 months, Blackstone had already taken over more than 90% of Multi Corp's debt and equity valued at EUR900 million, according to a Bloomberg report. Currently Blackstone is in discussions with a German lender to purchase the remaining loans and stock of the Netherlands-based real estate company, added the report.

Earlier this month, Reuters reported while citing sources that Blackstone had targeted as much as USD5 billion for a new European fund. The real estate market had been Blackstone's biggest earner. In fact, real estate was accounted for approximately half of its last quarter profits.

Blackstone had merger plans with Multi's retail centers in Turkey.

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