Blackstone announced that its real estate funds have completed the acquisition of Multi Corporation. Multi is a leading owner, manager and (re)developer of high quality shopping centers across Europe. As a Blackstone portfolio company, Multi will be a well-capitalized, growth-oriented, pan-European retail platform focused on creating, managing and improving sustainable rental income.
Since 1982, Multi’s projects, which regularly act as the engine for revitalizing a city or region, have been internationally recognized for their innovative nature, architectural quality, sustainability and profound sensitivity to local environments. Recent recognition includes numerous ICSC, ULI, MAPIC and MIPIM awards for amongst others Forum Istanbul and Marmara Forum in Turkey, Forum Duisburg in Germany, Almada Forum in Portugal and the inner city reconstruction of Rotterdam in the Netherlands.
Multi currently owns or manages 56 shopping centers, which welcome more than 330 million visitors per year, spending an estimated €3.2 billion annually in more than 5,200 stores, restaurants and attractions. Multi has over 500 employees across its mall management, asset management, development and support businesses, and is active in 13 European countries, including Turkey where it is the largest owner and manager of shopping centers.
Dick van Well, formerly Chairman of Multi’s supervisory board has joined the management board as its chairman. Heino Vink and Mark van den Berg will continue to serve on the company’s management board.
Jan Meines, who has served on the supervisory board since 2011, has been elected as the Chairman of the Supervisory Board. He is joined by Jonathan Lurie, Managing Director in Blackstone’s European Real Estate activities, and Robert Welanetz, former head of worldwide retail at Jones Lang LaSalle.
Ken Caplan, Head of European Real Estate at Blackstone, said:
“We are excited to welcome the Multi team into the Blackstone family. Our acquisition has significantly strengthened Multi’s financial position, and its portfolio includes some of the highest quality retail real estate in Europe. The Multi team has an outstanding track record of bringing retail centers to life and has achieved excellent results in creating spaces that make it exciting to shop, attracting both consumers and the world’s most desirable retailers. Blackstone and Multi together look forward to future growth and expansion opportunities in European retail.”
Dick van Well, Chairman of the Management Board of Multi, said:
“We are delighted to become part of Blackstone, whose position in the real estate market gives Multi the opportunity to progress its success story. Blackstone is one of the world’s premier real estate investors, focused on creating value through hands-on management and targeted investment.”
Heino Vink, Member of the Management Board of Multi, said:
“The acquisition of Multi by Blackstone confirms the company’s high quality asset base and the creativity and dedication of our employees to delivering value for consumers, retailers and investors. We are well-positioned to take advantage of opportunities to build our portfolio and further enhance the value of the dynamic shopping centers that we own and manage, creating value for consumers and exciting destinations for local communities.”