(Reuters) - Private equity firm Blackstone Group LP’s (BX.N) 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. (r.reuters.com/ref72v)
Blackstone is currently in talks with a German lender to acquire the remaining loans and stock of Multi, Bloomberg reported.
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 business hours.
($1 = 0.7562 euros)
Reporting by Rohit T. K. in Bangalore; Editing by Lisa Shumaker