The debt-ridden company saw its chairman and founder Hans van Vegge resign in July of this year> The company ahd previously missed interest payments leading to banks seeking to write down and offload the debt.
Blackstone’s real estate arm has paid close to €500m to acquire some 90 per cent of Netherlands-headquartered Multi Corp’s €900m outstanding debt, alongside a corresponding ownership stake, with an aim to acquire the remainder of its debt and equity.
The report said the firm could use Multi Corp as an acquisition vehicle to buy retail assets in Europe, as well as potential merging it with three Turkish shopping malls it acquired in 2012.
Blackstone began buying up Multi Corp’s debt in June 2012, taking stakes from NIBC Bank and ING Groep, Hypo Real Estate Holding, Royal Bank of Scotland and Lloyds Banking Group.
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