The assets, acquired from funds managed by Blackstone, are the first direct investments the business has made since it completed a management buy-out from the world’s largest alternative asset manager in March this year.
The shopping centres include Valkenstaete in Valkenswaard (approx. 5,000 sq m), Scheldeplein in Vlissingen (approx. 8,000 sq m) and Veestraat in Helmond (approx. 5,000 sq m). Multi will explore options to redevelop the assets into mixed-use.
Steven Poelman, Co-CEO, says: “This transaction is an important step towards Multi becoming an independent retail investor and co-investor. We believe in the long-term value of grocery anchored retail centres, and this transaction is proof of our conviction. Our in-house design and (re) development capabilities can be fully utilised to transform these centres into mixed retail and residential assets. We are excited by this acquisition and are actively looking for additional investment opportunities”.
Multi completed a management buy-out from funds managed by Blackstone in March this year and is now fully independent. Multi Corporation has developed and managed over 200 property assets across every market- and life cycle for about 40 years. With over 550 employees in 13 offices across Europe, the company offers a complete range of capabilities, including property & asset management, advisory, (re-)development & refurbishment, and capital market services. As an independent company, Multi Corporation is ideally placed to partner with real estate investors to drive value.
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