Multi Corporation has completed a management buyout from Blackstone.
The shopping centre manager, which has more than 80 properties in 13 countries across Europe, has been acquired by co-CEOs Elmar Schoonbrood and Steven Poelman from funds managed by the world’s largest alternative asset manager.
The duo plan to partner with existing and new clients and broaden services to other asset classes.
The retail-focused firm manages 6,000 shops, restaurants and leisure facilities, with tenants including Inditex, Primark, C&A, H&M and Carrefour.
Multi was bought by Blackstone in 2013.
Schoonbrood said: “Multi is unique in that we can offer clients a reliable and independent operating partner across the entire European retail sector. Our services range from sourcing, underwriting and managing, to developing and redeveloping retail as well as other asset classes. I am looking forward to working alongside Steven to deliver our new vision for the business.”
Poelman added: “We are excited about this transaction and the potential to continue evolving the business. Multi is a leading property and asset manager with direct relationships with the 6,000 tenants in our portfolio, which gives us a competitive edge over our peers. Our in-house architectural design and technical teams allow us to turn around complex retail centres as well as convert retail and office properties to residential use.”
Adam Shah, head of real estate asset management for Europe at Blackstone, said: “Multi is a unique, pan-European business which has an impressive history, strong foundations, an extensive customer base and an excellent management team. As the company embarks on this new chapter, we look forward to continuing our relationship with Multi and are excited to witness its future success.”
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