Blackstone's European retail platform Multi Corporation is selling its Dutch portfolio and a number of major shopping centres elsewhere in Europe, PropertyEU has learned from reliable market sources.
PropertyEU understands that 24 out of the total 130 centres in Multi's portfolio are on the market. It is not known whether a buyer or buyers have yet been found for any of the assets, according to the sources.
The Dutch assets being put up for sale are believed to be smaller regional shopping centres such as Crabbehof in Dordrecht, Stadspoort in Ede, Scheldeplein (pictured) in Vlissingen and Angelso in Emmen. In Rotterdam, Multi manages the Forum mall, while the Parade shopping centre in Nootdorp was recently sold to German asset manager Real IS for €53.4 mln. It is not known which, or how many, shopping centres in the rest of Europe are part of the sale.
Multi Corporation developed and owned shopping centres throughout Europe and in Turkey before the firm and its portfolio were acquired by US private equity giant Blackstone in 2013. Following the sale Multi Corporation continued as the asset manager for Blackstone's shopping centre holdings in Europe.
Multi has around 130 shopping centres in its portfolio, which attract 400 million visitors a year who spend a total €4 bn.
Staff at Multi have been informed of the news of the sale, the sources said.
Blackstone declined to comment when contacted by PropertyEU.
