US private equity giant Blackstone can take over European shopping centre developer Multi Corporation following approval from the European Commission.
US private equity giant Blackstone can take over European shopping centre developer Multi Corporation following approval from the European Commission.
In a statement dated 22 July 2013 and published on 27 July 2013, the European Commission said it ‘has concluded that the notified operation falls within the scope of the Merger Regulation’.
The Commission said it has ‘decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement’.
Blackstone intends to acquire full control of Multi Corporation 'by way of purchase of membership interests', according to the Commission statement.
When contacted by PropertyEU, Blackstone declined to comment.
The US group notified the Commission of its intentions to take over Multi on 20 June. The Commission said at the time that interested parties had 10 days from the date of the publication to 'to submit their possible observations on the proposed operation'.
Multi entered the spotlight in April amid media reports that Blackstone was close to taking control of Europe's largest shopping centre developer due to liquidity problems relating to a €900 mln loan package.
According to well-informed sources, Blackstone had by April acquired almost half the €900 mln in corporate debt in the last nine months at a hefty discount of 50 cents per euro of debt.
Since late 2009, Blackstone’s real estate funds have invested or committed to invest $25.3 bn (€19 bn) in equity globally through their active debt and equity funds.
Click on the attachment below to read the full European Commission statement.
