European retail property specialist Multi Corporation has announced the acquisition of three grocery-anchored retail centres in the Netherlands in its first direct investment since it completed a management buyout from Blackstone in March this year.
The assets, acquired from funds managed by US alternative asset manager Blackstone, are Valkenstaete in Valkenswaard (5,000 m2), Scheldeplein in Vlissingen (8,000 m2) and Veestraat in Helmond (5,000 m2) for a combined gross leasable area of almost 18,000 m2. Multi is believed to be exploring options to redevelop the assets into mixed-use.
The group, which for years has been the retail investment arm of the world’s largest asset manager, was taken over in full by its co-CEOs, Elmar Schoonbrood and Steven Poelman, earlier this year. It has since unveiled plans to invest in retail assets and co-invest with partners.
‘This transaction is an important step towards Multi becoming an independent retail investor and co-investor,’ said Poelman. ‘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 Corporation started out 40 years ago as a developer in the Netherlands, before expanding to countries like Germany, Portugal, Spain and Turkey. It 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.
The transaction underscores Multi’s belief in the retail sector, where the group continues to see opportunities predominantly in the fast food segment, retail parks, dominant shopping centres and grocery anchored retail centres.
Some of these retail assets need to be repositioned or repurposed, such as converting retail space into residential. With consumers preference for leisure and convenience destinations prevailing, and the continuous need for new residential housing units, Multi Corporation will seek to leverage its full service offering to reposition, refurbish, and upgrade existing properties.
The company will be seeking to increase its European portfolio further in the coming years. It is looking for additional investment opportunities alone or in partnership with international investors for joint investment opportunities.
Multi currently manages retail assets in 13 countries in Europe and Turkey on behalf of clients such as Allianz, Credit Suisse and Commerz Real.
See also: INTERVIEW: Life after Blackstone: Multi goes it alone (again)
