Multi Corporation has completed a management buyout from funds managed by Blackstone.
Multi Corporation, the asset manager of a shopping centre portfolio spanning Europe, has been acquired by Elmar Schoonbrood and Steven Poelman, two current Board Members and Co-CEOs.
Schoonbrood recently joined the Board full time and alongside Poelman, will progress plans for the business which will see it partnering with existing and new clients and broadening its services to other asset classes.
Today, Multi actively manages over 80 properties in 13 countries across Europe and welcomes over 400 million customers annually, spending an estimated €4 billion across more than 6,000 stores, restaurants and leisure facilities. Flagship tenants include Inditex, Primark, C&A, H&M and Carrefour.
Elmar Schoonbrood, Co-CEO of Multi Corporation, commented: “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.”
Steven Poelman, Co-CEO of Multi Corporation, 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 Europe at Blackstone commented: “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.”