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MULTI CORPORATION COMPLETES MANAGEMENT BUYOUT
Multi Corporation, one of the largest commercial asset management companies in Europe, announced the completion of a management buyout from funds managed by Blackstone.
This transaction sees Multi Corporation acquired by Elmar Schoonbrood and Steven Poelman, two experienced current Board Members and Co-CEOs. Elmar recently joined the Board full time and alongside Steven, 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.”
Steven Poelman, Co-CEO of Multi Corporation, added: “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.”
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.”
PRIME KAPITAL RAISES €125 MILLION FOR SIX ASSETS IN ROMANIA
CEE real estate developer, investor, and operator, Prime Kapital, announced that it has raised a €125 million green club loan facility for its development joint-venture with listed property investor MAS.
The multi-tranche facility is provided by a consortium of four domestic and international banks and was raised on a project finance basis for five new commercial retail properties that Prime Kapital recently opened in Romania and a sixth one currently under development.
Prime Kapital Partner Johan de Lange commented: “The level of appetite that we have encountered among local and international banks during the transaction for this multi-property financing was really encouraging. We believe that the institutional funding support provided by the banks for the transaction is a validation of Prime Kapital’s retail asset investment strategy with its strong focus on geo-diversified, locally dominant, sustainable green developments that have substantial and meaningful community impact.”
In line with the sustainability objectives of Prime Kapital and its funding partner MAS plc, the proceeds of this new facility will support the development of a further number of new green projects that form part of Prime Kapital’s substantial secured development pipeline in CEE.
Periklis Voulgaris, Executive Vice President of Wholesale Banking at Alpha Bank Romania, says: “This is an important project in terms of value and complexity, which supports Prime Kapital with its development plans. Moreover, this financing aligns with our strategy on sustainable and green projects that provide real value to the community and the business environment.”
€1.1 MILLION BUSINESS IN 2021 FOR CHAIRRY, A ROMANIAN ENTREPRENEURIAL COMPANY IN THE DESIGN AND FURNITURE INDUSTRY
70 percent of the turnover was generated by the resurgent hotel and food industries.
The company aims to triple its turnover to €3 million for the current year, amid the rapid pace of expansion of private health services, the educational segment and office interiors, which currently generate the rest of the turnover.
“In 2021, both hotels and restaurants invested in the re-design and redevelopment projects to be competitive in the post-pandemic reality. At the same time, many new restaurants were inaugurated, many with innovative concepts, as well as hotels – both international brands and locally – owned hotels. We see the opportunity for growth in the fit-out market – mainly in the medical, educational, but also the office segment, given the recent relaxation of restrictions and the gradual return to the office that has already begun,” says Raluca Dorobanțu, Managing Partner, Chairry.
According to company analysis, only in the hotel segment at least 10 new 4 and 5 star hotels have been inaugurated in the last year in Romania or are under the course of delivery.