A Morgan Stanley (MS) real estate fund relinquished its 80 percent stake in European mall developer Multi Corp. BV as part of an 850 million-euro ($1.11 billion) debt restructuring this week, two people with knowledge of the agreement said.

NIBC Bank NV led a group of 11 lenders that took over Morgan Stanley Real Estate Fund V International’s holding in a deal that was completed Dec. 20, said the people, who declined to be identified because the information is private.

As part of the accord, the Morgan Stanley fund gained a stake of more than 10 percent in the Forum Turkey Fund, which owns seven malls in the country, the people said. Canada Pension Plan Investment Board previously held 27 percent of Forum Turkey Fund and Multi owned the rest.

Multi spokesman Mark Cunningham declined to comment, as did Morgan Stanley spokesman Tom Walton.

The banks agreed in September to back Multi Chairman Hans van Veggel and the company’s senior management. Together the executives hold the remaining shares in the Gouda, Netherlands- based company, which owns, manages and develops malls in 14 European countries.

Morgan Stanley may recover its losses in Multi through the stake in Forum Turkey Fund, which plans to get real estate investment trust status in Turkey and sell shares in an initial public offering in Istanbul in coming years.

Morgan Stanley was part of the group that acquired Dutch publicly traded real estate developer AM Development BV in early 2006.

AM Development was split in two, with the Morgan Stanley fund backing the separate international mall development business led by van Veggel and his management team. That became Multi, while AM Development remained a separate company specializing in residential and office projects.

Multi reduced its debt in October after raising about 300 million euros from the sale of two malls in the Czech Republic to a venture between Meyer Bergman BV and Healthcare of Ontario Pension Plan.

To contact the reporter on this story: Simon Packard in London at packard@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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