Blackstone Group LP’s real estate unit is close to completing a restructuring of Multi Corp. that would give it full ownership of the debt-laden European mall developer, said two people with knowledge of the situation.

Blackstone, the biggest manager of private-equity property funds, has amassed more than 90 percent of Multi’s 900 million euros ($1.2 billion) of corporate debt and a similar share of its equity in the past 15 months, according to the people, who asked not to be named because the discussions are private. The New York-based firm is in talks to buy the rest of Multi’s loans and stock from a German lender, one of the people said.

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