AXA Investment Managers – Real Assets, a global leader in real asset investments and the leading1 real estate portfolio and asset manager in Europe, announces that it has completed the acquisition as part of a core strategy on behalf of a client, of the entire issued share capital of NorthStar Realty Europe Corp. , a NYSE listed real estate investment trust. The acquisition was approved at a special meeting of NRE stockholders held on September 25, 2019 and NRE will be delisted from the NYSE.
Further to AXA IM – Real Assets’ announcement of 4 July 2019, the final consideration for the Acquisition after the settlement of the previously disclosed forward exchange contracts to hedge the non-U.S. dollar portions of the merger consideration represents a price of U.S.$17.01 per NRE share.
Through a single transaction, the Acquisition provides AXA IM – Real Assets with immediate access to a €1.1 billion, 122,000 sqm (1.3 million sq ft) portfolio (the “Portfolio” 4) of modern, prime and well located office space in key European cities within Europe’s three core markets of Germany, the United Kingdom and France. The Portfolio also includes two hotels in Berlin which total 334 rooms across 12,000 sqm.