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NorthStar Realty to sell 3 German assets for $45M

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NorthStar Realty to sell 3 German assets for $45M

Office real estate investment trust NorthStar Realty Europe Corp. plans to sell three assets in Germany for a total of $45 million, and closed a $40 million deal to sell three properties in the U.K. in December 2018.

The German assets include Uhlandstrasse in Frankfurt, which is being sold for $41 million, and two noncore retail assets in Werl and Bremen that will be disposed of for $4 million. NorthStar expects to release about $27 million of net equity from the sales, after accounting for debt and transaction costs.

Completion of the transactions is expected in the first quarter, subject to certain conditions.

In the U.K., NorthStar sold three fully leased assets in Chiswick and St. Albans in Greater London, and in Glasgow. The transaction released about $22 million of net equity after repayment of financing and transaction costs. The properties have a combined leasable area of 7,135 square meters.