NorthStar Realty Europe Corp. signed an agreement in February to sell its Maastoren office property in Rotterdam, the Netherlands, for roughly $190 million, slightly above the asset's independent valuation as at 2017-end.
The deal is scheduled to close in the second quarter, subject to customary conditions. The Europe-focused commercial real estate company expects to release roughly $60 million of net equity following the repayment of financing and transaction costs.
NorthStar Realty enlisted Cushman & Wakefield Inc. in 2016 to market the property that it bought in 2014 as part of a €1.1 billion European office portfolio.
In reporting its full-year 2017 results, the company also disclosed that it increased its revolving credit facility with Bank of America Merrill Lynch
NorthStar Realty's board authorized an up to $100 million repurchase program, allowing the company to repurchase its outstanding common stock from time to time in the open market or via privately negotiated transactions. The authorization is set to expire in a year, unless otherwise extended.
