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NorthStar Realty selling Dutch office property for $190M

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 to $70 million through a new commitment from Deutsche Bank AG New York, while also extending the term until April 2020 with a one-year extension option. The facility may be further upsized to $105 million through an accordion feature.

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.