NorthStar Realty Europe Corp. closed its merger with and into a wholly owned subsidiary of one of the funds managed by AXA Investment Managers – Real Assets.
Under the deal, shareholders of the office-focused real estate investment trust will receive $1.68 in cash, plus the U.S. dollar equivalent of €9.26 and £3.82, per outstanding common share.
The U.S. dollar consideration to be paid for each common share, which will be delisted from the New York Stock Exchange, is about $17.01.
Colony Capital Inc., which manages NorthStar, said it received a lump sum incentive and termination fee payment of $64.6 million from the transaction. It also received $96 million for its 11% stake in the REIT, reflecting a premium of about $22 million, or 30%, above Colony's cost basis.
