NorthStar Realty Europe readies $1 bn assets sale

FRANKFURT - SEPTEMBER 26: View from the Maintower. View includes next buildings: Messeturm, DZ Bank AG, FBC, Trianon and Deutsche bank on September 26, 2012 in Frankfurt, Germany


NorthStar Realty Europe Corp. has hired advisers to offer about $1 billion of properties for sale as the New York-based company focuses on fewer countries, according to a person with knowledge of the matter.
The real estate investment trust, managed by an affiliate of NorthStar Asset Management Group Inc., will sell all of its assets outside the U.K., France and Germany, the person said, asking not to be identified because the matter is private. These assets account for about 25 percent of NorthStar Realty’s $2.6 billion portfolio. A spokesman for the company declined to comment on the sales.
The shares rose as much as 4.2 percent, the most in almost two weeks, and were trading at $10.85 at 12:19 p.m. in New York.
As well as focusing on its main markets, NorthStar wants to become less dependent on its biggest buildings. The company plans to sell 50 percent of the Trianon office tower in Frankfurt, its most valuable property at 570 million euros ($638 million), and has appointed Eastdil Secured to help find a buyer, the person said. That plan was reported by EuroProperty magazine earlier.
NorthStar Realty has hired Cushman & Wakefield Inc. to sell the Maastoren office tower in Rotterdam, the tallest building in the Netherlands, and the KPN office building in Amsterdam, the person said. The buildings have a total value of about 230 million euros.
CBRE Group Inc. will sell the remaining assets, which are scattered across five countries, the person said. CBRE, Cushman and Eastdil declined to comment.

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