NEW YORK, May 23, 2017 /PRNewswire/ -- NorthStar Realty
Europe Corp. (NYSE: NRE) ("NorthStar Realty Europe" or "NRE"), a
European-focused predominately office REIT, partnered with China
Resources Land Limited ("CRL"), a leading property developer in
China listed on the Hong Kong
Stock Exchange (HKSE: 1109) with an approximate $19 billion equity market capitalization, to
acquire 20 Gresham Street, a trophy office building located in the
City of London, for approximately
£300 million from AXA Investment Managers. The acquisition
represents CRL's first real estate investment in Europe.
NorthStar Realty Europe invested £26 million (or approximately
$34 million) by way of preferred
equity.
Property Highlights:
- Constructed in 2008 with 242,807 sq. ft. of highly specified
office space over seven floors;
- Located in London's largest
business district in close proximity to St. Paul's Cathedral and Bank of England;
- Currently fully leased to blue chip financial services firms
including ICBC Standard Bank Plc., TSB Bank Plc., Sacker &
Partners LLP, and TLT LLP; and
- Average current rents significantly below market rents for
similar quality office buildings located in the vicinity of 20
Gresham Street
Mahbod Nia, NorthStar Realty
Europe's Chief Executive Officer, commented:
"We are delighted to partner with China Resources Land, a
leading and highly respected property developer in China with a strong track record of investing
in and developing high-quality real estate, on its initial
investment in Europe.
NRE's expertise in the London
and broader European real estate market makes us an excellent
partner for CRL and we look forward to continuing to develop this
important relationship as CRL looks to expand its footprint outside
of China.
20 Gresham Street is a highly desirable building with a prime
location in London and we feel
confident there is significant opportunity to add value and drive
strong returns through a number of pro-active initiatives."
About NorthStar Realty Europe Corp.
NorthStar Realty Europe Corp. is a European focused commercial
real estate company with predominately prime office properties
within key cities in Germany, the
United Kingdom and France, organized as a REIT and managed by an
affiliate of Colony NorthStar, Inc. (NYSE: CLNS), a leading global
equity REIT with an embedded investment management platform. For
more information about NorthStar Realty Europe Corp., please visit
www.nrecorp.com.
About China Resources Land Limited
China Resources Land Limited, the flagship subsidiary of China
Resources Group, is listed on Hong Kong Stock Exchange. It is a
PRC-based real estate company with an integrated business model of
"development properties (DP) + investment properties (IP) + X".
Operating in 56 key cities in PRC, CRL has leading market positions
in both DP and IP businesses among PRC-based listed companies. For
more information about CRL, please visit www.crland.com.hk.
Safe Harbor Statement
This press release contains certain "forward looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward looking statements are generally identifiable by use of
forward looking terminology such as "may," "will," "should,"
"potential," "intend," "expect," "seek," "anticipate," "estimate,"
"believe," "could," "project," "predict," "hypothetical,"
"continue," "future" or other similar words or expressions. Forward
looking statements are not guarantees of performance and are based
on certain assumptions, discuss future expectations, describe plans
and strategies, contain projections of results of operations or of
financial condition or state other forward looking information.
Such statements include, but are not limited to the opportunity to
add value and drive strong returns through various a number of
pro-active initiatives. Forward looking statements are necessarily
speculative in nature, and it can be expected that some or all of
the assumptions underlying any forward-looking statements will not
materialize or will vary significantly from actual results.
Variations of assumptions and results may be material. Factors that
could cause actual results to differ materially
from NRE's expectations are specified
in NRE's annual report on Form 10-K for the year
ended December 31, 2016, and its other filings with
the Securities and Exchange Commission. Such forward looking
statements speak only as of the date of this press
release. NRE expressly disclaims any obligation to
release publicly any updates or revisions to any forward looking
statements contained herein to reflect any change in its
expectations with regard thereto or change in events, conditions or
circumstances on which any statement is based.
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SOURCE NorthStar Realty Europe Corp.