NEW YORK, November 24, 2017 /PRNewswire/ --
NorthStar Realty Europe Corp. (NYSE: NRE) ("NorthStar Realty
Europe" or "NRE"), a REIT focused on prime office properties in
Europe, announced today it has
completed the disposal of Dukes Court office complex to Woking
Borough Council for approximately £72 million, 18% above the
purchase price.
Active asset management including re-leasing more than 50,000
square feet, realizing approximately 13% rental growth since
acquisition and maintaining 100% occupancy throughout the three
year ownership period. The strong tenant base includes HMRC, Kuwait
Petroleum and Fidessa Group.
Dukes Court is a 224,000 square feet office scheme set on a
three acre site in the centre of Woking, situated in Greater London. Built in 1986 and
substantially upgraded between 2008 - 2012, the asset provides
strong amenities for tenants including ample on-site parking, cycle
storage and fitness facilities. The location has excellent
transport connections to the capital and the rest of the country,
with strong road links and Central
London 25 minutes away by rail.
Mahbod Nia, NorthStar Realty
Europe's Chief Executive Officer,
commented:
"We are pleased with our investment in the Duke's Court property
which represents yet another example of value creation NRE can
achieve through active management of prime office properties in
western Europe."
About NorthStar Realty Europe
NorthStar Realty Europe Corp. (NYSE: NRE) is a European-focused
commercial real estate company with predominantly high quality
office properties 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
real estate and investment management firm. For more information
about NorthStar Realty Europe Corp., please visit
http://www.nrecorp.com .
Media contact: Finsbury, Gordon
Simpson / Jenny Bahr,
+44(0)20-7251-3801
SOURCE NorthStar Realty Europe Corp