Northstar Realty Europe selling six assets in Europe for $84M
NorthStar Realty Europe has completed the sale of three assets in the U.K. and signed definitive sale and purchase agreements to sell a further three assets in Germany for an aggregate consideration of $84M and releasing approximately $49M of net equity to NRE after repayment of financing and transaction costs, representing an approximately 27% premium to the EPRA NAV as of September 30, 2018. On December 21, 2018, NRE completed the disposal of three assets in Greater London and Glasgow for total consideration of $40M. In December 2018, NRE signed a definitive sale and purchase agreement to dispose of the Uhlandstrasse asset in Frankfurt for $41M, releasing $23M of net equity to NRE after repayment of debt and transaction costs and representing a 51% premium to EPRA NAV. NRE also executed definitive sale and purchase agreements to sell two small non-core retail assets in Werl and Bremen for total consideration of $4M. Completion of the disposals is expected to occur Q1. NRE expects to release approximately $27M of net equity from these sales post repayment of debt and transaction costs.