AXA Investment Managers acquires NorthStar Realty Europe Corp

AXA Investment Managers – Real Assets, a global leader in real asset investments, has agreed to acquire the entire issued share capital of NorthStar Realty Europe Corp. (NRE), a NYSE-listed real estate investment trust.

AXA IM – Real Assets will play an estimated price per NRE share equivalent to $16.95 per share, based on spot foreign exchange rates and $17.03 based on forward foreign exchange rates, according to the firm.

Northstar owns a portfolio of 12 office properties and two hotel assets in Germany, the United Kingdom and France with a combined value of €1.1 billion ($1.2 billion).

The acquisition provides AXA IM – Real Assets with immediate access to a 122,000-square-meter (1.3 million-square-foot) portfolio of modern, prime, well-located office space across Europe’s three core markets. The office portfolio is 96 percent let.

The acquisition is subject to approval by a majority of NRE shareholders and is expected to be completed in the f