AXA IM acquires Northstar Realty for £1bn

AXA Investment Managers – Real Assets has agreed to acquire Northstar Realty Europe for £1bn. NYSE-listed NRE has a prime portfolio of 12 offices totalling 1.3m sq ft, and two hotels with 334 bedrooms, in London, Paris, Berlin and Hamburg. The transaction follows the announcement in November 2018 that NRE was considering a possible sale of the company. AXA IM has agreed to pay $16.95 per share based on spot foreign exchange rates, representing a 15.8% premium to the share price prior to this announcement. The acquisition is subject to approval by majority of NRE shareholders and completion is expected in the fourth quarter of this year. John O’Driscoll, European head of transactions at AXA IM – Real Assets, said: “The acquisition of NRE is a rare opportunity to secure a significant portfolio of prime modern European offices in a single transaction. “The properties, which are located in the major cities of Europe’s largest economies of France, the UK and Germany, have high occupancy and produce strong levels of income that are ideally suited to our clients.”   To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette