Axa IM takes over Northstar
Axa Investment Managers is acquiring Northstar Realty Europe. According to Axa, the deal is based on a valuation of the Northstar real estate portfolio at €1.1bn. The portfolio consists of 122,000 sqm with twelve office buildings and two hotels. About half is in Germany, with the two hotels in Berlin and office properties in Hamburg (3), Berlin, Cologne and Münster. The Trianon in Frankfurt, for a long time the largest German property in the portfolio, was sold by Northstar at the end of last year. Northstar shareholders will receive $17 per share, meaning a total of $850mn for approx. 50 million shares. Axa was advised on the deal by CBRE, Deutsche Bank, DLA Piper and KPMG. Those advising the Colony Capital-managed Northstar REIT included Goldman Sachs and Clifford Chance. Axa emerged in April as one of the REIT’s most promising bidders.
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