NorthStar Realty Europe Corp. (NYSE: NRE), a REIT focused on prime office properties in Europe, announced today that it has completed the sale of Maastoren, the tallest office tower in the Netherlands, to MT LuxCo, a joint venture between FOM Real Estate, Asia Pacific Real Estate and Coquine SA.
In the second half of 2017, NRE executed value enhancing lease extensions, signing new 10 year leases with the building’s primary tenants, Deloitte and AKD, who together occupy approximately 70% of the building. These lease extensions resulted in an increase in the weighted average remaining contractual lease term to expiry by more than four years.
NRE expects to release approximately €50 million of net equity after repayment of financing (including release premium) and transaction costs. Maastoren is NRE’s largest remaining non-core asset and the sale marks the Company’s exit from the Netherlands.
NorthStar acquired the 44 floor, office building which comprises 38,000sqm of floor space and 639 parking spaces in an indoor parking garage, in December 2014.
The listed real estate investment trust, managed by Colony NorthStar, stated the Maastoren is its largest remaining non-core asset and the sale marks the group’s exit from the Netherlands.
The Clifford Chance team that advised Colony NorthStar was led by Liesbeth Buiter (picture) and furthermore consisted of Krishna van Zundert, Thomas Heijerman and Kiki Molewijk-Grooss.
Law Firms: Clifford Chance;
Clients: NorthStar Realty Europe Corp.;