NEW YORK, May 23, 2017 /PRNewswire/ -- NorthStar Realty Europe
Corp. (NYSE: NRE) ("NorthStar Realty Europe" or "NRE"), a European-focused predominately office REIT, partnered with China
Resources Land Limited ("CRL"), a leading property developer in China listed on the Hong Kong
Stock Exchange (HKSE: 1109) with an approximate $19 billion equity market capitalization, to
acquire 20 Gresham Street, a trophy office building located in the City of London, for
approximately £300 million from AXA Investment Managers. The acquisition represents CRL's first real estate investment in
Europe.
NorthStar Realty Europe invested £26 million (or approximately $34 million) by way of preferred
equity.
Property Highlights:
- Constructed in 2008 with 242,807 sq. ft. of highly specified office space over seven floors;
- Located in London's largest business district in close proximity to St. Paul's Cathedral and Bank of England;
- Currently fully leased to blue chip financial services firms including ICBC Standard Bank Plc., TSB Bank Plc., Sacker &
Partners LLP, and TLT LLP; and
- Average current rents significantly below market rents for similar quality office buildings located in the vicinity of 20
Gresham Street
Mahbod Nia, NorthStar Realty Europe's Chief Executive Officer, commented:
"We are delighted to partner with China Resources Land, a leading and highly respected property developer in China with a strong track record of investing in and developing high-quality real estate, on its initial
investment in Europe.
NRE's expertise in the London and broader European real estate market makes us an excellent
partner for CRL and we look forward to continuing to develop this important relationship as CRL looks to expand its footprint
outside of China.
20 Gresham Street is a highly desirable building with a prime location in London and we feel
confident there is significant opportunity to add value and drive strong returns through a number of pro-active initiatives."
About NorthStar Realty Europe Corp.
NorthStar Realty Europe Corp. is a European focused commercial real estate company with predominately prime office properties
within key cities in Germany, the United Kingdom and
France, organized as a REIT and managed by an affiliate of Colony NorthStar, Inc. (NYSE: CLNS),
a leading global equity REIT with an embedded investment management platform. For more information about NorthStar Realty Europe
Corp., please visit www.nrecorp.com.
About China Resources Land Limited
China Resources Land Limited, the flagship subsidiary of China Resources Group, is listed on Hong Kong Stock Exchange. It is a
PRC-based real estate company with an integrated business model of "development properties (DP) + investment properties (IP) +
X". Operating in 56 key cities in PRC, CRL has leading market positions in both DP and IP businesses among PRC-based listed
companies. For more information about CRL, please visit www.crland.com.hk.
Safe Harbor Statement
This press release contains certain "forward looking statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Forward looking statements are generally identifiable by use of forward looking terminology such as "may,"
"will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "believe," "could," "project," "predict,"
"hypothetical," "continue," "future" or other similar words or expressions. Forward looking statements are not guarantees of
performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections
of results of operations or of financial condition or state other forward looking information. Such statements include, but are
not limited to the opportunity to add value and drive strong returns through various a number of pro-active initiatives. Forward
looking statements are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying
any forward-looking statements will not materialize or will vary significantly from actual results. Variations of assumptions and
results may be material. Factors that could cause actual results to differ materially from NRE's expectations are
specified in NRE's annual report on Form 10-K for the year ended December 31, 2016, and its other filings with
the Securities and Exchange Commission. Such forward looking statements speak only as of the date of this press
release. NRE expressly disclaims any obligation to release publicly any updates or revisions to any forward looking
statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or
circumstances on which any statement is based.
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SOURCE NorthStar Realty Europe Corp.