AXA IM acquires Northstar Realty for £1bn

Emma Rosser | Print

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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