AXA Investment Managers completed acquisition of NRE for $1bn.

AXA Investment Managers, a real asset investment company, completed the acquisition of NorthStar Realty Europe, a commercial real estate company, for $1bn. The public-to-private transaction includes assets in London, Paris, Berlin and Hamburg. The office portfolio is 96% let, with an average lease expiry of 5.9 years and offers potential for asset management and further income generation. “The SRC ran a comprehensive strategic review process, considering all options and engaging with a wide group of potential buyers. We are pleased that the process has culminated in a transaction that unlocks the significant value we have created for NRE stockholders since inception, realizing an approximate 16% IRR assuming the estimated per share merger consideration of $17.03,” Mahbod Nia, NRE Chief Executive Officer and President.