Home Featured NorthStar Realty Europe Completes the Sale of The Tallest Office Building in...

NorthStar Realty Europe Completes the Sale of The Tallest Office Building in the Netherlands

279
SHARE

NorthStar Realty Europe Corp., a REIT focused on prime office properties in Europe, has completed the sale of Maastoren, the tallest office tower in the Netherlands. The buyer was 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.

Mahbod Nia, NorthStar Realty Europe’s Chief Executive Officer and President, commented: “We are pleased to have completed the sale of Maastoren at a significant premium to the valuation preceding the lease extensions. Our ability to materially enhance the value of this asset prior to sale is a reflection of our continued commitment to active asset management as we seek to generate value for our stockholders.”

The building, completed in 2010, includes 44 floors and stands165 meters high. It is the tallest building in the Netherlands and has tenants including Deloitte and AKD.