AXA buys New York-listed owner of €1.1bn European portfolio

NorthStar Condor House

AXA IM has agreed to acquire NorthStar Realty Europe, the owner of a €1.1bn portfolio that includes Condor House and Portman Square House in London.

The deal follows a strategic review by NRE that kicked off at the end of last year, in the wake of pressure from activist investor Senvest Management, which called for action to tackle the company’s persistent discount to NAV. NRE also cut ties with its asset manager Colony Capital, which Senvest Management said was partly to blame for the discount because of the fee arrangements.

 

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