Fried Frank acted as counsel to the Strategic Review Committee of the Board of Directors of NorthStar Realty Europe in connection with its agreement to be acquired by AXA Investment Managers - Real Assets. The transaction has an enterprise value of US$1.055 billion. The announcement follows a comprehensive review of strategic alternatives by the Strategic Review Committee of the Company's Board of Directors, on which Fried Frank also advised. The transaction is unique in that it involves a US real estate investment trust (REIT) that holds real estate assets exclusively outside of the US. Furthermore, the consideration paid to the shareholders will be denominated in three different currencies. NorthStar Realty Europe is a European-focused commercial real estate company, organized as a REIT and managed by an affiliate of Colony Capital, Inc., with properties in Germany, the United Kingdom, and France. AXA Investment Managers - Real Assets is a global leader in real asset investments. The acquisition is expected to complete in the fourth quarter of 2019.
The Fried Frank team was led by corporate partners Philip Richter and Steven G. Scheinfeld and included corporate partners Amber Meek and Warren S. de Wied, tax partners Cameron N. Cosby and Alan S. Kaden, and corporate associates Alison McCormick and P. Ryan Messier.