NorthStar Realty Europe has exited the Netherlands following the sale of the Maas Tower in Rotterdam to a joint venture made up of between FOM Real Estate, Asia Pacific Real Estate and Coquine SA.
The European-focused commercial real estate firm said it has sold the tallest office building in the Netherlands to MT LuxCo, at a significant premium to the to the valuation carried out in June 2017.
NorthStar acquired the 44 floor, office building which comprises 38,000sqm of floor space and 639 parking spaces in an indoor parking garage, in December 2014.
The listed real estate investment trust, managed by Colony NorthStar, said Maas Tower is its largest remaining non-core asset and the sale marks the group’s exit from the Netherlands.
Mahbod Nia, NorthStar Realty Europe’s chief executive officer and president, said: “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”.