US REIT NorthStar Realty Finance Corporation has completed the acquisition of the Trias portfolio of 37 assets from German insurance company Provinzial NordWest, as reported by PropertyEU in January.

US REIT NorthStar Realty Finance Corporation has completed the acquisition of the Trias portfolio of 37 assets from German insurance company Provinzial NordWest, as reported by PropertyEU in January.

PwC, which advised the vendor together with Linklaters, said the portfolio includes a total of 30 office buildings, four retail assets, two hotels as well as an industrial asset for a total of 260,000 m2 of space.

The assets are located in the Western European cities of Paris, London, Frankfurt, Berlin, Madrid, Lisbon, and Glasgow.

'The success of this transaction demonstrates the high level of institutional interest in high-quality European real estate assets,' commented Thomas Veith, partner of the Frankfurt real estate team of PwC. Jan Brügelmann of PwC added: 'International investors are in search of pan-European portfolios offering a good mix and providing not only a stable cash flow, but also the potential for capital appreciation.'

Clifford Chance advised the buyer on the deal.

PropertyEU reported in early January that NorthStar had signed a binding agreement with German insurance company Provinzial NordWest to acquire the Trias portfolio which was put on the market last year through PwC.

Marketed for €450 mln, the portfolio is believed to have received bids from a number of players including private equity firms Apollo and Area. The assets were historically managed by IVG, Deka and Internos.

The New York-listed REIT entered Europe last year with the acquisition of a 186,000 m2 portfolio from German asset manager SEB Immobilien for around €1.1 bn.