US-based NorthStar Realty Finance Corporation (NRFC) has strengthened its presence in European real estate by acquiring a 15% stake in pan-European fund manager Aerium.
US-based NorthStar Realty Finance Corporation (NRFC) has strengthened its presence in European real estate by acquiring a 15% stake in pan-European fund manager Aerium.
Aerium was established in 1988 and manages around €6.1 bn of real estate assets across 12 European countries. The company is working to raise capital for its 17th fund, a pan-European value-add vehicle.
'This transaction marks a natural evolution of our business, providing further opportunities to grow our assets under management with a fully aligned and ambitious partner. NRFC’s shareholding acts as an endorsement of the investment expertise, professionalism and asset management competence of Aerium,' said Aerium CEO Franck Ruimy.
Office deal
NorthStar made a big splash in Europe last December when it joined forces with London-based Cale Street Partners to acquire a pan-European office portfolio from SEB Asset Management for €1.1 bn in one of the largest European property transactions of 2014.
NRFC, which is externally managed by NorthStar Asset Management (NSAM), is a New York-listed diversified commercial real estate investment trust with $16.4 bn (€15.5 bn) of assets under management.
Top Investors
NorthStar takes 62nd place and Aerium appears at number 131 in our Top Investors ranking of dealmakers by transaction volume in European real estate investment for 2014. Check out the Top Investors app for the ranking and background information on the top European dealmakers of 2014. The app is available free of charge during MIPIM 2015. Afterwards it will be for subscribers only.
NorthStar also features in the dealmaker section of the March 2015 edition of PropertyEU's Top 100 Investors, Dealmakers & Investment Locations publication. Click here to read about NorthStar.
