Added to YB: 2018-11-30
Pitch date: 2018-11-30
NRE [bullish]
NorthStar Realty Europe Corp.
+6.32%
current return
Author Info
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Company Info
NorthStar Realty Europe Corp. is a European focused commercial real estate company with predominately prime office properties within key cities in Germany, the United Kingdom and France, organized as a REIT and managed by an affiliate of Colony Capital, Inc.
Market Cap
$855.9M
Pitch Price
$16.01
Price Target
N/A
Dividend
N/A
EV/EBITDA
N/A
P/E
4.77
EV/Sales
N/A
Sector
Office REITs
Category
value
Northstar Realty Europe: CLNY Out, Reviewing Strategic Alternatives
NRE: Odd duck US-listed REIT focused on Europe. Portfolio streamlined to 23 Class A offices in Germany, France, UK. Mgt contract terminated with CLNY for $70M. Trades at $16 vs $19.40 NAV post-Trianon sale ($7/sh cash). 97% leased, 6yr avg lease, strong financials. Discount due to external mgt stalling growth. Now exploring strategic alternatives, likely sale in pieces or whole for $2.50-3.00 upside near-term.
Read full article (4 min)