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Exclusive - NorthStar Realty Europe shareholder offers to buy firm: letter

Published 09/12/2016, 16:55
Updated 09/12/2016, 17:00
© Reuters.  Exclusive - NorthStar Realty Europe shareholder offers to buy firm: letter
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(Reuters) - A major shareholder of NorthStar Realty Europe Corp (N:NRE) has offered to buy the company for $13 per share and is demanding that the real estate investment trust pursue a new asset management contract according to a letter seen by Reuters.

Bow Street, a hedge fund that owns a 6.7 percent stake in the company, said in the letter that its $728 million (578.74 million pound) offer for the company is fully financed.

In addition to offering to buy the company, Bow Street is demanding that NorthStar Realty Europe Corp severs its asset management contract with NorthStar Asset Management Group Inc (N:NSAM). NorthStar Asset Management, its former parent NorthStar Realty Finance Corp (N:NRF) and Colony Capital agreed to merge into a single real estate investment trust in June of this year.

NorthStar Realty Europe did not immediately respond to a request for comment.

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