NEW YORK—NorthStar Realty Finance has reached an agreement to acquire a $1.34 billion (€1.1B) European office portfolio in cooperation with Cale Street Partners.  The portfolio is comprised of 11 class A office properties located across gateway cities in seven of Europe’s top markets: London, UK; Paris, France; Hamburg, Germany; Milan, Italy; Brussels, Belgium; Amsterdam and Rotterdam, Netherlands; and Gothenburg, Sweden. The group totals 186,299 square meters (about 2 million square feet) with a well-diversified mix of market leading tenants.

“We are extremely pleased to announce this differentiated and rare portfolio acquisition,” said NorthStar’s chairman and CEO, David Hamamoto. “The size and execution complexity of this transaction, spanning seven countries and three currencies, demonstrates the strength of our investment platform. While our base case assumption is that we retain these high quality assets as we expect rents to grow and cap rates to compress in the coming years, we believe the optionality of this portfolio is very valuable, both from an asset level standpoint and from a corporate standpoint given the quality and scale of the portfolio.”

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