LOS ANGELES—Colony Financial Inc. andColony Capital LLC said Thursday that they hadclosed on their previously announced merger, with the combinedentity now going forth as Colony Capital Inc. Itunites the predecessor companies' investment activity and resourcesunder a single internally-managed structure with anUPREIT structure, and represents about $19 billionin assets under management and $13 billion of equity undermanagement.

“This combination allows Colony Capital to expand its uniqueglobal culture and brand by utilizing its strong balancesheet to create bespoke investment products andplatforms in real assets and at opportunistic points in cyclesand geographies,” says executive chairman ThomasBarrack. He will lead the new company, which is trading onthe New York Stock Exchange as CLNY, along with CEO RichardB. Saltzman.

Both Barrack and Saltzman have entered into five-year employmentagreements with CLNY, and will continue to oversee and manage theday-to-day business operations of the group. Colony Capital'ssenior management team has entered into three-year agreements withCLNY.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.