NEW YORK CITY-Northstar Realty Finance Corp. has invested $340 million in Scott Rechler's RXR Realty.
The investment gives Northstar, a New York City-based REIT, a 30% ownership stake in RXR, according to The Real Deal.
“Given RXR management's track record in both the public and private markets … they are a perfect fit for NorthStar, both in terms of further diversifying NorthStar's asset base with trophy properties in New York City and growing NorthStar asset management business,” David Hamamoto, chairman and CEO of NorthStar, told CoStar.
The infusion of capital will allow RXR Realty to spin off its asset management business into a publicly traded REIT. See story in The Real Deal.
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