LONDON, Sept. 5, 2017 /PRNewswire/ -- NorthStar Realty Europe Corp. (NYSE: NRE) ("NorthStar Realty Europe" or "NRE"), a European-focused office REIT, announces today a new ten year lease with Invesco UK Limited ("Invesco") at 43-45 Portman Square for 4,406 square meters of office space over four floors.
Doubling its existing space, long-term tenant Invesco has taken on an additional 2,363 square meters from existing tenants. Invesco has been at the building since 2008.
Upon completion Invesco and Cushman & Wakefield LLP will be the only office tenants at Portman Square. They will occupy 9,530 square meters in the 10,447 square meter building.
Active Asset Management driving value enhancement
- Weighted average lease term extension from 6.5 to 8.7 years
- 15% contractual income growth since acquisition
- Lobby and common areas refurbishment completed
- 43-45 Portman Square is a 10,447 square meter Class A building
- Located in London West-End, north of Oxford Street and adjacent to Selfridges
- 100% occupied to high quality tenants
Mahbod Nia, NorthStar Realty Europe's Chief Executive Officer, commented:
"Invesco's continued commitment to Portman Square is a strong endorsement of the quality of this building, further enhanced by our recent lobby refurbishment program, as well as its excellent location. Invesco's expansion in the building is the latest achievement in NRE's strong track record of pro-actively managing our assets as we seek to create value for our shareholders."
About NorthStar Realty Europe
NorthStar Realty Europe Corp. (NYSE: NRE) is a European-focused commercial real estate company with predominantly high quality office properties in Germany, the United Kingdom and France, organized as a REIT and managed by an affiliate of Colony NorthStar, Inc. (NYSE: CLNS), a leading global real estate and investment management firm. For more information about NorthStar Realty Europe Corp., please visit www.nrecorp.com.
Safe Harbor Statement
This press release contains certain "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward looking statements are generally identifiable by use of forward looking terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "believe," "could," "project," "predict," "hypothetical," "continue," "future" or other similar words or expressions. Forward looking statements are not guarantees of performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections of results of operations or of financial condition or state other forward looking information. Forward looking statements are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any forward-looking statements will not materialize or will vary significantly from actual results. Variations of assumptions and results may be material. Factors that could cause actual results to differ materially from NRE's expectations are specified in NRE's annual report on Form 10-K for the year ended December 31, 2016, and its other filings with the Securities and Exchange Commission. Such forward looking statements speak only as of the date of this press release. NRE expressly disclaims any obligation to release publicly any updates or revisions to any forward looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
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SOURCE NorthStar Realty Europe Corp.
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