COLONY NORTHSTAR, INC. (NYSE:CLNS) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 9.01. Completion of Acquisition or Disposition of Assets.
On December 29, 2017, Colony NorthStar, Inc. (the “Company”) completed the previously announced sale of the Townsend Group ("Townsend") to Aon plc for $475 million (the "Townsend Disposition"). The Company was the majority owner of Townsend, which provides global investment management and advisory services primarily focused on real estate. Net proceeds received by the Company for its approximate 84% ownership interest in Townsend, adjusted for transaction and other expenses, was $379 million.
Item 9.01. Other Events.
The information set forth in the above Item 9.01 of this Current Report on Form 8-K is incorporated herein by reference.
On January 2, 2018, the Company issued a press release announcing the completion of the Townsend Disposition. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(b) Pro forma financial information
The pro forma financial information of the Company as adjusted to give effect to the Townsend Disposition is presented in the unaudited pro forma condensed consolidated financial statements filed as Exhibit 99.2 to this Form 8-K and incorporated herein by reference.
In addition to the Townsend Disposition, the pro forma financial statements also give effect to (i) the business combination between the Company (as successor to NorthStar Asset Management Group Inc.), Colony Capital, Inc. and NorthStar Realty Finance Corp. ("NRF"), which was completed on January 10, 2017, (ii) the cancellation of the NRF management agreement and (iii) the completion of other NRF sales initiatives.
(d) Exhibits
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Exhibit No. |
Description |
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Press Release, dated January 2, 2018 |
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Unaudited Pro Forma Condensed Consolidated Financial Statements of Colony NorthStar, Inc. as of and for the nine months ended September 30, 2017 and for the year ended December 31, 2016 |
EXHIBIT INDEX
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Exhibit No. |
Description |
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Press Release, dated January 2, 2018 |
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Unaudited Pro Forma Condensed Consolidated Financial Statements of Colony NorthStar, Inc. as of and for the nine months ended September 30, 2017 and for the year ended December 31, 2016 |
Colony NorthStar, Inc. ExhibitEX-99.1 2 exh991clnstownsendpressrel.htm EXHIBIT 99.1 Exhibit EXHIBIT 99.1Colony NorthStar Completes Sale of The Townsend Group to Aon Los Angeles (January 2,…To view the full exhibit click here
About COLONY NORTHSTAR, INC. (NYSE:CLNS)
Colony NorthStar, Inc. is a diversified equity real estate investment trust (REIT). The Company combines a portfolio of real assets across the world, which are managed with a global real estate investment manager. The Company has property holdings in the healthcare, industrial and hospitality sectors, opportunistic equity and debt investments, and an embedded institutional and retail investment management business. In addition, the Company owns NorthStar Securities, LLC, a captive broker-dealer platform which raises capital in the retail market. The Company acquires, develops and operates industrial properties in metropolitan markets throughout the United States with a focus on light industrial buildings. The Company provides investment management services and offers investment products while serving as a fiduciary to a set of institutional and individual investors.
