Colony Capital Announces Partial Sale of Tolka Irish Asset Portfolio

Rhea-AI Summary

Colony Capital (NYSE: CLNY) announced the sale of its 74% stake in two prime office properties in Dublin for €292 million ($351 million) to Blackstone Property Partners. This transaction generated $102 million in net equity for Colony. The properties, Burlington Plaza and The Three Building, are part of the 'Tolka Irish NPL Portfolio' and were sold at carrying values. Post-transaction, the portfolio will continue to hold several debt-free Irish assets. The proceeds reflect Euro/USD pricing as of April 15, 2021.

Positive

• Generated $102 million in net equity from the sale.
• Sale proceeds matched carrying values, indicating fair market value.

Negative

• None.

Colony Capital, Inc. (NYSE: CLNY) (“Colony” or the “Company”) today announced the monetization of additional Other Equity and Debt (“OED”) portfolio holdings. The Company sold its 74% controlling interest in two high-quality office properties located in Dublin’s city center for total gross proceeds of $351 million (€292 million) to Blackstone Property Partners Europe Holdings S.à.r.l.

The sale of the Company’s interests in Burlington Plaza, a 238K square foot office complex located in central Dublin, and The Three Building, a 157K square foot office property located in the South Docks, generated $102 million in net equity proceeds to Colony. These interests were held in the Company’s ‘Tolka Irish NPL Portfolio’ within OED, which will continue to own several Irish assets on a debt-free basis subsequent to the transaction, which was consummated in-line with carrying values for the assets.

Gross and net proceed figures reflect Euro/USD foreign exchange pricing as of April 15, 2021.

About Colony Capital

Colony Capital, Inc. (NYSE: CLNY) is a leading global investment firm with a heritage of identifying and capitalizing on key secular trends in real estate. The Company manages a $52 billion portfolio of real assets on behalf of its shareholders and limited partners, including $30 billion in digital real estate investments through Digital Colony, its digital infrastructure platform. Colony Capital, structured as a REIT, is headquartered in Boca Raton with key offices in Los Angeles, New York, and London, and has over 350 employees across 17 locations in 12 countries. For more information on Colony Capital visit www.clny.com.

Cautionary Statement regarding Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that might cause such a difference include, without limitation, the Company’s ability to continue to execute its digital transformation and other risks and uncertainties, including those detailed in Colony Capital's Annual Report on Form 10-K for the year ended December 31, 2020, and its other reports filed from time to time with the U.S. Securities and Exchange Commission (“SEC”). All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Colony Capital cautions investors not to unduly rely on any forward-looking statements.

The forward-looking statements speak only as of the date of this press release. Colony Capital is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and Colony Capital does not intend to do so.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210415006058/en/

FAQ

What properties did Colony Capital sell in Dublin?

Colony Capital sold its 74% interest in Burlington Plaza and The Three Building, both located in Dublin.

How much did Colony Capital earn from the sale of its Dublin properties?

The sale generated $102 million in net equity for Colony Capital.

Who purchased the Dublin properties from Colony Capital?

The properties were sold to Blackstone Property Partners Europe Holdings S.à.r.l.

What was the total gross proceeds from the sale of Dublin properties?

The total gross proceeds from the sale were €292 million ($351 million).

What does the sale mean for Colony's Irish portfolio?

After the sale, Colony will continue to own several Irish assets within the Tolka Irish NPL Portfolio on a debt-free basis.