NorthStar Realty Finance Corp. (NRF) said Monday that it has agreed to buy a Class A office tower located in Frankfurt, Germany for €540 million.
The tower is one of the tallest buildings in Germany and is about 68,600 square meters, 98.5% occupied and has a weighted average lease term of about eight years with two tenants rated "AAA" and "A" comprising over 70% of gross rents.
NorthStar Realty expects to earn an initial current yield of about 8.0% on its about €250 million of invested equity. The Tower is expected to be contributed to NorthStar Realty Europe Corp. at the time of the spin-off from NorthStar Realty.
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