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Colony NorthStar Credit Real Estate Lists on NYSE

Colony NorthStar Credit Real Estate Inc. (NYSE: CLNC) has completed the merger of non-traded REITS, NorthStar Real Estate Income Trust Inc. and NorthStar Real Estate Income II Inc., and a select portfolio of Colony NorthStar’s debt and credit real estate assets.

Colony NorthStar Credit Real Estate Inc. (NYSE: CLNC) has completed the merger of non-traded REITS, NorthStar Real Estate Income Trust Inc. and NorthStar Real Estate Income II Inc., and a select portfolio of Colony NorthStar’s debt and credit real estate assets. Its Class A common stock began trading on the New York Stock Exchange on Thursday under the ticker symbol “CLNC.”

The company’s strategy is to originate senior mortgages, mezzanine loans and preferred equity interests, and selectively acquire other CRE debt and credit assets and net leased real estate.

“Credit investing across the capital stack is a core competency of Colony NorthStar and the creation of Colony NorthStar Credit permits us to pursue this great market opportunity in scale,” said Saltzman. “At the same time, it also helps to continue simplifying the Colony NorthStar story as these investments used to be made either directly by Colony NorthStar or through its sponsored non-traded real estate investment trusts.”

The newly appointed board includes chairman Richard Saltzman, president and CEO Kevin Traenkle, and Colony NorthStar chief financial officer Darren Tangen. The independent directors are Catherine Rice, Vernon Schwartz, John Westerfield and Winston Wilson.

Colony NorthStar Credit said that it has a book value per share of approximately $25 and anticipates an initial annualized dividend yield of approximately 7 percent of its book value per share.

Colony NorthStar Credit is externally managed by a subsidiary of real estate and investment management firm Colony NorthStar (NYSE: CLNS), which along with its affiliates, own approximately 37 percent of the new company’s common equity. The company oversees a portfolio with approximately $5.1 billion in total assets and $3.3 billion in equity value.

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