Colony Capital Announces Completion of Colony Credit Real Estate Internalization
03 Mai 2021 - 2:00PM
Business Wire
Previously Announced Transaction Advances CLNY
Rotation to Digital Assets
Colony Capital Received Proceeds of $102.3
million in Connection With Closing
Colony Capital, Inc. (NYSE: CLNY) (“Colony Capital” or the
“Company”) today announced that its subsidiary, CLNC Manager, LLC,
completed the previously announced internalization transaction with
Colony Credit Real Estate, Inc. (NYSE: CLNC) (“CLNC”).
Consequently, as of April 30, 2021, CLNC is now an
internally-managed commercial real estate credit REIT and its
management contract with the Company has been terminated. In
connection with the closing:
- Colony Capital received proceeds of $102.3 million, which are
available to be redeployed into high-quality digital assets, in
accordance with the Company’s strategic plan.
- The Company transferred 44 employees to CLNC and finalized a
five-month transition services agreement which will allow for a
seamless transition of all critical functions.
“We are pleased to complete this transaction,” said Jacky Wu,
CFO of Colony Capital. “We believe it is a significant step toward
unlocking value for CLNC shareholders as the team led by Mike
Mazzei continues to execute their business plan.”
Additional details regarding the internalization and related
matters will be contained in a Current Report on Form 8-K filed by
the Company with the U.S. Securities and Exchange Commission on May
4, 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 300
employees across 13 locations in 8 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210503005301/en/
Colony Capital Investors: Severin White Managing
Director, Head of Public Investor Relations (212) 547-2777
swhite@clny.com Media: Joele Frank, Wilkinson Brimmer Katcher Jon
Keehner / Julie Hamilton clny-jf@joelefrank.com (212) 355-4449
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