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NorthStar Realty to Create European Real Estate Investment Trust

NorthStar Realty Finance Corp. plans to spin off its European property operation, which controls about $2 billion of assets, into a separate publicly traded real estate investment trust.

NorthStar Realty Europe will be managed by NorthStar Asset Management Group Inc., the New York-based company said in a statement on Thursday. It expects the transaction to be completed in the second half.