Pursuits
Barrack’s Colony Capital to Combine With Two NorthStar Firms
- Colony CEO will run new company; Barrack will be chairman
- Newly formed REIT will have $58 billion under management
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Tom Barrack’s Colony Capital Inc. said it’s combining with NorthStar Realty Finance Corp. and NorthStar Asset Management Group Inc. in an all-stock deal to form a real estate investment trust with $58 billion of assets under management.
Shareholders of each of the companies will own 33 percent or 34 percent of the new entity, which will be called Colony NorthStar Inc., the companies said in a statement Friday. Barrack will be executive chairman of the new REIT while Richard Saltzman, Colony’s chief executive officer, will be CEO. David Hamamoto, chairman of NorthStar Realty, will be executive vice chairman.