MHProNews has learned that Colony Capital Inc., a Los Angeles-based international investment and asset management firm, is negotiating to acquire NorthStar Asset Management Group, Inc. which split off from NorthStar Realty nearly two years ago, resulting in the decline of both stocks. NorthStar Realty is a real estate investment trust (REIT). Colony intends to merge the two entities back together, saying the combination would generate “substantial revenue and expense synergies,” according to costar.

NorthStar Realty invested $1.8 billion in 136 manufactured home communities (MHC), among other investments, and is a stock MHProNews follows in our daily stock report. However, NorthStar trimmed its assets during the first quarter of 2016, selling a $900 million portfolio of senior housing assets to repurchase its common stock and reduce debt.

Additionally, following the end of Q1, NorthStar reached an agreement to unload its manufactured housing communities portfolio for $2.04 billion, which will bring net proceeds of $620 million. ##

(Image credit: Colony Capital)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.