Fortress Acquiring Colony Capital’s Non-Core Portfolio
Fortress Investment Group has agreed to acquire Colony Capital’s remaining Other Equity & Debt (OED) portfolio. Under the agreement, one or more Fortress affiliates will become general partner and manager to Colony’s CDCF series of funds, co-investment vehicles and other non-digital real estate positions, representing approximately $2.7 billion in combined assets under management. Total consideration is $535 million.
The combined OED portfolio is diversified by investment type (senior debt, junior debt and equity), underlying asset class (office, hotels, land, multifamily), geography (U.S., Ireland, Spain, UK and France) and underlying industry (real estate, securities, energy).
“This business and its underlying assets fit perfectly with our existing business and our deep wells of experience and expertise in managing highly complex investments across a full range of asset types, structures, industries and geographies,” said Fortress managing director Noah Shore.
Separately, Colony Capital announced a rebranding as DigitalBridge, effective June 22.