CLNC - Colony Capital gets $102.3M from Colony Credit Real Estate's internalization

May, 03 2021 08:37 AM Colony Credit Real Estate Inc. Class A

Colony Capital (CLNY) gets $102.3M of proceeds on completion of Colony Credit Real Estate's (CLNC) management internalization transaction, which gives it more cash to deploy into digital assets.As of April 30, 2021, CLNC is now an internally managed commercial real estate credit REIT and its management contract with CLNY terminated.CLNY transferred 44 employees to CLNC and finalized a five-month transition services agreement.CLNC expects the internalization to produce cost savings of ~$14M-$16M per year, or ~10 cent-12 cents per share.

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Colony Capital gets $102.3M from Colony Credit Real Estate's internalization

Company Name:	Colony Credit Real Estate Inc. Class A
Stock Symbol:	CLNC
Market:	NYSE

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