CLNY - Colony Capital to sell most of its OED portfolio to Fortress Investment for $535M

Colony Capital (CLNY) agrees to sell the bulk of its other equity & debt ("OED") portfolio of real estate assets to Fortress Investment Group for gross proceeds of $535M, in line with the net equity carrying value of the underlying assets as of March 31.The sale furthers Colony's transformation to focus on digital investments. It also increases CLNY's corporate liquidity to more than $1.2B on a pro forma basis, while reducing consolidated investment-level debt by $945M."Not only are we freeing up over a half-billion dollars to redeploy into digital, we’re simplifying our business, making it easier to manage and to understand," said Colony President and CEO Marc Ganzi.As a result of the transaction, digital assets under management will account for 80% of the company's pro forma AUM, with its Wellness Infrastructure segment and ownership stake in the publicly listed shares of Colony Credit Real Estate, which are not included in

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Colony Capital to sell most of its OED portfolio to Fortress Investment for $535M