Colony NorthStar, Inc. has recently announced that a rebranding to Colony Capital, Inc. was authorized by the company's Board of Directors. The company will continue to be publicly traded on the New York Stock Exchange under the new ticker symbol "CLNY."
Colony NorthStar Credit Real Estate, Inc. also announced that its Board of Directors has authorized changing its name to Colony Credit Real Estate, Inc. and its ticker will remain the same. These changes will be effective June 25, 2018.
Colony Capital was founded in 1991 by Thomas J. Barrack, Jr. as a global diversified real estate investment manager which created a business that combined the best of an entrepreneurial spirit with institutional best practices and risk management. The firm came public through a combination transaction with Colony Financial, Inc. in 2015 and then scaled considerably more through its merger with NorthStar in early 2017 to create Colony NorthStar, Inc. The name change to Colony Capital, Inc. reflects the Company's renewed emphasis of its founding principles as the Company continues to grow its broader-based investment management business, while simultaneously monetizing non-core assets and modestly shrinking the balance sheet through securities repurchases and deleveraging.
"Our core competency and DNA has always been to focus on the most compelling global opportunities from a supply/demand and pricing perspective and express it through our investment management business," said Richard B. Saltzman, President and Chief Executive Officer. "Now with the benefit of our public company scale and significant balance sheet, we will continue to identify and strategically position platforms that concentrate on these spaces, albeit with the ultimate aim of creating a third-party investment management vehicle around each where, on average, our equity will equal only 10% of the aggregate equity capitalization. The Colony Capital, Inc. brand and name reflects both this emphasis as well as the breadth of the activities that we may pursue under this more 'asset-lite' approach."
SOURCE Colony NorthStar, Inc.
Edited by Victoria Haviland
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