BrightSpire Capital, Inc. (Formerly Colony Credit Real Estate) Announces Sale of Portfolio of Development and Non-Accrual Investments for $223 Million

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NEW YORK–()–BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or the “Company”), formerly known as Colony Credit Real Estate, Inc. (NYSE: CLNC), one of the largest publicly traded commercial real estate (CRE) credit REITs, today announced it has reached an agreement to sell a majority of its historical development and/or non-accrual assets to managed vehicles of Fortress Investment Group LLC (“Fortress”), a leading, diversified global investment manager, for gross proceeds of $223 million (the “Co-Invest Portfolio Sale”). The proceeds are substantially in line with the Company’s aggregate GAAP and undepreciated book value of the underlying assets as of March 31, 2021.

The Co-Invest Portfolio Sale resolves 5 (of 6) legacy co-invest assets owned alongside Colony Capital, Inc. (now known as DigitalBridge Group, Inc., (NYSE: DBRG)). On June 7, 2021, Colony Capital announced a portfolio sale with…

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