In one large transaction recently, NorthStar Realty Finance Corp., NRF +0.64% a real-estate investment trust, said in a December securities filing that it has agreed to buy partial interests in 51 real-estate funds with a net asset value of $765 million. Positions in funds from Blackstone Group, Morgan Stanley and Lubert Adler are among those that are being purchased, say people who were apprised of the portfolio.
Northstar identified the seller only as "a financial services organization." According to people briefed on the deal, the seller was TIAA-Cref, the giant retirement and asset manager. A Northstar official and a TIAA-Cref spokeswoman declined to comment. The sale price hasn't been disclosed.