The much-anticipated merger between investment firm Colony Capital and NorthStar Asset Management Group closed this week, creating the fifth-largest global real estate management firm with $58B worth of assets under its belt.

The new REIT, Colony NorthStar, has an equity market cap of roughly $9B and will trade on the NYSE while being added to the MSCI US REIT Index, which launched in September — giving REITs more exposure and recognition as their own asset class, according to GlobeSt.

The merger, announced in June, has created a company with a large array of commercial holdings within the healthcare, industrial and hospitality sectors in particular. Colony NorthStar executive chair Thomas Barrack said the company is looking to benefit from a stronger balance sheet, improved liquidity and a deleveraged portfolio, targeting a debt-to-cap ratio of 50% or less. [GlobeSt]