Aug 28 (Reuters) - Colony Northstar Inc
* Colony Northstar, Northstar Real Estate Income Trust and Northstar Real Estate Income II announce creation of Colony Northstar Credit Real Estate Inc
* Transaction has been approved by board of directors of Colony Northstar
* Co, Northstar I stockholders, Northstar II stockholders to each own about 37%, 32%, 31%, respectively, of co on fully diluted basis
* Combined company will be named "Colony Northstar Credit Real Estate Inc"
* Combination to create commercial real estate credit REIT with approximately $5.5 billion in assets and $3.4 billion in equity value
* Expected Kevin Traenkle, Colony Northstar's executive VP and chief investment officer, will be CEO of new company Source text for Eikon: Further company coverage: