Safe and Green Development Corporation Executes New Non-Binding Letter Of Intent To Sell Lago Vista Site For $11.5M
Portfolio Pulse from Benzinga Newsdesk
Safe & Green Holdings Corp. (NASDAQ:SGBX) and its real estate development subsidiary, Safe and Green Development Corporation (NASDAQ:SGD), have entered into a non-binding letter of intent to sell its Lago Vista site for $11.5 million. The proceeds will be invested as equity in a new joint venture with a premier real estate development firm. The two companies plan to co-develop the site using SG Echo's modular units. The Lago Vista property was initially acquired by the Company in 2021 for $3.5 million.
October 02, 2023 | 12:35 pm
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Safe & Green Holdings Corp. is planning to sell its Lago Vista site for $11.5 million and invest the proceeds in a joint venture. This could potentially increase the company's revenue and asset base.
The sale of the Lago Vista site and the subsequent investment in a joint venture could potentially increase the company's revenue and asset base. This could have a positive impact on the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Safe and Green Development Corporation, a subsidiary of Safe & Green Holdings Corp., is also involved in the planned sale of the Lago Vista site and the subsequent joint venture. This could potentially increase the company's revenue and asset base.
The sale of the Lago Vista site and the subsequent investment in a joint venture could potentially increase the company's revenue and asset base. This could have a positive impact on the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100