Consolidated-Tomoka Announces Closing of Transaction to Sell 70% Interest in New Mitigation Bank Joint Venture for $15.3 Million
CTO Realty Growth, Inc. (CTO)
NASDAQ:AMEX Investor Relations:
ir.ctlc.com
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Source: GlobeNewswire
DAYTONA BEACH, Fla., June 11, 2018 (GLOBE NEWSWIRE) -- Consolidated-Tomoka Land Co. (NYSE American:CTO) (the “Company”) today announced the closing of the sale of a 70% interest in the entity that holds approximately 2,500 acres of land (the “Land Transaction”) with the intent of creating a wetland mitigation bank (the “Tiger Bay Mitigation Bank” or the “Venture”). The sale of the 70% interest will generate proceeds for the Company of approximately $15.3 million. The purchaser of the 70% interest in the Venture is comprised of certain funds and accounts managed by an investment advisory subsidiary of BlackRock, Inc. (“BlackRock”). The Company retained an approximately 30% non-controlling interest in the Venture and will also continue as manager of the Venture. The Tiger Bay Mitigation Bank intends to engage in the creation and sale of both federal and state wetland mitigation credits. These credits will be created pursuant to the applicable permits that will be issued to t
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- 2/22/24 - Beat
CTO
Sec Filings
- 4/10/24 - Form 8-K
- 4/5/24 - Form 424B5
- 4/4/24 - Form FWP
- CTO's page on the SEC website