Global Realty chief executive Robert Kohn tells GlobeSt.com thatthe ruling resulted in the immediate return of all of the company'scash funds, real estate assets and the operations of the company'sAustralian subsidiaries. The ruling did not require the company tomake any payments, he says.
"We've been very limited with what we could do," he says. "Thistakes the albatross off; now we can go forward and finalize sales,the income from which we can use to finance ongoingoperations."
Kohn says the company spent about $98 million (including $70million in debt) to acquire the properties, which total in thehundreds of acres and have a fair market undeveloped value of about$150 million. With infrastructure in place--utilities androads--the properties' value could be upwards of $300 million, hesays.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
