- June 24, 2021
- Posted by: Stratford Team
- Category: Business
WALTHAM, Mass., June 24, 2021 (GLOBE NEWSWIRE) — Great Elm Group, Inc. (“GEG” or “Great Elm”) (NASDAQ: GEG), a diversified holding company, today announced that it sold its entire ownership interest in two Class A office buildings located in Fort Myers, Florida (collectively, the “Real Estate Business”) to an affiliate of Monomoy Properties, LLC (“Monomoy”), a privately-held industrial properties focused REIT managed by Imperial Capital Asset Management, LLC, for a cash payment of $4.6 million. Pursuant to the terms of the transaction, GEG invested the proceeds of the sale into newly issued membership interests of Monomoy. GEG acquired the Real Estate Business in March 2018 for $2.7 million.
“This is an excellent transaction for GEG,” stated Peter A. Reed, Chief Executive Officer of GEG. “It improves our overall capitalization as the debt associated with the Real Estate Business will no longer be included in GEG’s financial…