Monday, November 5, 2018

BBX Capital Real Estate Enters into An Agreement to Acquire A 50% Membership Interest in The Altman Companies



Joel Altman
                                                                 
FORT LAUDERDALE, FL and BOCA RATON, FL – BBX Capital Real Estate, a division of BBX Capital Corporation (NYSE: BBX, OTCQX: BBXTB) (“BBX” or the “Company”), and The Altman Companies, jointly announced they have entered into an agreement pursuant to which BBX Capital Real Estate has agreed, subject to the satisfaction or waiver of the conditions to closing, to acquire a fifty percent (50%) membership interest in The Altman Companies, LLC (“Altman Companies”), which includes membership interests in Altman Development Company, Altman-Glenewinkel Construction and Altman Management Company and interests in the manager of eight multi-family real estate developments (the “Developments”) for $22.7 million. 

“We are extremely excited about BBX Capital Real Estate’s investment in The Altman Companies.  Our team has been partners with BBX Capital Real Estate in apartment developments for many years and have enjoyed a terrific working relationship and many successes together,” said Joel Altman, CEO of the Altman Companies. 

 “We believe our long affiliation with BBX and BBX Capital Real Estate allows for a virtually seamless integration and is a ‘win-win’ for our companies, our associates and our partners.”

“The Altman Companies, with its 50-year successful track record, a fantastic team of professionals and a robust pipeline of opportunities, will continue to be led by Joel and the current management team.

Seth Wise

"This transaction formalizes the parties’ relationship, while offering BBX Capital Real Estate a complete platform in an asset class we believe, over the long term, to be an excellent place to deploy capital where BBX has the opportunity to earn significant returns on its capital and generate earnings from the operating platform over time,” said Seth Wise, President of BBX Capital Real Estate.
  
For more complete and detailed information regarding the above described transaction between BBX Capital Real Estate and The Altman Companies, including the related Developments and terms and conditions, please see BBX Capital Real Estate’s Report on Form 8-K, which is available on the SEC's website, https://www.sec.gov, and on BBX Capital’s website, www.BBXCapital.com.

 CONTACTS:

BBX Capital Contact:
Investor Relations: Leo Hinkley, Managing Director, 954- 940-5300

BBX Capital Real Estate & Altman Companies Media Contact:
Kip Hunter Marketing, 954-765-1329, Nicole Lewis /Aimee Adler 


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