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| 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
Email: LHinkley@BBXCapital.com
BBX
Capital Real Estate & Altman Companies Media Contact:
Kip
Hunter Marketing, 954-765-1329, Nicole Lewis /Aimee Adler
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