Atlantic Gulf Communities Announces Asset Sales Program.MIAMI--(BUSINESS WIRE)--April 23, 1996--Atlantic Gulf Communities Corporation (NASDAQ-AGLF) announced today it has entered into an agreement with Secured Capital Corp., a real estate investment banking firm, to conduct a sealed bid portfolio offering of a substantial portion of the Company's predecessor assets. Predecessor assets are those real estate assets inherited inherited received by inheritance. inherited achondroplastic dwarfism see achondroplastic dwarfism. inherited combined immunodeficiency see combined immune deficiency syndrome (disease). by Atlantic Gulf from its predecessor company and consist of tracts and scattered Scattered Used for listed equity securities. Unconcentrated buy or sell interest. homesites located in secondary markets throughout the State of Florida and in one community in Tennessee. In addition, Atlantic Gulf engaged Ernst & Young/Kenneth Leventhal Real Estate Group to prepare due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. packages, including valuation analyses on the portfolios to be sold. The portfolio sale is designed to monetize Monetize 1. To convert into money. 2. To convert from securities into currency that can be used to purchase goods and services. Notes: For example, you'll often hear Internet marketers talk about "monetizing website visitors. those assets that Atlantic Gulf Communities has determined do not fit the development criteria outlined in its business plan. Proceeds from the sale will be used to pay corporate debt. Currently, Atlantic Gulf has approximately $38 million in pending contracts on predecessor assets, which are not included in this program. The properties included in the portfolio sale are located in Port Charlotte and North Port on Florida's west coast, Port Malabar, Port St. Lucie St. Lucie may refer to:
A total of over 1,000 tracts comprising over 36,000 acres will be packaged into pools by community and "subpooled" by land use to attract local and regional investors to bid. The initial offering of the portfolios will commence immediately, with bids due in July and closings scheduled for September 1996. There can be no assurance that this portfolio offering will result in material sales or in material sales at prices which, in the aggregate, equal the Company's book value in the properties sold. Atlantic Gulf Communities Corporation, with assets of more than $340 million, is one of Florida's largest real estate developers. The company develops finished residential lots for builders in many of Florida's most active markets including South Florida, Tampa, Orlando and Jacksonville, in addition to owning 44,000 acres in other parts of Florida, and 5,500 acres in the Cumberland Plateau Cumberland Plateau or Cumberland Mountains, southwestern division of the Appalachian Mt. system, extending northeast to southwest through parts of West Virginia, Virginia, Kentucky, and Tennessee into N Alabama. Black Mt., Ky. area of Tennessee. Headquartered in Miami, the Company is a proven leader in professional development services, and is known for its leadership role in environmental quality. CONTACT: Atlantic Gulf Communities Corp. Harry Rose, 305/859-4376 |
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