BBX Capital Real Estate, a division of BBX Capital Corporation
(NYSE: BBX, OTCQX: BBXTB) (“BBX” or the “Company”), and The Altman
Companies, jointly announced that BBX Capital Real Estate has
acquired a fifty percent (50%) membership interest in The Altman
Companies, LLC (“Altman Companies”) for $21.6 million from founder
Joel Altman. The transaction, which was previously announced on
October 19, 2018 includes membership interests in Altman
Development Company, Altman-Glenewinkel Construction and Altman
Management Company and interests in the manager of seven
multi-family real estate developments. One of the eight
developments in which BBX was to acquire an interest in was sold,
which reduced the purchase price from the previously announced
$22.7 million to $21.6 million.
As previously disclosed, BBX Capital Real Estate
has also agreed to acquire an additional forty percent (40%) of
Altman Companies for $9.4 million in approximately four
years. Joel Altman, can also, at his option, require BBX
Capital Real Estate to acquire the remaining ten percent (10%)
interest in Altman Companies for $2.4 million. Joel Altman
will continue to serve as the Chief Executive Officer of the Altman
Companies. It is anticipated that BBX Capital Real Estate and
Joel Altman will continue to invest in future projects based on
their relative ownership percentages in Altman Companies going
forward.
“We are very pleased to finalize this
transaction with The Altman Companies, a real estate developer with
a 50-year track record of success and a terrific team of
professionals,” said Seth Wise, President of BBX Capital Real
Estate. “The parties have, in the past, worked together on a
number of communities and this transaction formalizes our ongoing
relationship. It provides BBX Capital Real Estate a complete
platform in an asset class that we believe, offers an opportunity
to generate earnings and significant returns on capital.”
“Our team has been partners with BBX Capital
Real Estate in apartment developments for many years and have
enjoyed a terrific working relationship with many successes
together,” said Joel Altman, CEO of the Altman Companies. “We
believe our long affiliation with BBX and BBX Capital Real Estate
is a natural fit that positions The Altman Companies to grow and
prosper for many years into the future and is a ‘win-win’ for our
companies, our associates and our partners.”
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 filed on October 19, 2018, which is available on
the SEC's website, https://www.sec.gov, and on BBX Capital’s
website, www.BBXCapital.com.
About BBX Capital Real
Estate: BBX Capital Real Estate is active in the
acquisition, ownership and management of real estate development
projects and investments in joint ventures. For further
information, please visit
http://www.bbxcapital.com/bbx-capital-real-estate/overview/.
About the Altman Companies:
Since 1968, The Altman Companies have developed, constructed,
acquired and managed more than 25,000 multi-family homes in
Florida, Michigan, Illinois, Tennessee, Georgia, Texas and North
Carolina. Altman Companies has a reputation for developing
and operating luxury apartment homes and condominiums. The
company has distinguished itself by creating highly sophisticated
communities under its Altís brand. Residents enjoy The Altman
Companies’ ‘Exceptional Living Experience’ of resort-style
amenities and high-touch services. Last year, Altman
Companies opened three new apartment communities in South Florida:
Altís Bonterra, Altís Boca Raton, and Altís Pembroke Gardens; and
two in Central Florida: Altís Shingle Creek and Altís Wiregrass
Ranch. Today, Altman Companies has several other communities under
construction or in the pipeline throughout Florida, including an
eight-story mid-rise development just south of the entrance to
University of Tampa and north of Tampa General Hospital called
Altís Grand Central. Known for its development of exceptional
quality rental apartment communities, the company has been a leader
in the rental apartment field and has recently been recognized as
the South Florida developer of the year by South Florida Business
Journal. For more information on The Altman Companies, go to
www.AltmanCos.com.
About BBX Capital
Corporation: BBX Capital Corporation (NYSE: BBX)
(OTCQX: BBXTB) is a Florida-based diversified holding company whose
activities include its 90 percent ownership interest in Bluegreen
Vacations Corporation (NYSE: BXG) as well as its real estate and
middle market divisions. For additional information, please visit
www.BBXCapital.com.
BBX Capital Contact:Investor Relations: Leo
Hinkley, Managing Director/IRO, 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 Email: nicole@kiphuntermarketing.com,
aimiee@kiphuntermarketing.com
This press release contains forward-looking
statements based on current expectations that involve a number of
risks and uncertainties. All opinions, forecasts, projections,
future plans or other statements, other than statements of
historical fact, are forward-looking statements and include words
or phrases such as "believes," "will," "expects," "anticipates,"
"intends," "estimates," "our view," "we see," "would" and words and
phrases of similar import. The forward-looking statements in
this press release are also forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the "Securities Act"), and Section 21E of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), and involve
substantial risks and uncertainties. There is no assurance
that such expectations will prove to be correct and past
performance may not be indicative of future performance.
Actual results could differ materially as a result of a
variety of risks and uncertainties, many of which are outside of
the control of management. These risks and uncertainties
include, but are not limited to the impact of economic, competitive
and other factors affecting the Company and BBX Capital Real
Estate; risks relating to the Company's ability to successfully
implement its business plan, which may not be realized as
anticipated, if at all; risks relating to the Company's ability to
acquire additional membership interests of Altman Companies
as currently anticipated, if at all; the risks that the Altman
Companies acquisition may not be advantageous, may not realize the
anticipated benefits, may not achieve the returns anticipated or
may not be profitable; the risk that the integration of Altman
Companies may not be completed on a timely basis, or as
anticipated; the risks that the general partnership interests in
existing multi-family real estate developments may not be developed
as currently anticipated, in a timely manner, if at all, and may
not achieve the returns anticipated or be profitable; the risks
that the Company's investment in Altman Companies and in other real
estate developments, either directly or through joint ventures,
will increase exposure to downturns in the real estate and housing
markets and expose it to increased risks associated with real
estate development activities and the risk that its joint venture
partners may not fulfill their obligations; and that the risks that
the Company's investment in future real estate developments and/or
joint ventures may not achieve the returns anticipated or be
profitable. In addition to the risks and factors identified
above, reference is also made to other risks and factors detailed
in reports filed by the Company with the Securities and Exchange
Commission, which are available in the Company’s Quarterly Report
on Form 10-Q for the quarter ended September 30, 2018, and its
Annual Report on Form 10-K for the year ended December 31, 2017,
which may be viewed on the SEC's website, www.sec.gov, or on BBX
Capital’s website, www.BBXCapital.com. BBX Capital Real Estate
cautions that the foregoing factors are not exclusive.
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