FORT LAUDERDALE, Fla. and BOCA RATON, Fla., Oct. 19, 2018 (GLOBE NEWSWIRE) — BBX Basic Absolute Estate, a analysis of BBX Basic Corporation (NYSE: BBX, OTCQX: BBXTB) (“BBX” or the “Company”), and The Altman Companies, accordingly appear that they accept entered into an acceding pursuant to which BBX Basic Absolute Acreage has agreed, accountable to the achievement or abandonment of the altitude to closing, to access a fifty percent (50%) assembly absorption in The Altman Companies, LLC (“Altman Companies”), which includes assembly interests in Altman Development Company, Altman-Glenewinkel Architecture and Altman Administration Aggregation and interests in the administrator of eight multi-family absolute acreage developments (the “Developments”) for $22.7 million.
Altman Companies is a absolute acreage development aggregation which operates a absolutely chip belvedere accoutrement all aspects of the development action from armpit selection, underwriting, design, construction, administration and auction of accommodation communities. For over 50 years, The Altman Companies accept developed, constructed, acquired and managed bags of multi-family homes as able-bodied as developed and operated affluence accommodation homes and condominiums. The aggregation is best accepted for its communities busy beneath its Altís brand. Its absolute acreage and development activities are about financed through a aggregate of centralized and alien disinterestedness and institutional debt. In some instances, Altman Companies may adjudge to authority and accomplish an accommodation association rather than affairs it. In those cases, efforts are pursued to refinance third affair disinterestedness and debt with best appellation capital.
BBX Basic Absolute Acreage has additionally agreed, accountable to assorted agreement and conditions, to access an added forty percent (40%) of the assembly interests in Altman Companies for $9.4 actor in about four years afterwards the closing of the antecedent purchase. The seller, Joel Altman, can also, at his option, or in added predefined circumstances, crave BBX Basic Absolute Acreage to access the actual ten percent (10%) absorption in Altman Companies for $2.4 million. BBX Basic Absolute Acreage expects that The Altman Companies will abide to accomplish primarily as a absolute acreage developer with Joel Altman confined as its Chief Executive Officer. It is advancing that if the transaction is consummated, BBX Absolute Acreage and Joel Altman will advance in approaching projects based on their about buying percentages in Altman Companies activity forward.
“We are acutely aflame about BBX Basic Absolute Estate’s advance in The Altman Companies. Our aggregation has been ally with BBX Basic Absolute Acreage in accommodation developments for abounding years and accept enjoyed a agitating alive accord and abounding successes together,” said Joel Altman, CEO of the Altman Companies. “We accept our continued amalgamation with BBX and BBX Basic Absolute Acreage allows for a around seamless affiliation and is a ‘win-win’ for our companies, our assembly and our partners.”
“The Altman Companies, with its 50-year acknowledged clue record, a absurd aggregation of professionals and a able-bodied activity of opportunities, will abide to be led by Joel and the accepted administration team. This transaction formalizes the parties’ relationship, while alms BBX Basic Absolute Acreage a complete belvedere in an asset chic we believe, over the continued term, to be an accomplished abode to arrange basic area BBX has the befalling to access cogent allotment on its basic and accomplish balance from the operating belvedere over time,” said Seth Wise, President of BBX Basic Absolute Estate.
Closing of the advance in Altman Companies and in the Developments is accountable to the achievement or abandonment of assertive conditions, including accepting consents from lenders and investors in the Developments. BBX Basic Absolute Acreage anticipates commutual the advance by year end, 2018.
“For over 50 years, Altman Companies has afflicted the mural of Florida as able-bodied as abounding added markets in the United States and offered a advanced arrangement of accommodation options and solutions,” commented Seth Wise, President of BBX Basic Absolute Estate. “After about twenty years of partnering with BBX Capital, I accept that the abutment of Altman Companies and BBX Basic Absolute Acreage is a accustomed fit that positions The Altman Companies to abound and advance for abounding years into the future.”
For added complete and abundant advice apropos the aloft declared transaction amid BBX Basic Absolute Acreage and The Altman Companies, including the accompanying Developments and agreement and conditions, amuse see BBX Basic Absolute Estate’s Report on Form 8-K, which is accessible on the SEC’s website, https://www.sec.gov, and on BBX Capital’s website, www.BBXCapital.com.
About BBX Basic Absolute Estate: BBX Basic Absolute Acreage is alive in the acquisition, buying and administration of absolute acreage development projects and investments in collective ventures. For added information, amuse visit http://www.bbxcapital.com/bbx-capital-real-estate/overview/
About BBX Basic Corporation: BBX Basic Corporation (NYSE: BBX) (OTCQX: BBXTB) is a Florida-based adapted captivation aggregation whose activities accommodate its 90 percent buying absorption in Bluegreen Vacations Corporation (NYSE: BXG) as able-bodied as its absolute acreage and average bazaar divisions. For added information, amuse appointment www.BBXCapital.com.
About the Altman Companies: Since 1968, The Altman Companies accept developed, constructed, acquired and managed added than 25,000 multi-family homes in Florida, Michigan, Illinois, Tennessee, Georgia, Texas and Arctic Carolina. Altman Companies has a acceptability for developing and operating affluence accommodation homes and condominiums. The aggregation has acclaimed itself by creating awful adult communities beneath its Altís brand. Residents adore The Altman Companies’ ‘Exceptional Living Experience’ of resort-style amenities and high-touch services. Last year, Altman Companies opened three new accommodation 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 added communities in the activity throughout Florida, including an eight-story mid-rise development aloof south of the University of Tampa and arctic of Tampa Accepted Hospital alleged Altís Grand Central. Accepted for its development of aberrant affection rental accommodation communities, the aggregation has been a baton in the rental accommodation field. For added advice on The Altman Companies, go to www.AltmanCos.com.
BBX Basic Contact:Investor Relations: Leo Hinkley, Managing Director, 954- 940-5300Email: [email protected]
This columnist absolution contains advanced statements based on accepted expectations that absorb a cardinal of risks and uncertainties. All opinions, forecasts, projections, approaching affairs or added statements, added than statements of actual fact, are advanced statements and accommodate words or phrases such as “believes,” “will,” “expects,” “anticipates,” “intends,” “estimates,” “our view,” “we see,” “would” and words and phrases of agnate import. The advanced statements in this columnist absolution are additionally advanced statements aural the acceptation of Section 27A of the Securities Act of 1933, as adapted (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as adapted (the “Exchange Act”), and absorb abundant risks and uncertainties. There is no affirmation that such expectations will prove to be actual and accomplished achievement may not be apocalyptic of approaching performance. Actual after-effects could alter materially as a aftereffect of a array of risks and uncertainties, abounding of which are alfresco of the ascendancy of management. These risks and uncertainties include, but are not bound to the appulse of economic, aggressive and added factors affecting the Aggregation and BBX Basic Absolute Estate; risks apropos to the Company’s adeptness to auspiciously apparatus its business plan, which may not be accomplished as anticipated, if at all; risks apropos to the Company’s adeptness to auspiciously access the assembly interests of Altman Companies as currently anticipated, if at all; the risks that the Altman Companies accretion may not be advantageous, may not apprehend the advancing benefits, may not accomplish the allotment advancing or may not be profitable; the accident that the affiliation of Altman Companies may not be completed on a appropriate basis, or as anticipated; the risks that the accepted affiliation interests in eight absolute multi-family absolute acreage developments may not be developed as currently anticipated, in a appropriate manner, if at all, and may not accomplish the allotment advancing or be profitable; the risks that the Company’s advance in Altman Companies and in added absolute acreage developments, either anon or through collective ventures, will access acknowledgment to downturns in the absolute acreage and accommodation markets and betrayal it to added risks associated with absolute acreage development activities and the accident that its collective adventure ally may not accomplish their obligations; and that the Company’s advance in approaching absolute acreage developments and/or collective ventures may not accomplish the allotment advancing or be profitable. In accession to the risks and factors articular above, advertence is additionally fabricated to added risks and factors abundant in letters filed by the Aggregation with the Securities and Exchange Commission, which are accessible in the Company’s Quarterly Report on Form 10-Q for the division concluded June 30, 2018, and its Annual Report on Form 10-K for the year concluded December 31, 2017, which may be beheld on the SEC’s website, www.sec.gov, or on BBX Capital’s website, www.BBXCapital.com. BBX Basic Absolute Acreage cautions that the above factors are not exclusive.
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