"Associa paid $85 million for all of the equity interest in Douglas Elliman Property Management, according to a filing with the Securities and Exchange Commission. Elliman is using the proceeds from the sale, along with cash on hand, to pay off $50 million in convertible debt it took out from Kennedy Lewis Investment Management last year, which was redeemed for $95 million, according to the filing. Elliman will have $122 million in cash on hand as a result of the deal."
"Douglas Elliman sells its property management arm to pay off debt to PMG Holdings, a wholly-owned subsidiary of Associa, one of the largest property management firms in the country. Associa paid $85 million for all of the equity interest in Douglas Elliman Property Management, according to a filing with the Securities and Exchange Commission. Elliman is using the proceeds from the sale,"
Douglas Elliman sold its property management arm to PMG Holdings, a wholly-owned subsidiary of Associa, for $85 million. Associa acquired all of the equity interest in Douglas Elliman Property Management. Elliman used the sale proceeds along with cash on hand to repay $50 million in convertible debt issued to Kennedy Lewis Investment Management, which was redeemed for $95 million. The transaction results in $122 million in cash on hand for Elliman. The board voted unanimously to approve the sale. Board member and Kennedy Lewis partner David Chene resigned following the deal.
Read at Boston Condos For Sale Ford Realty
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