ATLANTA, Dec. 6, 2021 /PRNewswire/ — UC Asset LP (OTCQX: UCASU) publicizes the agency has signed LOI with an Oklahoma hashish property proprietor and licensed medical marijuana grower, to amass its property, together with all on-ground buildings, for a consideration of $2.2 million.
The property is a 4-acre medical marijuana indoor/outside property. In response to the vendor, operation from this property generated a gross annual income of about $900,000.
Vendor will finance a serious a part of the transaction by offering a $1.2 million, 3-year mortgage, which can carry an annual curiosity of 1.8%. The mortgage additionally has a grace interval of 6 months.
UC Asset plans to lease the property again to licensed growers, making use of a enterprise mannequin just like these adopted by established public firms, akin to Energy REIT (NYSE: PW).
“There are just a few actual property funding firms on the general public market with vital hashish properties of their portfolio. And a few of these portfolios look like very profitable regardless of their quick historical past. We have determined to undertake this funding mannequin,” says Greg Bankston, managing common associate of UC Asset.
Among the many public firms Bankston referred to is Energy REIT. In February 2020, the REIT introduced increasing its portfolio in greenhouses for each meals and hashish cultivation. Within the 21 months since this announcement, its inventory value has soared from $8.45 (February 03,2020) to $63.46 (November 12, 2021), a rise of 750%. In response to its most up-to-date report, the corporate’s quarterly income achieved a 133% development and quarterly web earnings achieved a 221% development, by June 30, 2021.
That is the primary LOI signed since UC Asset introduced its plan to funding in hashish property investments two month in the past. Final month, UC Asset declared that it has developed a deal pipeline for hashish property investments. The administration confirms as we speak that it could signal extra LOIs for potential offers within the coming weeks.
About UC Asset LP
UC Asset LP is a restricted partnership fashioned for the aim of investing in actual property with revolutionary methods, concentrating in metropolitan areas of Atlanta, GA. For extra details about UC Asset, please go to: www.ucasset.com
This Information Launch comprises forward-looking statements throughout the which means of the Personal Securities Litigation Reform Act of 1995. These forward-looking statements contain identified and unknown dangers, uncertainties and different essential elements that might trigger our precise outcomes, efficiency or achievements, or trade outcomes, to vary materially from any these statements. You might be cautioned to not place undue reliance on any these forward-looking statements. Besides as in any other case required by the federal securities legal guidelines, we undertake no obligation to publicly replace or revise any forward-looking statements after the date of this information launch. None of such forward-looking statements ought to be thought to be a illustration by us or every other individual that the targets and plans set forth on this Information Launch shall be achieved or be executed.
For Extra Data Contact:
Christal Jordan | Govt Director, UC Asset LP
[email protected] | 678-499-0297
SOURCE UC Asset LP