Great Elm Group Acquires Management Agreements for Monomoy Properties REIT.
MANews-(C)2009-2022
US-based holding company Great Elm Group, Inc's (NASDAQ: GEG) Great Elm Capital Management, Inc subsidiary has acquired the investment management agreement for Monomoy Properties REIT, LLC and certain other related assets from Imperial Capital Asset Management, LLC for an upfront purchase price of USD 10m, the company said.
In connection with the transaction, GEG committed to investing USD 15m into Monomoy REIT and intends on investing an additional USD 15m in Monomoy REIT over the next 12 months, although it is not contractually obligated to do so.
Formed in 2014, Monomoy REIT is a private real estate investment trust founded by ICAM, with a 108-property portfolio of diversified net leased industrial assets representing approximately USD348 m of real estate at fair value as of March 31, 2022.
GEG said the transaction is aligned with its strategy to generate tax advantaged returns on invested capital, increase AUM, and acquire management rights to long-duration asset management businesses that utilize the expertise of its Board...
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