The action started with less than hour before market close on Monday, when investors found the golden info of a $98M sale of Talon First Trust, LLC. Early investors doing napkin math knew it had to equal more than a couple of cents, the price it opened at on Monday afternoon. Here is a snippet from the 8K
Entry into a Material Definitive Agreement
On June 27, 2018, Talon First Trust, LLC, a subsidiary of Talon OP, L.P., which is the entity through which Talon Real Estate Holding Corp. (Talon) conducts substantially all of its business, was sold by Talon to a large publicly held real estate company. Under the agreement, Talon agreed to sell the ownership entity (Talon First Trust, LLC) of the property located at 180 East 5 th Street, St. Paul, MN, for Ninety-Eight Million Dollars ($98,000,000), including stock and debt, to First Capital Real Estate Trust, Inc. (FC REIT). The structured sale helped Talon maximize the value of the asset and will allow FC REIT to reposition the property, which may include adding a hotel, condos or apartments, while finalizing financing for the property.
To see the full 8K… click here
Disclosure: PSInvestor does not hold a position nor has it been compensated for the above mentioned article.