MIAMI, Fla, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Safe and Green Development Corporation (NASDAQ: SGD) (“SG Devco” or the “Company”) is pleased to announce that it will strategically look to monetize its real estate holdings throughout 2024. The company has already initiated this strategy with the previously announced Contribution Agreement of Lago Vista wherein the property is valued at $11.5M as an equity interest in the development.
The Company will look to continue this by strategically identifying markets where the Company’s land may have increased in value, as demonstrated by third-party appraisals, due to the entitlements that the Company was able to secure over the past three years. This strategy is expected to yield non-dilutive capital and accelerate the progress of other active projects.
David Villarreal, President & CEO of Safe and Green Development Corporation stated, “Over the past three years we have worked diligently to garner valuable entitlements on the land we have acquired. We will analyze certain markets to determine how we can best monetize the appreciation of the land value. We believe this strategy will enable us to align our focus with minimal dilution to our shareholder base.”
About Safe and Green Development Corporation
Safe and Green Development Corporation is a leading real estate development company. Formed in 2021, it focuses on the development of sites using purpose-built, prefabricated modules built from both wood and steel, sourced from one of Safe & Green Holdings Corp’s factories operated by SG Holdings’ SG Echo subsidiary. More information about SG DevCo can be found at www.sgdevco.com.
Safe Harbor Statement
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and include statements regarding strategically look to monetize its real estate holdings throughout 2024, strategically identifying markets where the Company’s land may have increased in value, expected to yield non-dilutive capital and accelerate the progress of other active projects and strategy enabling the Company to align its focus with minimal dilution to its shareholder base . Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risk that the Company may be unable to monetize its real estate holdings as contemplated and other factors discussed in the Company’s Form 10 registration statement and its subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and Safe and Green Development Corporation undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
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Barwicki Investor Relations
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