M&A
confidence high
sentiment positive
materiality 0.70
FRP Holdings partners with Steuart for up to 10 D.C. projects; SIC buys 20% of Dock 79, The Maren
FRP HOLDINGS, INC.
- SIC acquired 20% TIC interest in Dock 79 for $15.186M cash plus $18.414M assumed debt.
- SIC acquired 20% TIC interest in The Maren for $14.1M cash plus $17.6M assumed debt.
- MRP/FRP JV will fund pre-development for up to four phases on SIC-owned properties in Buzzard Point.
- SIC has option to invest 10-35% in each phase JV; FRP/MRP commit at least 60% equity.
- SIC also gets options to acquire 10-20% stakes in The Verge, Square 644E, Riverfront III/IV.