Creative Media & Community Trust Corp (CMCT): M&A transaction — CMCT closes co-investment sale of 80% interest in 4750 Wilshire for $34.4M

Creative Media & Community Trust Corp

Three international co-investors (Kanden Realty, Taisei USA, TO-4750 Wilshire) acquired 80% interest in 4750 Wilshire for ~$34.4M.
CMCT retains 20% interest and will manage property; ongoing management fees and potential incentive fees.
Proceeds will partly finance ~$31M conversion of two floors into for-lease multifamily units.
Pro forma shows cash increase of $34.4M and investment in unconsolidated entity of $8.5M.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Creative Media & Community Trust Corp completed a disposition involving Kanden Realty & Development America LLC, Taisei USA, LLC and TO-4750 Wilshire Co-Investor, LP for approximately $34.4 million (closed 2023-02-17).

Action: disposition
Counterparty: Kanden Realty & Development America LLC, Taisei USA, LLC and TO-4750 Wilshire Co-Investor, LP
Consideration: approximately $34.4 million
Closing: 2023-02-17

Exact text from the filing

On February 17, 2023, an indirect wholly owned subsidiary of Creative Media & Community Trust Corporation (“CMCT”) announced the closing of a co-investment transaction pursuant to which three international co-investors, Kanden Realty & Development America LLC, Taisei USA, LLC and TO-4750 Wilshire Co-Investor, LP, committed to acquire an 80% interest in a property owned by CMCT located at 4750 Wilshire Blvd in Los Angeles (“4750 Wilshire”) for an aggregate purchase price of approximately $34.4 million, excluding transaction costs.

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Source: SEC EDGAR

accession 0000908311-23-000009

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