Safehold to sell East Coast land lease for $136 million

(RTTNews) – Safehold Inc. (SAFE), a real estate investment trust, said on Thursday it had signed an agreement to sell a land lease in an East Coast market for $136 million, to an undisclosed party .

The transaction, which is expected to close in the last quarter, is expected to generate a net accounting gain of approximately $46 million for Safehold.

“After paying closing costs, establishing reserves and returning the initial cost base of $77 million to Safehold, the remaining proceeds will be distributed approximately 83% to Safehold and approximately 17% to minority holders of Caret units. , comprised of management as well as private institutions and family office investors,” the seller said in a statement.

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