By Sabela Ojea
Shares of Apartment Investment & Management on Tuesday rose a day after the company said it is selling several properties in Miami for $520 million.
The stock was up 7.8% to $9.05 in morning trading. Shares have climbed 16% over the past 12 months.
The real estate investment company said it signed an agreement to sell the properties 1001 Brickell Bay Drive and 1111 Brickell Bay Drive to Brickell Bay Property Owner, for which it expects to receive proceeds of $300 million to $320 million.
The buyer's initial deposit of $38 million is now non-refundable, and due diligence has been completed, Apartment Investment & Management said.
The sale is scheduled to occur as early as March, the company said, adding that it intends to return most of the net proceeds to shareholders.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
December 31, 2024 11:09 ET (16:09 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。