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)
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