Great Elm Group Sells Interest in Real Estate Business for $4.6 Million
WALTHAM, Mass., June 24, 2021 (GLOBE NEWSWIRE) -- Great Elm Group, Inc. ("GEG" or "Great Elm") (NASDAQ:GEG), a diversified holding company, today announced that it sold its entire ownership interest in two Class A office buildings located in Fort Myers, Florida (collectively, the "Real Estate Business") to an affiliate of Monomoy Properties, LLC ("Monomoy"), a privately-held industrial properties focused REIT managed by Imperial Capital Asset Management, LLC, for a cash payment of $4.6 million. Pursuant to the terms of the transaction, GEG invested the proceeds of the sale into newly issued membership interests of Monomoy. GEG acquired the Real Estate Business in March 2018 for $2.7 millio
