BOC - Boston Omaha unit acquires remaining stake in 24th Street Asset Management
2023-05-01 17:31:11 ET
- Boston Omaha ( NYSE: BOC ) said Monday its unit Boston Omaha Asset Management (BOAM) acquired the remaining ownership interest in 24th Street Asset Management.
- BOAM earlier owned a 48% stake in 24th Street, which serves as the general partner of two funds and several joint ventures that invest in commercial real estate.
- The purchase price paid to the sellers consisted of ~$2.8M in cash at closing, an additional ~$1.3M in cash subject to holdback and 45.6K BOC class A shares. The BOC shares issued are unregistered and have no registration rights.
- As of December 31, 24th Street has ~$123M of assets under management.
- 24th Street will be renamed as Boston Omaha Commercial Real Estate, but its operations remain unchanged.
- Earlier, Boston Omaha reported FY results.
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Boston Omaha unit acquires remaining stake in 24th Street Asset Management