M&A: APARTMENT INVESTMENT & MANAGEMENT CO

Form Type: 8-K

Filing Date: 2024-12-30

Corporate Action: Acquisition

Type: New

Accession Number: 000095017024141161

Comments: On December 30, 2024, Apartment Investment and Management Company ('Aimco') entered into a Purchase Agreement to sell the properties located at 1001 and 1111 Brickell Bay Drive in Miami, Florida, collectively known as the 'Brickell Assemblage', to Brickell Bay Property Owner LLC for a gross price of $520 million. The buyer has made a non-refundable initial deposit of $38 million and has completed due diligence. Additionally, the buyer has the option to increase the purchase price to $540 million in exchange for exercising a financing option utilizing a transferable seller financing note from Aimco. This note, which allows the buyer to finance up to $115 million of the purchase price, will secure a lien on the equity interests of the buyer's purchasing entities. The sale is projected to close as early as March 2025, with possible extensions to late 2025, contingent upon certain conditions. Aimco expects net proceeds from the transaction, after accounting for related property-level debt and deferred tax liability, to be between $300 million and $320 million and intends to return the majority of these proceeds to shareholders upon receipt.

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