Safehold To Sell Ground Lease In East Coast For $136 Mln

(RTTNews) - Safehold Inc. (SAFE), a real estate investment trust, said on Thursday that it has inked a deal to sell a ground lease in an East Coast market for $136 million, to an undisclosed party.

The transaction, expected to be closed in the final quarter, is expected to bring a net book gain of around $46 million for Safehold.

"After paying closing costs, establishing reserves and returning the original $77 million cost basis to Safehold, the remaining proceeds will be distributed approximately 83% to Safehold and approximately 17% to the minority Caret unit holders, comprised of management as well as private institutional and family office investors," the seller said in a statement.