FRP Holdings, Inc. (NASDAQ-FRPH) Announces Contract to Sell its Industrial Warehouse Portfolio to Blackstone for $358.9 Million

Mar 22, 2018

JACKSONVILLE, Fla., March 22, 2018 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (the “Company”) (NASDAQ-FRPH) today announced that it has entered into a contract to sell its 41 industrial warehouses and two adjacent lots to an affiliate of Blackstone Real Estate Partners VIII, L.P. (“Blackstone”), for a total purchase price of $358.9 million. The sale is subject to customary closing conditions, including approval by the Company’s shareholders. The transaction is expected to close in the second or third quarter of 2018. Details of the transaction and the conditions to its closing are described in the Company’s Current Report on Form 8-K filed on this date with the Securities and Exchange Commission (“SEC”).

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