Medigus to acquire 60% interest of commercial property in Miami

Medigus signed an operating agreement with a US-based partner, specializing in acquiring, improving, renovating, developing and selling commercial properties in Miami for the formation of a joint venture, that will purchase, renovate, manage and sell a commercial property in Miami, Florida, USA. The formation of the JV is contingent upon the property’s acquisition by mid-October. The property consists of 3 parcels containing land of approximately 19,000 square feet which consists of a one 2-story building containing 9,000 square feet, and a one-story building containing 2,800 square feet. The property has additional development rights, and subject to approvals and permits, could result in additional stories. The initial capital contribution paid by Medigus is $2M and its initial percentage interest in the JV is 60%, while the Partner interest is 40%. According to the operating agreement, Medigus has full preference in the JV cash distribution, and once the initial contribution by Medigus has been fully repaid, Medigus’ interest in the JV will decrease to 30%. Medigus intends to continue and explore additional opportunities in Miami for the purpose of acquiring, improving, renovating, further developing and selling the properties, directly or indirectly, through one or more of its subsidiaries.