Safe & Green executes LOI to sell Lago Vista site for $12.5M

Safe & Green Holdings announced that it has entered into a letter of intent to sell its Lago Vista site for $12.5M. The Company initially acquired the property in 2021 for $3.5M. “We are pleased to have executed this LOI for the sale of our Lago Vista site,” said Paul Galvin, Chairman and CEO of Safe & Green Holdings. “The planned sale of this property illustrates our ability to maximize and monetize assets, and should significantly enhance our balance sheet. In turn, this infusion of non-dilutive capital should allow us to capitalize on new and exciting projects underway, which we believe will help accelerate growth and drive profitability. We believe that this is an excellent outcome for both the Company and our shareholders.” The LOI is non-binding and subject to a number of conditions, including execution of a final purchase and sale agreement. The Company expects to provide further updates on the sale process as they become available.