Damac Properties Revealed Bidder of Surfside Collapse Site

Damac Properties founder Hussain Sajwani and the Surfside collapse site (Damac, Getty)

Damac Properties, a Dubai-based developer, is the stalking horse bidder for the collapse site of Champlain Towers South in Surfside, The Real Deal has learned.

East Oceanside Development LLC, a Delaware corporation tied to publicly traded Damac, signed a contract to pay $120 million for the oceanfront property. The company’s identity was disclosed in a motion to approve the sales contract, filed with the court on Friday. Judge Michael Hanzman, who is overseeing the litigation, is expected to approve the motion at next week’s hearing.

Damac, founded by billionaire Hussain Sajwani, calls itself a luxury developer that has shaped the Middle East real estate market with projects throughout the United Arab Emirates.

The stalking horse bidder made its offer in August, setting the minimum price for the property at 8777 Collins Avenue, where nearly 100 people were killed when the building collapsed in late June.

Other bidders will be able to submit their offers at an auction that is expected to occur between late February and March, said receiver Michael Goldberg at a hearing Thursday morning.

Damac is expected to make an initial $16 million deposit, of which $150,000 is nonrefundable and it will have a 60-day due diligence period. In the meantime, Avison Young has continued to market the nearly 1.9-acre property, after releasing an offering memorandum. Court filings show that information has been provided to more than 160 interested buyers.

This story will be updated as more information becomes available.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button