UCASU - UC Asset Closed New Sales to Increase Cash Reserve by $1 Million
August 10 2020 - 2:22PM
InvestorsHub NewsWire
Atlanta, GA -- August 10, 2020 -- InvestorsHub NewsWire -- UC
Asset (OTCQX:
UCASU), a real estate investment and redevelopment company,
announced the closure of two new sales, with combined net proceeds
at approximately $1 million.
"We are pleased that both properties sold promptly, with
remarkable profit margins, despite the market slowing down due to
the pandemic," says Greg Bankston, UC Asset’s managing partner.
"This is a testament to the efficiency of our team. We offered
properties at the right price which connected with the needs of
Atlanta real estate buyers, and our sales team did a magnificent
job."
UC Asset is currently pursuing a new investment strategy, which
aims to take over mortgage payments from owners of income-producing
properties that may be experiencing financial loss due to the
COVID-19 pandemic. In exchange for absorbing the mortgage payment
for those property owners, UC Asset will acquire a fair share of
the property and be entitled to receive all or a percentage of
future profits after the commercial real estate market regains its
ground. This new strategy has the potential to yield higher ROI for
UC Asset shareholders, based on the projection of its
management.
"The sale of these properties will put another $1 million cash
back into our hands, empowering us to implement our new investment
strategy and expand our portfolio of commercial rental properties,"
Bankston explains.
Another property is expected to be listed in the coming weeks,
at approximately $1.30 million. The management says that they have
already received inquiries from potential buyers.
About UC Asset LP
UC Asset LP is a limited partnership formed for the purpose of
investing in real estate for development and redevelopment,
concentrating in metropolitan areas of Atlanta, GA and Dallas, TX.
For more information about UC Asset, please visit: www.ucasset.com
Disclaimer:
This News Release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause our
actual results, performance or achievements, or industry results,
to differ materially from any these statements. You are cautioned
not to place undue reliance on any those forward-looking
statements. Except as otherwise required by the federal securities
laws, we undertake no obligation to publicly update or revise any
forward-looking statements after the date of this news release.
None of such forward-looking statements should be regarded as a
representation by us or any other person that the objectives and
plans set forth in this News Release will be achieved or be
executed.
Contacts
Christal Jordan | Investor Relations Director, UC Asset LP
cjordan@ucasset.com | 678-499-0297
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