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July 1, 2014
16:19 EDTBBXBBX Capital division enters into joint venture agreement with affiliate of Proca
BBX Capital Real Estate, a division of BBX Capital announced it has entered into a joint venture agreement with an affiliate of Procacci Development Corporation. The joint venture has acquired three acres of real estate located at Bayview Drive and Sunrise Boulevard in Fort Lauderdale, Florida. The property is currently improved with an approximate 84,000 square foot office building along with a 7-11 retail store and gas station. The new joint venture entity, Sunrise and Bayview Partners acquired the above described property for approximately $8.0M. The property is a 50% - 50% joint venture between BBX Capital Real Estate and an affiliate of Procacci Development.
News For BBX From The Last 14 Days
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November 10, 2014
07:38 EDTBBXBBX Capital, BFC Financial Corp. announce dismissal of merger litigation
BFC Financial Corporation (BFCF) and BBX Capital Corporation (BBX), formerly BankAtlantic Bancorp, Inc., announced the dismissal with prejudice of the In Re: BBX Capital Corporation Litigation. This litigation, a purported class action against BFC, BBX Capital and the members of BBX Capital's board, was brought challenging the fairness of the proposed merger between BFC and BBX Capital and seeking an injunction to block the transaction. The Circuit Court of the 17th Judicial Circuit for Broward County, Florida denied plaintiff's motion for class certification and dismissed the case with prejudice on November 5. Approximately 97% of the BBX Capital shareholders and 86% of the minority shareholders represented at the shareholders' meeting to approve the transaction voted in favor of the merger. The merger remains subject to certain closing conditions, including the listing of BFC's Class A Common Stock on a national securities exchange. BFC and BBX Capital do not currently anticipate that the merger will be consummated prior to 1Q15.

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