Hyperscale Data Subsidiary Signs Contract to Sell St Petersburg Development Property for $13.2 Million.
Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data,” or the “Company”), today announced that its wholly owned indirect subsidiary, Third Avenue Apartments LLC, has signed a Purchase and Sale Agreement (“PSA”) with a large New York based real estate firm, to sell its St. Petersburg development property. The decision to sell the property aligns with the previously announced reorganization efforts and the Company’s desire to streamline operations and create a pure-play data center business.
William Horne, CEO of Hyperscale Data, said:
We are excited to have reached an agreement for the sale of our St. Petersburg development property, marking a milestone for new growth and investment in the region.
“This decision reflects our commitment to strategically realign our resources and enhance our core capabilities within our data center operations.”
The sale of the property is expected to close by year-end 2024, but the Company acknowledges that the sale is subject to the completion of due diligence by the purchaser and is not guaranteed to close by December 31, 2024, or at all. The Company will update stockholders upon the closing of the PSA. The Company is confident in the purchaser’s ability to close the transaction and looks forward to the ultimate development of the property and the contributions to the St. Petersburg community.
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Hyperscale Data Subsidiary Signs Contract to Sell St Petersburg Development Property for $13.2 Million. source
