Cuentas sells Brooksville real estate for $7.2M

Cuentas, announced the unveiling of the terms for the sale of its Brooksville, Florida property. Acquired in 2023, the transaction sets the stage for a transformative deal expected to close within 60 days, following due diligence by the purchaser. This transaction will furnish the Company with organic cash, fortifying its resources for future ventures and affirming its successful strategic focus on Fintech and Mobile Services. The agreement solidifies Cuentas’ decision to divest its real estate investments in Brooksville, Florida, a market renowned for its rapid growth. The sale of the property for $7.2 million unlocks liquidity and yields double-digit returns on the investment, based on its purchase price of $5.05 million. With the closing slated for within 60 days and funds in escrow, the Company is poised for further enhancement of its financial position. After extensive evaluation of various options, including exploring development joint ventures and assessing multiple purchase offers, management opted for the most advantageous agreement. This decision prioritizes expediency in closing and delivers double-digit percentage returns. Management views this transaction as a tactical triumph, aligning with the Company’s objectives of profitability and cash flow. It empowers continued involvement in development projects in the South Florida region, leveraging the company’s local headquarters in Miami Beach, Florida. The proceeds from this sale will be channeled towards self-funding the company, reinforcing its Cuentas Money and Cuentas Mobile services, and fostering additional real estate developments akin to the successful Lakewood Villas development, where the company holds a 6% stake.