MIAMI, FL / ACCESSWIRE / Oct 30, 2014 / Metrospaces, Inc. (OTC Pink: MSPC) (PINKSHEETS: MSPC), announces the sale of its 26.5% equity stake in “La Tour 320” Residential Project.
Mr. Brito stated, “This is a very interesting deal for us since we are able to sell our position and not wait until the end of the project. The sale of the “La Tour 320” equity position is for $250,000. Our original investment was for $150,000 thus making us a 67% return on our investment, in about 2 years. On an IRR basis, it’s well within the range of what we originally forecasted. The most important part of this sale is that it liberates financial and manned resources so we can focus on our 2 new hotel projects. We are still in the need to invest in planning and ground movement before we are able to obtain debt financing for the construction of these 2 hotels. Therefore this sale gives us the financing to move our projects forward. Like the sale of our 4 condos in Chacabuco 1353, we have shown the ability to effectively move realized proceeds from one project and move them to newer and bigger projects. These resources will consolidate our new focus on hotel rather than residential development. The sale has been agreed with one of the current equity investors. It is for $250.000 with the first payment due on January 1st, 2015. This first payment will represent 30% of the price and the remaining 70% of the price will be paid in equal monthly installments.”
For a link to the “La Tour 320” project:
http://metrospaces.net/#/?i=en&p=proyectos&o=LaTour320
For a link to our 2 hotel projects currently underway:
About Metrospaces
Metrospaces http://www.metrospaces.net/ is a publicly traded real estate investment and Development Company which acquires land, designs, builds, and develops then resells condominiums and Luxury High-End Hotels, principally in urban areas of Latin America. The company’s current projects are located in Buenos Aires, Argentina, and Caracas, Venezuela.
Six years ago Metrospaces shareholders saw a unique opportunity to participate in several exciting property markets around the world. Through their world-wide network of highly recognized real estate entrepreneurs, the company was able to capitalize on unique real estate development opportunities. Since Inception the company has leveraged those relationships along with extensive financial expertise and transformed excellence by results.
Metrospaces is a boutique real estate development company, a product of the alliance of Metrospace shareholders, along with an elite group of real estate professionals and entrepreneurs located around the world. Company shareholders have extensive careers in real estate financing worldwide, and have funded projects both in the America’s and across Europe valued in excess of US $350Million.
Metrospaces’ majority shareholders has partnered with Investors on Elite properties including The London BLVGARI 5 Star Hotel, and is currently involved in negotiations for the development of several Elite luxury properties in South America.
Among Metrospace partners are Architects, Real Estate Developers, Agents and Attorneys of the highest standing, with extensive experience in the global property market.
Metrospaces was originally founded by company President Oscar Brito.
Relevant Links:
Safe Harbor Statement:
Statements in this news release may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Metrospaces Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
CONTACT:
Company Contact:
Metrospaces, Inc.
Tel: 305-600-0407
Investor Relations:
SOURCE: Metrospaces, Inc.