ASRR Capital Ltd (TASE:ASRR) agreed to acquire assemblance of eight lands in the area between 2nd Avenue and 18th Street in Miami for $33 million on February 11, 2016. The legal and brokerage costs are $2 million. ASRR Capital will pay $3.3 million of the proceeds within five days from signing.

Within 45 days from signing there will be a due diligence period, and the remaining amount will be paid within 60 days from the end of the due diligence period. ASRR Capital Ltd. undertook a loan from the shareholders in order to finance the acquisition. ASRR Capital Ltd (TASE:ASRR) signed a definite agreement to acquire assemblance of eight lands in the area between 2nd Avenue and 18th Street in Miami on May 6, 2016.

The agreement was modified so that it was extended the payment completion of the balance of the consideration, totaling $29.7 million, from July 5, 2016 to June 1, 2017. On May 27, 2016, ASRR Capital Ltd through its American subsidiary, signed several agreements with CNBM Group and G-Resources Group to finance 66.67% of the amount required for the transaction. The subsidiary and the Investors agreed that the first investment required a total of $36 million, which include the asset value ($33 million) and an amount to be used for expenses, whatever they may be.

On a second stage, the Investors will invest a total of $4.5 million. The remaining $31.5 million needed for the transaction (when the subsidiary's part is of $10.5 million) will be transferred by the Investors on April 3, 2017. The transaction will be done through a local LLC corporation, which will be held by ASRR Capital.