REIT Safehold Breaks Into Hawaii With $195M Ground Lease

Law360 (September 9, 2019, 5:10 PM EDT) -- Safehold said Monday that it has agreed to buy a $195 million ground lease under a resort in Waikiki Beach that marks the real estate investment trust’s first foray into the Hawaiian property market.

Safehold Inc. said it has agreed to acquire the ground lease under the Alohilani Resort, a move the comes just days after the company announced a public offering of 3 million shares that raised roughly $84 million. The company said at the time that it planned to use the proceeds to invest in ground leases and to repay its debt.

In addition to the ground lease, Safehold...

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