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A specialty construction company recently announced two real estate sale-leaseback transactions valued at $20.3 million.
Orion Group Holdings Inc., headquartered in Houston, disclosed the completion of two sale-leaseback deals in the real estate sector, according to a June 26 news release. Proceeds from both transactions are expected to be used to reduce debt and for general corporate purposes.
"A key element of our strategic plan to improve our financial and operational performance has been to monetize our real estate assets," Orion CEO Travis Boone said in the release.
The deals include an agreement of sale for its Baytown Pipe Yard property in Baytown, Texas, for $8.3 million. The sale is expected to conclude by the fourth quarter of 2023, the release reported. The other deal is for its Port Lavaca South Yard in Port Lavaca, Texas, in the amount of $12 million.
Boone went over the company's strategic plan as well and shared specific monetary figures with the public, according to the release.
"These transactions provide us with over $20 million to invest in growing Orion. We are excited to demonstrate continued progress against our plan to create long-term value for our shareholders,” Boone said in the release.
Orion Group operates in a number of areas around the water including Alaska, Canada, Hawaii as well as the Caribbean, according to the release. Orion's marine segment provides dredging and construction services for marine transportation facility construction, marine pipeline construction and marine environmental structures. Additional services include waterway, channel and port dredging and environmental dredging, design and specialty services.
The concrete segment provides turnkey construction services such as place and finish, site prep, layout, forming and rebar placement for commercial, structural and other business areas, the release reported.
More information on Orion and its business or services can be found on the company's website.