Atlas completes sale of Elk Grove Village Property
Atlas Financial Holdings has closed the previously announced sale of its property located at 150 Northwest Point Boulevard in Elk Grove Village, Illinois.
The property was sold at slightly higher than book value and proceeds from this cash transaction (approximately USD13 million) will be used to support the Company's plans for future growth. Atlas will remain in the building as a tenant.
Scott D Wollney, Chief Executive Officer of Atlas, says: "We are very pleased to announce the sale of the Elk Grove Village property. At the time Atlas acquired our insurance subsidiaries, we held USD15.9 million in real-estate on our balance sheets. In 2011, two of these properties were sold and netted the Company proceeds which exceeded book value. With the sale of this property, Atlas has reduced its holdings of owned real-estate to approximately USD166 thousand, a very small component of Atlas' shareholder's equity of USD56.5 million as of 31 March, 2012. We believe this was the last major transition-related initiative necessary to ensure that 100% of Atlas' resources and attention are focused on the profitable growth of our core commercial auto insurance business."
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