Union Equity and Eden Development Group Agree on Terms of Acquisition
PALM BEACH, Fla., Mar 28, 2005 (BUSINESS WIRE) -- Union Equity Inc. (Pink Sheets:UNQT), a national real estate development and holding company, has agreed to terms for the acquisition of Eden Development Group. As previously released, this acquisition will allow Union Equity immediate entry into the construction and development of single family residential projects in Florida.
"We intend to combine luxury and affordability," said CEO Michael Anthony. "This market has a tremendous demand for new residential development. Prices continue to soar."
Union Equity will acquire Eden Development Group for restricted stock. Upon execution of the contract, Eden Development Group will be a wholly-owned subsidiary of Union Equity.
According to a recent article in the Palm Beach Post, contracts for future housing construction in Palm Beach County grew to $244 million in February, up 44 percent from a year ago, Dodge Analytics said Friday (3/25/05).
About the Industry
Florida ranked fifth nationally in housing appreciation in 2004.
Union Equity, Inc. is a publicly traded real estate development and real estate investment holding company. Further information on the company can be found on their website: unqt.com.
SOURCE: Union Equity Inc.
Union Equity Inc., Palm Beach
Kay Marie, 800-916-3457, Fax: 800-916-3451
contact@union-equity.com
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