HONOLULU, Hawaii — Honolulu real-estate developers sold a majority stake in their property development company to a buyer for a reported $3 billion.
The purchase was announced Monday by real- estate developer Haim Saban, who said it is the largest single sale of its kind in Hawaii.
Haim Saban is the chief executive of Saban Properties, which includes the Hana, Ala., home of former president Jimmy Carter.
The sale was announced at a conference at the Hawaii Marriott Marquis downtown.
The Honolulu Real Estate Board also announced that the sale is subject to closing conditions, and is expected to close by April 1.
It was Saban’s first major real-world purchase, and he said the purchase was the result of a long process of negotiations with several real estate firms and buyers.
“I believe this transaction is a great step forward for the HANA and our future success,” Saban said.
“We are now on track to reach our goals of building and owning our first new apartment in years.
We look forward to working with our partners in the Honolulu and Waikiki area and with the rest of the state and beyond to help our city achieve a future that is more prosperous and more livable for all of us.”
The sale also includes an investment in the Hawaiian Islands, the Honolulu Islands, and the islands of Kauai and Molokai, which were previously under the jurisdiction of the Department of Land and Natural Resources.
Hana, an Oahu-based real estate developer, was founded in 2009 and is known for its development projects and high-end apartments in Honolulu and its surrounding areas.
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