DALLAS, Aug. 1, 2012 /PRNewswire/ -- LIG Assets, Inc. (LIGA.PK) announces it has added more properties to its growing portfolio of income producing real estate assets. Yesterday, the Company closed on the acquisition of a 5000 square foot single story office building that is 100% leased and seven residential properties that have all been recently refurbished, leased, and now occupied.
LIG Assets is currently negotiating the purchase of income producing properties to expand its overall portfolio many times. If successful, the large size of the portfolio would warrant the Company to establish a real estate investment trust (REIT), spin it off to LIGA shareholders, and establish payments of cash dividends quarterly from the REIT.
LIG Assets CEO Jeff Love stated, "The Company's real estate division will continue to focus on properties that are producing income now as opposed to construction projects. We now see many fantastic opportunities in the Texas real estate market and plan to take advantage of low relative prices with strong returns." He continued, "We maintain very good banking and lending relationships that have afforded us the chance to capitalize on these opportunities."
The office building purchased yesterday is located in Garland, Texas on Northwest Hwy and is currently leased to a title company. The total purchase price for these transactions was $1,025,000 and the cap rate for the residential properties is over 10%. All the properties are located in Dallas County.
About LIG Assets, Inc.
LIG Assets, Inc., based in Dallas, TX, is a multi-faceted worldwide investment company that focuses on real estate, oil and gas, technology, and entertainment. LIG Assets, Inc. trades on the pink sheets under the ticker symbol "LIGA".
For additional information, please visit LIG Assets corporate website: www.ligassetsinc.net.
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's filings, which are on file with the U.S. Securities and Exchange Commission (SEC).
LIG Assets, Inc.
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