HOUSTON – Foxconn (SS:601138) Assembly LLC, a subsidiary of Hon Hai (TW:2317) Precision Industry Co Ltd, has completed the acquisition of a significant land and building asset in Houston, Texas, for operational needs. The transaction, which took place on Monday, involves a land parcel and building at 9625 Fallbrook Pines Drive, Houston, Harris County, TX 77064, with a total transaction price of USD 33,033,000.00.
The land spans 478,036 square meters, while the building covers 200,200 square meters. The seller, JCICF III TX2B01 & TX2M01-M02, LLC, has no reported relationship with Foxconn Assembly.
The acquisition was negotiated directly by the parties involved and was decided upon by the board of directors of Foxconn Assembly based on market prices. Two independent appraisals were conducted by Colliers International Valuation & Advisory Service and Newmark Valuation & Advisory, valuing the property at USD 32,500,000 and USD 33,300,000, respectively. The professional appraisers involved were Grace Sun and Mark Fast from Colliers, and Ernest Wolf and Sara Payne from Newmark, all holding valid Texas practice certificates.
Foxconn Assembly has stated that there were no dissenting opinions from directors regarding this transaction, and it was not a related-party transaction. The company has not disclosed any restrictive covenants in the contract, terms of delivery or payment, and there was no broker's fee involved in the transaction.
This strategic acquisition is intended to meet the operational needs of Foxconn Assembly, though the specific operational purposes have not been detailed in the press release statement. The information is based on a press release statement and has been reported in accordance with journalistic standards to provide a factual account of the transaction without any endorsements or speculative commentary.
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