ALCOA SELLS ITS ROCKDALE INDUSTRIAL SITE FOR $240 MILLION
The multinational Alcoa has just announced that it has completed the sale of land and industrial assets in the state of Texas in a transaction that reached the figure of 240 million dollars. As confirmed by the company itself, the sale has accounted for approximately 31,000 acres in Milam and Lee counties and has been marketed as Sandow Lakes Ranch, which includes the site of the former Rockdale aluminum smelter. The Rockdale smelter was completely downsized in 2008 and permanently closed in 2017.
That transaction, which was completed on October 29, 2021, included pasture and agricultural properties and highly improved industrial assets. The buyer is SLR Property I, LP, an affiliate of a Texas-based private real estate investment trust.
%22The successful sale of the Rockdale site demonstrates the value we can unlock as we prepare the former sites for redevelopment,%22 says Rob Bear, Alcoa’s vice president of transformation. %22Since Rockdale’s closure, we have delivered on our commitments and attracted numerous tenants who are helping to create economic development opportunities.%22
%22We are confident that the work we did to prepare this site for this completed transaction will bring significant benefits to our former host community and the areas surrounding Rockdale,%22 adds Bear.
The company has received $230 million in cash and expects to record a gain of approximately $200 million in other income in the fourth quarter of 2021.
