SAN DIEGO, CA, Jan. 29, 2018 (GLOBE NEWSWIRE) -- ProGreen US, Inc. (ProGreen), (OTCQB: PGUS), www.ProGreenUS.com, Twitter @ProGreenUS, www.CieloMarBaja.com.
ProGreen is pleased to announce that it has retained CBRE to appraise its Cielo Mar property. The 5,000-acre oceanfront property is being planned for a very large, totally green, resort-style vacation and retirement community on the Pacific coast of Baja California, Mexico.
As communicated in the December 20 press release, the company plans to use the Cielo Mar asset as collateral for a long-term financing, with proceeds to be used to complete the master plan and to launch pre-sales marketing of the Cielo Mar development; as well as to eliminate accumulated debt and for general funding of the company's agriculture and real estate projects in Baja California.
CBRE will be visiting the Cielo Mar site on the Bay of Rosario to conduct a physical inspection, and is expected to complete a comprehensive valuation report by the mid-March time frame.
About CBRE Group, Inc.
CBRE Group is the largest commercial real estate services and investment firm in the world. It is based in Los Angeles, California and operates more than 450 offices worldwide and has clients in more than 100 countries. Services provided by the company include facilities management services to occupiers of commercial real estate as well as property management, leasing, capital markets, appraisal, and brokerage services to owners of commercial real estate. The CBRE Global Investors division sponsors real estate investments via investment funds and direct investments that it manages. As of September 30, 2017, the division had $98.3 billion in assets under management.
Websites:
Follow us on social media:
https://www.facebook.com/ProGreenFarms/
https://www.facebook.com/cielomarbajacamx/
https://twitter.com/ProGreenUS
http://www.progreenus.com/blog
About ProGreenUS, Inc.
ProGreenUS, Inc., www.ProGreenUS.com, based in San Diego, California, is engaged primarily with investments in agricultural and real estate projects in Baja California, Mexico, both through its joint venture partnership with Inmobiliaria Contel S.R.L.C.V. (Contel) as well as through its majority-owned Mexican subsidiary Procon Baja JV (Procon). Contel is now active in the high margin produce industry, growing crops for exporters to the US market, with an abundance of land available for expansion under our JV partnership. Procon has recently acquired 5,000 acres of land with 4.5 miles of oceanfront on the Bay of El Rosario, for which a master plan is being drawn for the development of a very large, totally green, international vacation and retirement community called "Cielo Mar."
This press release might contain information, which may constitute 'forward-looking statements' within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. 'Forward-looking statements' are based upon expectations, estimates and projections at the time the statements are made that involve a number of risks, uncertainties and other factors that could cause actual results or events to differ materially from those anticipated.