AppHarvest completes deal with Mastronardi

Added on 06 January 2023

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AppHarvest completes deal with Mastronardi

AppHarvest, the Kentucky-based greenhouse company, announced on Dec. 27 that it has finalized the sale-leaseback of its Berea, Ky., indoor leafy greens farm for just over $127 million and has opened its 60-acre high-tech indoor farm in Richmond, Ky.

According to the announcement, AppHarvest has entered an agreement with “Mastronardi Berea LLC, a joint venture between Mastronardi Produce and COFRA Holding, for the sale-leaseback of its Berea high-tech indoor farm for leafy greens for approximately $127 million with an initial lease rate of 7.5% over 10 years, with four renewal terms of five years each.” Mastronardi is AppHarvest exclusive marketing and distribution partner.

Some of the proceeds of the sale-leaseback, the release says, of the sale-leaseback will be used to repay the previously announced $30 million bridge loan from Mastronardi Produce to AppHarvest and the first two years of prepaid rent at the Berea facility.

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Courtesy of AppHarvest