Orlando, FL January 25, 2022 - Kalera AS ("Kalera" or the "Company") (Euronext
Growth Oslo: KAL, Bloomberg: KSLLF), one of the preeminent U.S. vertical farming
companies and a leader in plant science for producing high-quality produce in
controlled environments, today announced that the Company has entered into a
purchase and sale agreement with Modiv Inc., for a sale-leaseback transaction
for an industrial property in Minnesota.
Kalera plans to sell the approximately 79,000-square-foot property and equipment
in St. Paul to Modiv and then enter into a new, 20-year net lease. The planned
$8.1 million transaction is part of the Company's recently announced 'capital
light' expansion strategy.
"Shortly after announcing our 'capital light' expansion strategy, we are
delighted to execute on a first building block with the sale and leaseback of
our St. Paul farm," said Dr. Henner Schwarz, Chief Commercial Officer for
Kalera. "We are excited to partner with Modiv as we continue to expand our
global network of farms."
"Partnering with a growing and innovative company like Kalera will allow us to
add a quality industrial property to our portfolio and support their business
objectives," added Ray Pacini, Chief Financial Officer at Modiv.
The transaction is expected to close shortly, subject to customary closing
conditions.
About Kalera
Kalera is a sustainable vertical farming company headquartered in Orlando,
Florida. The company uses technology to ensure that more people around the world
have access to the freshest, most nutritious, and cleanest products possible. It
has spent several years optimizing plant nutrient formulas and developing an
advanced automation and data acquisition system with Internet of Things, cloud,
big data analytics and artificial intelligence. Kalera currently operates farms
in Orlando (Florida), Atlanta (Georgia), Houston (Texas) and Kuwait. More
information is available at https://www.Kalera.com/.
About Modiv
Modiv Inc. is a public, non-listed REIT that acquires, owns and manages
single-tenant net-lease industrial, retail and office real estate throughout the
United States, with a focus on strategically important and mission critical
properties. Driven by innovation, an investor-first focus and an experienced
management team, Modiv leveraged crowdfunding technology to create a $550
million real estate fund comprising 2.5 million square feet of income-producing
real estate. To learn more about Modiv, visit modiv.com.
Contact:
Eric Birge
ir@kalera.com
313-309-9500