Vector Group to spin off Douglas Elliman, creating new public company based in Miami

THE BUSINESS JOURNALS2021-11-09

Vector Group will spin off its Douglas Elliman real estate brokerage, creating a new public company headquartered in Miami. Miami-based Vector Group is a holding company for tobacco brands Liggett ...

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jovrene
2021-11-09
jovrene
cool
Sean Wong
2021-11-09
Sean Wong
Ok

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The company (NYSE: VGR) will soon file a Form 10 with the U.S. Securities and Exchange Commission to spin off Douglas Elliman Inc., which will own Douglas Elliman Realty.\nCompany officials said Douglas Elliman Realty would remain based in New York, but its new parent company, Douglas Elliman Inc. (proposed under the ticker \"DOUG\"), would be based in Miami.\nDouglas Elliman is also one of the biggest residential brokerages in the New York metro area and South Florida. It also has offices in California, Colorado, Texas and Massachusetts.\n“With a leading luxury brand and a comprehensive suite of technology-enabled services and investments, Douglas Elliman is well positioned to capitalize on opportunities in the large and growing U.S. residential real estate market,” Vector Group President, CEO and ChairmanHoward M. Lorber said. “Following the spin off, Vector Group’s separate tobacco and real estate businesses will be better positioned to execute their strategic plans to drive each company’s long-term success and unlock value for stockholders.”\nIn its recent third quarter earnings release, Vector Group reported revenue of $1.93 billion in the first three quarters of the year. That included $1.3 billion in revenue from real estate operations and $1.2 billion in revenue from tobacco sales. Douglas Elliman accounted for $1 billion of the real estate revenue as it closed $47.7 billion in deals. 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