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Great Elm unit to manage 3 separate accounts for institutional investor

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Great Elm unit to manage 3 separate accounts for institutional investor

Great Elm Capital Group Inc. unit Great Elm Capital Management Inc. has entered into investment management agreements to manage three separate accounts with assets totaling about $33 million for an institutional investor.

Additionally, Great Elm partnered with CRIC2 Funds to recapitalize the Gartner I and Gartner II class A office buildings and associated property in Fort Myers, Fla.

Under the terms of the transaction, Great Elm will acquire an 80.1% equity interest in the property for a capital outlay of about $3.0 million. The total value of the transaction is $61 million, with $57.5 million of nonrecourse debt remaining on the property, which is currently leased to Gartner until March 31, 2030.

Concurrently, Great Elm reported results for its second fiscal quarter ended Dec. 31, 2017.

The company reported adjusted EBITDA for its investment management division of $1.0 million, up from $570,000, a year ago.

For the three months ended Dec. 31, 2017, the company reported net income for its investment management division of $150,000, compared to a year-ago net loss of $832,000.