Plattsburg, NY (Feb. 11, 2019) Comcast Corporation has completed the purchase of the commercial real estate business that was acquired by Comcast Commercial Properties (CCPR) and its new owners for $2,220 million.
The transaction is valued at $4,220.4 million, according to Comcast.
The commercial real property was purchased for $1.1 billion from Comcast in December 2019.
The purchase price was based on Comcast’s current net income of $2 billion and expected operating profit of $1 billion, Comcast Commercial Property Group CEO Tom Lien told investors during the company’s quarterly earnings call in February.
Comcast Commercial properties offers commercial properties, retail, office space, residential, residential apartments and hotels for sale.
Comcast also offers an array of services, including telecommuting, broadband, cloud computing, online gaming, entertainment and other entertainment, Lien said.
Comcast’s new owner is Bank of America Merrill Lynch and the transaction is expected to close in early 2019.
CCPR said it plans to continue operating the commercial property.
Comcast commercial properties has been in business for nearly a decade, and is owned by a group of developers and real estate brokers, according the Comcast Commercial Commercial Properties website.
Comcast had announced plans to sell the property in 2018.
Comcast previously had acquired the commercial space from Comcast Digital Properties, the company announced in July.
Comcast said in August 2018 it sold the commercial and office space to Bank of American Merrill Lynch for $350 million, after it was acquired in 2019 by Comcast Digital.
The deal included a $400 million loan from Bank of Americans Merrill Lynch.
Comcast has sold its other commercial properties and real property businesses in New York City.
In January 2018, Comcast sold its office space in Manhattan to the investment bank Lehman Brothers for $5.3 billion, the largest commercial real-estate transaction in New Jersey history.
In July 2018, Bank of Americas Merrill Lynch said it was buying Comcast’s commercial real properties for $500 million.
Comcast is currently owned by Comcast, Time Warner Cable and AT&T.
The cable company has been struggling to keep pace with rising Internet speeds and customer complaints.
In September 2018, it agreed to buy DirecTV for $45 billion, a move that was announced in March 2019.