Ashland Global Holdings Inc. has completed the sale of Section 1 of the Hercules Redevelopment Plan, approximately 77.8 acres of land located in Sayreville, N.J., to Parlin Section 1 Urban Renewal, LLC, an affiliate of Trammell Crow Co. The transaction is valued at $40 million, with net proceeds estimated at $38.5 million. Ashland had previously communicated that it would sell unutilized land to fund an environmental trust.
“We are executing our plan to sell valuable land that is not being utilized by the company and placing the proceeds in an environmental trust,” said Guillermo Novo, chair and CEO. “Funding our environmental trust is a clear example of our environment, social and governance (ESG) commitment that is an integral part of our core values and strategy.”
For more information, visit www.ashland.com.