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Hovnanian stock price rises, reaching a $200 million residential construction joint venture with GTIS Partners
Investing.com – Hovnanian Enterprises (NYSE:HOV) shares rose 4% on Wednesday, after Bloomberg News reported that the company and GTIS Partners LP formed a $200 million joint venture.
According to a statement reviewed by Bloomberg News, the agreement creates a shared capital pool for building and selling homes. GTIS Partners, based in New York, will invest $150 million, while Hovnanian will contribute $50 million.
According to the statement, the portfolio includes multiple product types, price points, and geographic diversity across seven communities, many of which are follow-on investments in communities that the two companies previously partnered on.
Ed McDowell, partner and head of U.S. acquisitions at GTIS, said in the statement: “The portfolio represents multiple product types, price points, and geographic diversity across seven communities, many of which are follow-on investments in communities we previously worked with Hovnanian on.”
Hovnanian shares also benefited from the broader strength in the stock market following the Iran ceasefire agreement.
This article was translated with the assistance of artificial intelligence. For more information, please see our Terms of Use.