Daybreak sold to Minnesota investment group

Daybreak sold to Minnesota investment group

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SOUTH JORDAN – Rio Tinto Kennecott announced Friday that the company had reached an agreement with Minnesota-based investment firm Värde Partners to sell its land and associated assets in the Daybreak community.

The sale includes approximately 500 finished home sites, 2,500 acres of undeveloped land, the Glass House Information Center, the SoDa Row Retail District, Oquirrh Lake and associated secondary water assets.

Terms of the transaction were not disclosed.

“Daybreak will add to an existing platform in Utah (for Värde Partners), including the Canyons ski area, Oakwood Homes, and investments in other homebuilding businesses and land developments along the Wasatch Front,” said Ty McCutcheon, vice president of Daybreak Rio Tinto Kennecott in a letter to residents. "We are excited about this transition and believe it will strengthen our community."

According to a statement, the deal is scheduled to close in early summer, at which time certain funds managed by Värde Partners will assume ownership of Daybreak and its associated assets, forming a new company that will continue development and operations of the community. Key members of Daybreak’s current management team will continue with the new venture.

Additional information about the transaction is posted at Daybreakutah.com

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