Benzinga | Jan 18, 2022 09:20AM EST

Charah Solutions Sells 80% Of Real Property Acreage Acquired From TMPA

* Charah Solutions Inc (NYSE:CHRA) has completed the sale of almost 80% of the real property acreage that it had acquired through a subsidiary in February 2021 from the Texas Municipal Power Agency (TMPA) at the former Gibbons Creek Steam Electric Station and Reservoir in Grimes County, Texas.

* Charah Solutions added that a local investor group purchased and closed on 4,860 acres of the 6,166-acre area, including the 3,500-acre reservoir, dam, and spillway, with the intent of future residential development. Terms were not disclosed.

* The company expects to announce a contract to sell the remaining 20% of the real property acreage in 2022, completing the full sale of the property.

* Price Action: CHRA shares are trading lower by 0.53% at $5.67 during the premarket session on Tuesday.