ProGreen Properties Provides Update on Joint Venture with American Residential

ProGreen Properties, Inc. (PROGREEN) (OTCQB-PGEI), announced in a press release on December 17, that the company was entering into a joint venture with American Residential Gap LLC (ARG), a real estate investment company in Sweden. This resulted in the formation of PAJV LLC (PAJV) in late December. The JV is based on ARG providing 100% of all funding in real estate projects performed by PAJV, with PROGREEN handling everything from acquisition to sale. Realized profits from the individual projects are then split 50/50 between the two parties.

The joint venture is already starting to produce favorable results. On January 8, 2015, PAJV acquired a property under construction from PROGREEN, and is from that time funding all cost to complete the project. The property is due for completion at the end on May and will start to be marketed in June to the public.

On January 30, 2015, PAJV closed on the acquisition of a further four residential properties. Three of these were already leased and PAJV sold these three properties to ARG on February 9, resulting in a fee for PROGREEN of 28% of total cost of properties.

The fourth property has now also been leased and sold to ARG, with a fee of 24% paid to PROGREEN.

“We are very pleased with the rapid market traction with PAJV. We are currently evaluating further opportunities and remain excited about the future with ARG,” says Jan Telander, President and CEO.

About ProGreen Properties

PROGREEN PROPERTIES, INC. (PROGREEN) (OTCQB-PGEI) based in Birmingham, Michigan, is engaged in the business of acquiring, refurbishing and upgrading residential real estate into modern affordable homes, with some being aimed at the local real estate market and some being leased and subsequently sold to European Property Investors. ProGreen believes that Michigan offers some of the best investment opportunities in the US residential property market.

PROGREEN wholly owned subsidiaries:

PROGREEN REALTY LLC, purchasing, leasing and sale of properties.

PROGREEN PROPERTY MANAGEMENT LLC, management of properties sold to investors.

PROGREEN CONSTRUCTION LLC, in house construction company