Business
$41.0 million sale of 319 acre parcel of Airdrie "Fowler" lands owned by Limited Partnership Land Pool (2007)
$41.0 million sale of 319 acre parcel of Airdrie "Fowler" lands owned by Limited Partnersh...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\n$41.0 million sale of 319 acre parcel of Airdrie \"Fowler\" lands owned by Limited Partnership Land Pool (2007)\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Dec. 15, 2017\n\n\n\nCALGARY, Dec. 15, 2017 /CNW/ - GP LPLP 2007 Inc., as general partner of Limited Partnership Land Pool (2007) (\"LPLP\"), and Genesis Land Development Corp. (\"Genesis\") (TSX: GDC), as nominee, are pleased to announce the closing of the sale of 319 acres of undeveloped lands located in the City of Airdrie, Alberta (commonly referred to as the \"Fowler Lands\") on December 15, 2017 at the sale price of $41,000,000.  These lands were 100% beneficially owned by LPLP and were sold to an arms-length third party.  \n\nThe purchaser paid $20,500,000 (50% of the sale price) in cash on closing and the remaining 50% of the sale price  will be paid in three years (subject to certain pre-payment privileges), and is secured by an interest-bearing vendor take back mortgage in the amount of $20,500,000 (the \"VTB\").\n\nThe net cash proceeds of this sale were used by LPLP as follows (1) $4,055,000 to repay in full its credit facility with a third‑party lender, and (2) $15,547,000 to repay in part the loan from Genesis to LPLP, all in accordance with its loan and related agreements.  LPLP now has approximately $12,134,000 in debt outstanding to Genesis, which bears interest at the rate of Prime plus 3% and is secured by a pledge of the VTB.\n\nAbout Genesis \n\nGenesis Land Development Corp. is a land developer and residential home builder in the Calgary Metropolitan Area.  The Corporation's common shares are listed on the Toronto Stock Exchange (TSX: GDC).\n\nCautionary Statement Regarding Forward Looking Information \n\nThis press release contains certain statements which constitute forward looking statements or information (\"forward-looking statements\") within the meaning of applicable securities legislation. This information includes, but is not limited to the timing and payment of the remaining 50% of the sale price. Although Genesis b...