Business
GENESIS ANNOUNCES CONDITIONAL $25.6 MILLION SALES AGREEMENT WITH RIOCAN FOR A COMMERCIAL SITE WITHIN SAGE HILL CROSSING
Jan. 5, 2011 (Canada NewsWire Group) -- CALGARY, Jan. 5 /CNW/ - Genesis Land Development Corp...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\n Jan. 5, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nCALGARY, Jan. 5 /CNW/ - Genesis Land Development Corp. ("Genesis") is\n pleased to announce that it has entered into a conditional purchase and\n sale agreement ("Agreement") with RioCan Real Estate Investment Trust\n ("RioCan") to sell an approximate 27.5 acre parcel of zoned commercial\n land within Genesis' Sage Hill Crossing project for approximately $25.6\n million. The Agreement is subject to RioCan's due diligence period\n which expires on May 2, 2011. RioCan has the option to extend the due\n diligence period up to 120 days with the payment of non-refundable\n deposits of $50,000 per 60 day extension. If RioCan's due diligence\n condition is satisfied or waived, closing of the sale is subject to\n Genesis completing servicing and subdivision of the site which must be\n completed within 720 days of RioCan satisfying or waiving its due\n diligence condition, which Genesis anticipates completing by the end of\n 2012.\n\n\nGenesis is pleased to be under contract with one of the pre-eminent\n commercial development entities in Canada and is looking forward to an\n ongoing business relationship with RioCan. Subject to a completed sale,\n Genesis would retain 77 acres within the Sage Hill Crossing project\n where Genesis anticipates sales of additional parcels as well as\n possible joint ventures.\n\n\nThe Sage Hill Crossing project is a mixed use Regional Shopping Centre\n located i...