Business
Melcor Developments Ltd., EDMONTON AB (TSX:MRD) Announces Material Gain on Sale
EDMONTON, July 15 /CNW/ - The Company announces the sale of Crowfoot West Business Centre, a rece...
About this update from Melcor Developments Ltd.
[{"type":"text","content":"\n\n\n\nEDMONTON, July 15 /CNW/ - The Company announces the sale of Crowfoot West\nBusiness Centre, a recently completed 113,500 sq. ft. office building in\nnorthwest Calgary, Alberta. The transaction closed on July 15, 2008 at a sale\nprice of $49,675,000.00 to an institutional buyer.\n\n\nThe Company made the strategic decision to sell this attractive income\nproperty to reduce debt levels, generate earnings, enhance the Company's cash\nposition and redeploy capital to other strategic opportunities. Melcor\ncontinues its planned objective to create value for shareholders through the\ndevelopment of income producing properties.\n\n\nThe sale of this asset will generate a material gain of approximately\n$0.60 per share and will be included in the third quarter financial results of\nthe Company. The earnings are expected to support the Company's financial\nresults in a year of reduced residential land sales as residential markets\nadjust from the overheated conditions of the prior two years.\n\n\nThe Company is expected to release second quarter earnings at the close\nof markets on July 30, 2008.\n\n\nwww.melcor.ca\n\n\n","length":1184,"tagName":"div"}]