Jan. 5, 2011 (Canada NewsWire Group) --
CALGARY, Jan. 5 /CNW/ - Genesis Land Development Corp. ("Genesis") is pleased to announce that it has entered into a conditional purchase and sale agreement ("Agreement") with RioCan Real Estate Investment Trust ("RioCan") to sell an approximate 27.5 acre parcel of zoned commercial land within Genesis' Sage Hill Crossing project for approximately $25.6 million. The Agreement is subject to RioCan's due diligence period which expires on May 2, 2011. RioCan has the option to extend the due diligence period up to 120 days with the payment of non-refundable deposits of $50,000 per 60 day extension. If RioCan's due diligence condition is satisfied or waived, closing of the sale is subject to Genesis completing servicing and subdivision of the site which must be completed within 720 days of RioCan satisfying or waiving its due diligence condition, which Genesis anticipates completing by the end of 2012.
Genesis is pleased to be under contract with one of the pre-eminent commercial development entities in Canada and is looking forward to an ongoing business relationship with RioCan. Subject to a completed sale, Genesis would retain 77 acres within the Sage Hill Crossing project where Genesis anticipates sales of additional parcels as well as possible joint ventures.
The Sage Hill Crossing project is a mixed use Regional Shopping Centre located in the centre of the Symons Valley area in northwest Calgary. Land use approval has been received to allow for the development of 1.2 million square feet of commercial retail, 1 million square feet of office, 4,450 residential units, a recreation centre, hotel and theatre. The site also includes a bus rapid transit hub servicing the north/north west sectors of the city allowing for 600 to 900 parking stalls.
Genesis Land Development Corp. is a Calgary based land development company with an inventory of more than 24,000 future residential building sites (single-family and multi-family) and over 300 acres of commercial/industrial lands in Western Canada, of which more than 14,000 residential lots and over 300 acres of commercial/industrial lands are located in the Calgary metropolitan area.
Cautionary Statement Regarding Forward-Looking Information
"This press release contains certain statements which constitute
forward-looking statements or information ("forward-looking
statements") within the meaning of applicable securities legislation
concerning the business, operations and financial performance and
condition of Genesis. Forward-looking statements include, but are not
limited to, statements with respect to the conditions to the
transaction and if the Conditions will be satisfied or waived within
the required time frame and the benefits of the sale transaction.
Generally, these forward-looking statements can be identified by the
use of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Although Genesis believes
that the anticipated future results, performance or achievements
expressed or implied by the forward-looking statements are based upon
reasonable assumptions and expectations, the reader should not place
undue reliance on forward-looking statements because they involve
assumptions, known and unknown risks, uncertainties and other factors
which may
cause the actual results, performance or achievements of Genesis to
differ materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking statements.
Accordingly, Genesis cannot give any assurance that its expectations
will in fact occur and cautions that actual results may differ
materially from those in the forward-looking statements. Factors that
could cause actual results to differ materially from those set forth in
the forward-looking statements include, but are not limited to, general
economic conditions; local real estate conditions, including the
development of properties in close proximity to Genesis' properties;
timely leasing of newly-developed properties and re-leasing of occupied
square footage upon expiration; dependence on tenants' financial
condition; the uncertainties of real estate development and acquisition
activity; the ability to effectively integrate acquisitions; interest
rates; availability of equity and debt financing; the impact of
newly-adopted accounting principles on Genesis' accounting policies and
on period-to-period comparisons of financial results; economic
conditions in Western Canada, not realizing on the anticipated benefits
from the transaction or not realizing on such anticipated benefits
within the expected time frame and other risks and factors described
from time to time in the documents filed by Genesis with the securities
regulators in Canada available at www.sedar.com., including the Annual Information Form under the heading "Risk
Factors" and in Genesis' most recent interim report under the heading
"Management's Discussion and Analysis." Furthermore, the
forward-looking statements contained in this press release are made as
of the date of this press release and, except as required by applicable
law, Genesis does not undertake any obligation to publicly update or to
revise any of the forward-looking statements, whether as a result of
new information, future events or otherwise."
Gobi Singh, C.E.O., Genesis Land Development Corp.
Toll Free: (403) 265-8079, 1-800-341-7211, Fax: (403) 266-0746
E-Mail:genesis@genesisland.comInternet:www.genesisland.com