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CALGARY, Sept. 7, 2011 /CNW/ - Genesis Land Development Corp. (TSX:GDC),
("Genesis" or the
"Company") is pleased to announce that RioCan Real Estate Investment
Trust ("RioCan") has satisfied or
waived its conditions and released the required deposit pursuant to its
previously announced (see press
release dated January 5, 2011) conditional purchase and sale agreement
("Agreement") it has with Genesis.
The Agreement involves the sale of approximately 33.45 acre parcel of
zoned commercial land within
Genesis' Sage Hill Crossing project to RioCan for approximately $31.7
million. This represents an
increase sale of approximately 6 acres from the originally announced
27.5 acres and $25.6 million sale.
Closing is subject to Genesis obtaining a tentative subdivision plan
approval by November 1, 2011 and
completing servicing and subdivision of the site which must be completed
within 720 days. Genesis
anticipates completing the servicing and subdivision work 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. Genesis retains
approximately 72.6 acres within the Sage Hill Crossing project and
anticipates that the establishment of an
anchor will lead to leases and sale 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
includes a bus rapid transit hub intended to
provide transit service to this growing sector of Calgary.
About Genesis Land Development Corp.
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."