VANCOUVER, BC (September 7, 2011) Dominion Lending Centres Clearlease Reports Genesis Land Development Corp. (TSX:GDC), says September 7, 2011 shopping mall owner RioCan Real Estate Investment Trust is going ahead with a $31.7 million purchase of commercial land owned by Genesis in Calgary.
The Alberta-based land developer said Wednesday that RioCan (TSX:REI.UN) had satisfied or waived its conditions and paid a deposit under a smaller conditional purchase and sale agreement the two companies struck in January.
The deal involves the sale of about 33.5 acres of zoned commercial land within the Alberta company’s Sage Hill Crossing housing subdivision project in a fast-growing area of northwest Calgary.
Originally, the companies announced the sale would involve 27.5 acres for $25.6 million.
The land deal is subject to Genesis obtaining a tentative subdivision plan approval by Nov. 1, the company said.
Genesis shares were halted on the TSX pending the news.
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