Genesis closes $32.5 million commercial land sale to RioCan
TSE Stock Symbol: GDC
CALGARY, Jan. 7, 2013 /CNW/ - Genesis Land Development Corp. (TSX-GDC), ("Genesis" or the "Company") is pleased to announce the sale of a $32.5 million regional shopping centre site within the Sage Hill Crossing project. The 32.35 +/- acre parcel of zoned commercial land was sold to RioCan Real Estate Investment Trust ("RioCan") pursuant to a previously announced conditional purchase and sale agreement (see press releases dated January 5 and September 7, 2011). The final sale price is $0.8 million higher than previously announced due to an increase in site area of 0.9 acres to accommodate access.
The closing of this sale is a significant milestone for Genesis representing the first major commercial sale in the Sage Hill Crossing project. The Sage Hill Crossing project is a large-scale mixed use development centrally located in the Symons Valley area of 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 to serve this growing area of Calgary.
Genesis retains approximately 72.6 acres of development land within the Sage Hill Crossing project and looks forward to exploring joint venture or sale opportunities on the balance of the site. The Company anticipates that the site will be fully serviced in 2013.
About Genesis Land Development Corp.
Genesis is a Calgary based land development company and residential home builder with land holdings in Alberta and British Columbia. Its active operations are located primarily in the Calgary Municipal 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 future development of the Sage
Hill Crossing project and joint venture and sale opportunities of the
portion of the development land retained by Genesis. 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; the ability of Genesis to participate or find joint venture
or sale opportunities for the remaining development land; the
uncertainties of real estate development and acquisition activity;
interest rates; availability of equity and debt financing; economic
conditions in Western Canada, and other risks and factors described
from time to time in the documents filed by Genesis with 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." 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.
SOURCE: Genesis Land Development Corp.For further information: