CALGARY, March 3, 2017 /CNW/ - Genesis Land Development Corp. ("Genesis") (TSX:GDC) is pleased to announce that it has entered into an unconditional agreement with an arms-length third party for the sale of +/- 1,477 acres of unentitled, undeveloped non-core lands owned by Genesis near the Hamlet of Delacour, Alberta. The purchase price of the lands is $9,000,000 and closing is scheduled for May 1, 2017. Genesis has received a deposit of $500,000 and expects to receive the remaining sale proceeds on closing.
"This sale substantially completes our plan to dispose of the non-core lands owned by Genesis, with the bulk of non-core assets by dollar value having been sold or contracted for sale," said Stephen Griggs, Chair and interim CEO. "We have now monetized most of our non-core assets, as we continue to focus on generating value from our Calgary area development lands and our home building business".
Genesis Land Development Corp. is a land developer and residential home builder in the Calgary Metropolitan Area. The Corporation's common shares are listed on the Toronto Stock Exchange (TSX: GDC).
SOURCE Genesis Land Development Corp.
For further information: Contact Information: Stephen J. Griggs, Interim Chief Executive Officer, 7315 - 8 Street NE Calgary AB T2E 8A2, P: 403-265-8079, Email: [email protected], Website: www.genesisland.com