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".
About Genesis
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.