CALGARY,
July 21, 2015 /CNW/ - Genesis
Land Development Corp. (TSX: GDC) ("Genesis") is pleased to
announce that on July 16, 2015 the
limited partners of Genesis Limited Partnership #6 and Genesis
Limited Partnership #7 ("LP #6" and "LP#7", respectively), voted to
waive all conditions for the sale of the partnerships' final parcel
of land located in Airdrie,
Alberta. The partnerships previously sold six sites in
Airdrie, Alberta and northeast
Calgary.
The 13.64 acre multi-family site located in the
Canals community in Airdrie was
contracted for sale for gross proceeds of $10.0 million. On closing, anticipated to be in
March 2016, the net proceeds will be
distributed to the limited partners and the partnerships will be
wound up. Genesis owns 11.75% of LP#6.
"We are pleased that the limited partners have
confirmed the sale of this land, and to wind-up the partnerships,
originally created in 2007"', said Mr. Bruce Rudichuk, CEO.
One of the strategic goals of Genesis is to
simplify the corporate structure, including by winding up on an
orderly basis the limited partnerships which were used in the past
to finance property acquisitions. Following the wind-up of
LP#6 and LP#7, there will be three main limited partnerships
remaining. "We are actively working to find ways to
successfully complete the life cycle of our limited partnerships
within a reasonable period of time for the benefit of the limited
partners", continued Mr. Rudichuk.
About Genesis
Genesis is an integrated, award-winning land
developer and residential homebuilder, creating innovative and
successful communities in the Calgary Metropolitan Area. Genesis is
committed to supporting its communities through partnerships like
the Genesis Centre of Community Wellness and Genesis Place
Recreational Centre. Genesis owns a large portfolio of entitled
residential and mixed use land, which is exceptionally well
positioned to benefit from the Alberta economy. The Corporation's common
shares are listed on the Toronto Stock Exchange (TSX: GDC)
SOURCE Genesis Land Development Corp.