Genesis Land Development Corp. and GP LPLP 2007 Inc. agreed to sell 319 acres of undeveloped land in the City of Airdrie, Alberta, for C$41.0 million.
The asset, called Fowler Lands, is 100% beneficially owned by Limited Partnership Land Pool (2007), a general partner of GP LPLP 2007 Inc.
The land is being sold to an unnamed third party national developer, and the buyer has paid a deposit and agreed to pay 50% of the sale price in cash upon closing, which is expected Dec. 15, and will pay the remainder in three years.
Limited Partnership Land Pool will use the net proceeds from the sale to repay its credit facilities, with the remainder to be distributed to its limited partners as per its agreements.
GP LPLP intends to hold a meeting in November to discuss the final distribution of Limited Partnership Land Pool's assets and the windup of the limited partnership.