CALGARY, Alberta--()--Walton Ontario Land L.P. 1 (the “Partnership”) and its general partner, Walton Ontario Land 1 Corporation (the “General Partner”), today announces the purchaser has completed its due diligence and waived conditions on the previous announced sale of the Alliston Property.
Under terms of the sale, the Partnership will sell its 154.93-acre property for $24,045,000 or approximately $155,199 per acre. The Partnership acquired the Alliston Property in June 2010, for approximately $12,157,000 (including acquisition costs and fees) or $78,468 per acre. Additional costs such as agents’ fees, offering costs and expense reserves, totalled approximately $3,912,000, increasing the total cost of the purchase to $16,069,000 or $103,718 per acre.
It is anticipated that the transaction will close on or before October 12, 2012. A further news release will be issued upon closing of the transaction providing details of a distribution to unit holders, based on estimates of performance fees, transaction costs, and future costs and available cash of the partnership; which are all subject to approval of the board of directors of the General Partner.
Launched in January 2010, the Partnership’s objective is to maximize returns to limited partners through the acquisition, management, concept planning, and eventual sale of two properties in Ontario; the Alliston Property, which consists of two parcels totaling 154.93 acres (approximately 45% of the net proceeds) near the Toronto area in Alliston, and the Ottawa Property, which consists of 300 acres (approximately 55% of the net proceeds) in the southwest quadrant of the City of Ottawa.
The Partnership is managed by Walton International Group Inc., part of the Walton Group.
The Walton Group is a multinational group of real estate investment and development companies headquartered in Calgary, Alberta, Canada. Walton’s expertise is the research, acquisition, management and development of strategically located land in major North American growth corridors. With more than 68,000 acres of land under management, the Walton Group is one of North America’s premier land asset managers. Walton manages and/or owns land assets in Phoenix, Austin, Dallas, Atlanta, Charlotte, the Washington D.C. region, Ottawa, Toronto, Edmonton and Calgary.
This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. The risks, uncertainties and other factors that could influence results are described in the prospectus and other documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.