CALGARY, Alberta--(BUSINESS WIRE)--Walton Westphalia Development Corporation (the “Corporation”) announces that 58.02 acres of land in Phase 1A of the Westphalia property project ("Phase 1A") has been sold by the project owners in a bulk sale to Galaxy NC, LLC (“Galaxy”) for US$14,150,000, which land will be used for the next phase of residential development in the project. The sale proceeds were used to pay down the existing senior loan, which was extended to facilitate the closing of the sale of Phase 1A.
The project owners, including a subsidiary of the Corporation, and Galaxy entered into the purchase and sale agreement on Phase 1A in September 2018 and have been working together since that time to advance the construction of Phase 1A. The development will bring with it additional amenities for the residents of the Westphalia Town Center. “We are very excited to see Galaxy taking advantage of the residential success from Phase 1,” said Bill Doherty, Chief Executive Officer, Walton Global Investments Ltd.
The Corporation is managed by Walton Global Investments Ltd. and the development of the project is managed by Walton Development & Management (USA), Inc., both of which are members of the Walton Group of Companies.
The Walton Group of Companies are privately owned, leading global real estate investment, land asset management and administration company that has focused on strategically located land in major growth corridors for over 40 years. The company manages and administers US$3.8 billion of real estate assets in North America, on behalf of its investors and business partners. Walton has more than 106,000 acres of land under ownership, management and administration in the United States and Canada. Key entities in the Walton Group of Companies include Walton Global Investments, Walton Global Holdings, Walton International Group and Walton Development and Management. For more information visit Walton.com.
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. Forward-looking information is based on the current expectations, estimates and projections of the Corporation at the time the statements are made. They involve a number of known and unknown risks and uncertainties which would cause actual results or events to differ materially from those presently anticipated. The risks, uncertainties and other factors that could cause the Corporation's actual results and performance in future periods to differ materially from the forward looking information contained in this news release include, among other things, the development of Phase 1A, general economic and market factors, including interest rates, a decline in the real estate market, changes in government policies and regulations or in tax laws, changes in municipal planning strategies and whether certain development approvals are obtained and changes in the Canadian/U.S. dollar exchange rate, in addition to those factors discussed or referenced in documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.