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HOUSING: Genesis acquires 617-acre land parcel in Calgary metropolitan area near airport

            (AlbertaIndex, July 11, Wednesday) --- Genesis Land Development Corp said it has paid $31.385 million to acquire a 617-acre land parcel adjacent to the hamlet of Delacour in northeast of Calgary and within 10 minutes of driving time from the Calgary International Airport.
 

            Genesis said nearly half or 306 acres of the parcel has been given area structure plan approval by the Municipal District of Rockyview while the remainder is directly adjacent to the approved lands.
           
The total combined land pieces will yield around 2,500 single-family lots with additional multi-family development when fully developed. Land development work is expected to start by 2009.
            To finance the acquisition, Genesis has launched a limited partnership offering that will be sold as a “Prospectus Exempt” security using the regulations set forth in National Instrument (NI) - 45-106, using either the “Offering Memorandum” or “Accredited Investor” exemptions across most provinces in Canada.
            A copy of the offering documents can be obtained by contacting Genesis directly.
            Gobi Singh, President and CEO of Genesis, said:
            “We are excited to be able to secure additional land inventory. Genesis presently has 13,000 multi-family units, 12,000 single-family lots and one million sq ft of commercial space in its undeveloped inventory in the Calgary metropolitan area.
            “This transaction is of significant size and will contribute in augmenting our lot and residential housing production while allowing the company to plan a comprehensive future development incorporating single-family residential, multi-family residential and commercial components.”
            For the three months ended June 30, 2007, Genesis closed a total of 52 lot sales to external home builders and 35 single-family home sales. Through the first half of 2007, Genesis has closed a total of 114 lot sales to external home builders and 73 single-family home sales.
            The production levels over the second half are expected to exceed the first half.
            Genesis said it is on track to meet its targeted levels of 180 single-family home sales and 350 - 400 external lot sales this year.
            Genesis Land Development Corp is a Calgary-based land development company with an inventory of more than 24,000 future residential building sites (single-family and multi-family) and over 300 acres of commercial and industrial land in Western Canada, of which more than 13,000 residential lots and over 300 acres of  commercial and industrial lands are located in the Calgary metropolitan area.


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