7254751 Manitoba Ltd completed the acquisition of Nelson Ridge Estates at Fort McMurray, Alberta from Lanesborough Real Estate Investment Trust (TSXV:LRT.UN).
7254751 Manitoba Ltd (725) completed the acquisition of Nelson Ridge Estates at Fort McMurray, Alberta from Lanesborough Real Estate Investment Trust (TSXV:LRT.UN) on March 13, 2024. Pursuant to the terms of a purchase agreement, for aggregate consideration of CAD 22 million plus an increase in the line of credit from 2668921 Manitoba Ltd. (?266?), a sister company of 725, to LREIT in the approximate amount of CAD 22,754 less closing adjustments in the approximate amount of CAD 0.3 million, paid as follows: (i) a CAD 20,000 cash deposit paid to LREIT; (ii) through the assumption of the first mortgage on the Nelson Ridge Property by 725 in the net approximate amount of CAD 14 million; and (iii) CAD 7.6 million through the assumption of the second mortgage on the Nelson Ridge Property by 725.