Real estate company Homburg Invest Inc. plans to buy about 16 hectares of land in Calgary for nearly $15.4 million.
The site in northwest Calgary known as Henderson Farms will be developed primarily with 1,000 single family houses, the Halifax company said late Friday.
Homburg said the purchase price includes $12.65 million in cash and financing as well as the issue of 350,000 Class A subordinates voting shares at $6.71 each, worth $2.35 million, to the sellers.
The transaction is slated to close by Feb. 28.
Homburg Invest owns and develops office, retail, industrial and residential apartment and townhouse properties throughout Canada, the United States and Western Europe.
The Canadian Press
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