EDMONTON – Melcor Developments Ltd. (TSX:MRD) has agreed to sell a retail and office development in Edmonton for $34.5 million to an unidentified institutional buyer.
Get weekly money news
Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
The sale of The Market at Magrath is expected to close Sept. 1.
Proceeds from the sale will be used to reduce debt and enhance the company’s cash position, Melcor said Tuesday.
The company added it will redeploy capital to other strategic opportunities.
Comments
Want to discuss? Please read our Commenting Policy first.