7254751 Manitoba Ltd entered into an asset purchase agreement to acquire Nelson Ridge Estates at Fort McMurray, Alberta from Lanesborough Real Estate Investment Trust (TSXV:LRT.UN) for CAD 22 million.

7254751 Manitoba Ltd (725) entered into an asset purchase agreement to acquire Nelson Ridge Estates at Fort McMurray, Alberta from Lanesborough Real Estate Investment Trust (TSXV:LRT.UN) for CAD 22 million on September 30, 2023. The purchase price for the beneficial interest of the property is CAD 22 million, which is to be settled by a deposit in the amount of CAD 20,000, the assumption of the first and second mortgage loans and related security in the approximate amount of CAD 22.2 million and an increase in the revolving loan in the approximate amount of CAD 0.23 million. The closing of the transaction is subject to the condition that 725 arranges new and restructured mortgage financing for its acquisition of the property on terms satisfactory to 725 and the final approval of the TSX Venture Exchange.

It is anticipated that the transaction will close on or about May 1, 2024.