MHProNews has learned from newswire.ca that SpruceLand Properties, Inc. of Edmonton, Alberta, Canada has agreed to sell its portfolio of manufactured home communities (MHC) and commercial properties to two independent buyers for $101.6 million.

The sale agreement for the two MHCs carries a price of $40.6 million, to be satisfied by the assumption of mortgages valued at $6 million and $34.6 million in cash. The sale is conditional upon shareholder approval by a two-thirds majority, as well as the disposition of the commercial properties.

The corporation intends to call a special and general meeting of the shareholders on March 10, 2016 to consider the disposition of both portfolios, and if approved, expects both transactions will be completed by May, 2016.

The two MHCs are Jubilee Landing in Sherwood Park, Alberta, and Willow Park Estates in Leduc, Alberta. According to their website, there are no vacancies at either MHC. ##

(Photo credit: Spruceland Properties, Inc.-Willow Park Estates MHC in Leduc, Alberta)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.