CALGARY, Alberta--()--Walton Ontario Land L.P. 1 (the “Partnership”) and its general partner, Walton Ontario Land 1 Corporation (the “General Partner”), announce that the sale of the Alliston property owned by the Partnership at the price of $155,199.12 per acre, being an aggregate price of $24,045,000, closed on October 12, 2012. The property sale, to a non-arm’s length entity is considered a “related party” under applicable securities legislation, was previously approved by limited partners at an extraordinary meeting held on May 1, 2012. As previously announced on October 4, 2012, the board of directors of the General Partner has approved a cash distribution on the limited partnership units of the Partnership (the “Units”) in the amount of $6.00 per Unit. Further particulars of the material change constituted by the sale transaction and the distribution will be disclosed in a material change report which will be filed on SEDAR.
This is the first distribution to investors in the Partnership. Payment will be made on November 15, 2012, to Unitholders of record as of the close of business on October 18, 2012. Pursuant to the terms of the Limited Partnership Agreement of the Partnership, immediately after the distribution the Units will be consolidated so that each Unit prior to the distribution will become 0.548 of a Unit after the distribution, resulting in a total of 1,961,840 Units outstanding. Replacement certificates will not be issued by the Partnership to reflect this consolidation.
Each partner who is a Unitholder of record at the year-end of the Partnership will receive, by mail in March of 2013, a T5013 from the Partnership’s transfer agent or the Unitholder’s brokerage firm. The T5013 indicates the amount and nature of the taxable income that the Unitholder is responsible to report.
Launched in January 2010, the Partnership’s objective is to maximize returns to limited partners through the acquisition, management, concept planning, and eventual sale of two properties in Ontario; the Alliston Property, now sold and which consisted of two parcels totaling 154.93 acres (approximately 45 percent of the net proceeds) near the Toronto area in Alliston, and the Ottawa Property, which consists of 300 acres (approximately 55 percent of the net proceeds) in the southwest quadrant of the City of Ottawa.
The Partnership will continue to own and manage the Ottawa Property, and will work to maximize the returns to the limited partners in respect of this asset.
The Partnership is managed by Walton International Group Inc., part of the Walton Group.
The Walton Group is a multinational group of real estate investment and development companies headquartered in Calgary, Alberta, Canada. Walton’s expertise is the research, acquisition, management and development of strategically located land in major North American growth corridors. With more than 68,000 acres of land under management, the Walton Group is one of North America’s premier land asset managers. Walton manages and/or owns land assets in Phoenix, Austin, Dallas, Atlanta, Charlotte, the Washington D.C. region, Ottawa, Toronto, Edmonton and Calgary.
This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. The risks, uncertainties and other factors that could influence results are described in the prospectus and other documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.