06:22 AM EDT, 07/05/2024 (MT Newswires) -- Wilmington Capital Management (WCM-A.TO, WCM-B.TO) overnight Thursday said that it has signed two purchase and sale agreements.

Under the agreements, Bow City 2 Limited Partnership, of which Wilmington is the sole limited partner, will sell a 2.21-acre and a 1.18-acre parcel of land in Calgary, Alberta. Bow City is a joint venture comprised of Rosebridge Capital, 730295 Alberta, and other arm's length parties.

Wilmington previously had planned to build a 92,000-square-foot storage facility and retail complex, and a 17-bay car condo on the lands.

Bow City will sell the lands to the buyer for about $6.2 million in cash plus all payments, outlays, and expenses incurred by Bow City in connection with the development and construction of the Seton Project, plus applicable taxes. As the sole limited partner of Bow City Seton, Wilmington will be the ultimate beneficiary of the purchase price.

The deal is expected to close in the third quarter.