REALnorth Opportunities Fund has announced one of its subsidiaries has entered into a joint venture in regard to 144 acres of bare land located immediately outside of the current northeast boundary of Fort St. John.
The property costed $4.6 million from a third party vendor. REALnorth has a 50% interest in the Joint Venture.
The remaining 50% interest was acquired by certain principals of REALnorth, after the board of trustees of REALnorth determined that the Fund should acquire only a partial interest in this property.
Each of the Fund, and the principals, contributed an equal amount to acquire the Property.
The Property is currently in the Agricultural Land Reserve, and the Fund is looking to make an application for the Property to be excluded from the ALR.
This all coincides with the City’s approval of a proposed a boundary expansion that would add over 400 hectares of property in the Northeast and Southeast boundaries.
This property is within that expansion.
CEO Brian R. Canfield of REALnorth told Energetic City they see potential for great growth in Fort St. John, and is more than happy for them to .
REALnorth calls the City an ‘important commercial centre for Western Canada’s oil and gas industry,’ and are more than happy to own property within it’s boundaries.