More details released on Laurentian U’s plan to sell land worth $53.5M to the province
On Thursday, Laurentian University gave an update on a plan to sell $53.5 million of its real estate to the province, money that is being used to pay off creditors.
First announced in May 2022, the provincial government is buying 68.75 acres from LU, which represents approximately nine per cent of the university’s total holdings of more than 750 acres.
While the university will still have access to the land, ownership will go to the province. LU declared insolvency in February 2021 and emerged from the process last November.
Revenue from the real estate sale was used to pay creditors, who received between 14. 1 cents and 24.2 cents for each dollar they were owed.
Laurentian said Thursday it has established an agreement on a term sheet for the sale of real estate worth up to $53.5 million.
“This term sheet outlines a proposed structure for the transaction which allows the province of Ontario to purchase seven university parcels of land, allowing both parties to explore the potential transaction,” LU said in a news release.
“After due diligence, including consultations with Indigenous communities, specific assets will be confirmed for sale. The net proceeds of the sale will be used to pay the university’s creditors.”
The assets to be sold include five buildings, which would be fully or partially leased back to Laurentian or NOSM University:
- East Residence
- Vale Living with Lakes Centre and Watershed Building
- Northern Ontario School of Medicine
- Health Sciences Building
- Security and Maintenance Building
“The due diligence process will serve to confirm that public trails (including the Trans Canada Trail System and the Rainbow Route Sudbury trail network) are properly identified,” the release said.
“The university seeks to ensure continued public access to the trail networks and green space.”
“The university has been focused on exploring the transfer of certain real estate with minimal impact to the operations of the university and this term sheet will do just that,” Dr. Sheila Embleton, interim president, is quoted as saying in the release.
“I expect that the community of Greater Sudbury, who passionately expressed the importance of the trail system and green space, will be satisfied with what is outlined in the transaction.”
Negotiations with the province on the purchase and sale agreement should be completed by Nov. 28, 2025.
CTVNews.ca Top Stories
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Police arrest 3 Indian nationals in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Suter scores late goal, clinches series for Canucks
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
Quebec man who threatened Trudeau, Legault online sentenced to 20 months in jail
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
Human remains found in rural Sask. possibly a decade old, RCMP say
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Canadian doctor concerned new weight-loss drug Wegovy may be used inappropriately
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.