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
Driver, 18, gets $3,000 ticket, 32 demerit points after speeding on Laval boulevard
A young driver received a hefty fine from Laval police after they say he was driving nearly 100 km/h over the posted speed limit.
Trump confronts repeated boos during raucous Libertarian convention speech
Donald Trump was booed repeatedly while addressing Saturday night’s Libertarian Party National Convention.
This type of screen time has the worst effect on kids: experts
According to some experts, there is one type of screen time that is continuously excessive, and it's having a severe effect on our children.
Custom baseball card released of Blue Jays fan struck in the face with foul ball
Liz McGuire, the Blue Jays fan who was struck in the face with a 110 m.p.h. foul ball last week, has been pictured on a custom baseball trading card applauding her fandom to the game.
As Canada warms, infectious disease risks spread north
Cases of Lyme disease have now increased more than 1,000 per cent in a decade as the warming climate pushes the boundaries of a range of pathogens and risk factors northward.
Blaine Higgs 'furious' over sexual education presentation
New Brunswick Premier Blaine Higgs has shared his anger on social media over a presentation in at least four high schools.
Grayson Murray, two-time PGA Tour winner, dead at 30
Two-time PGA Tour winner Grayson Murray died Saturday morning at age 30, one day after he withdrew from the Charles Schwab Cup Challenge at Colonial.
Why did the French Open cancel a farewell ceremony for Rafael Nadal? And why is he unseeded?
The French tennis federation put off holding a ceremony to celebrate Rafael Nadal at Roland Garros this year, because he has said this might not necessarily be his final appearance at the tournament he has won a record 14 times.
Search underway for missing swimmer on Lake St. Clair
A search is currently underway for a Michigan man who police said jumped into the waters of Lake St. Clair on Saturday afternoon and did not resurface.