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
NEW AI helping to identify undiagnosed genetic disorders in children
Researchers have developed the world's first algorithm powered by artificial intelligence to identify children with undiagnosed rare genetic disorders.
Toronto awarded WNBA's first franchise outside U.S., with expansion team set to begin play in 2026
Toronto has been awarded the WNBA's first franchise outside the United States, with the expansion team set to begin play in 2026.
Healthy diets with only 10% ultraprocessed foods may raise risk of cognitive decline, stroke
Eating more ultraprocessed foods is linked to a higher risk of cognitive decline and stroke, even if a person is trying to adhere to a Mediterranean diet, the DASH diet or the MIND diet, a new study found.
Canada 7th in foreign aid spending, but a fifth goes to refugees inside the country
While Canada is one of the top contributors to foreign aid among some of the world's richest countries, a fifth of the spending never leaves Canada's borders.
With 10K providers offering care to 2M seniors, health minister defends dental plan
Canada's dental care plan is 'getting there' Health Minister Mark Holland said Wednesday defending the program's rollout that's now seen two million seniors sign up, but just 10,000 oral health providers enrolled to treat them.
Charlie Colin, founding member of the pop-rock band Train, dies at 58
Charlie Colin, bassist and founding member of the American pop-rock band Train, best known for their early-aughts hits like 'Drops of Jupiter' and 'Meet Virginia,' has died. He was 58.
'We'll need all hands on deck': Details emerge after deadly boat crash near Kingston, Ont.
Police say they have wrapped up their on-scene investigation into a deadly boat crash in eastern Ontario as details of the incident begin to emerge.
Robert Pickton to remain in medically induced coma until later this week: police
Serial killer Robert Pickton will remain in a medically induced coma for at least the next few days following an attack in a Quebec prison Sunday, according to police spokesperson Hugues Beaulieu.
'I feel betrayed': Ottawa-area customers out thousands of dollars warn of bad faith contractor
A group of people from eastern Ontario and western Quebec is issuing a warning about Dennis Walker and his company Vue Windows.