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Melcor to sell Edmonton commercial real-estate development for $34.5 million

EDMONTON – Melcor Developments Ltd. (TSX:MRD) has agreed to sell a retail and office development in Edmonton for $34.5 million to an unidentified institutional buyer.

The sale of The Market at Magrath is expected to close Sept. 1.

Proceeds from the sale will be used to reduce debt and enhance the company’s cash position, Melcor said Tuesday.

The company added it will redeploy capital to other strategic opportunities.

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