AURORA, Ont. — Magna Entertainment Corp., the largest horse racetrack operator in North America, says it has struck a deal to sell about 196 hectares of excess property in Ocala, Fla. to two U.S. companies for $16.5-million in cash.
Magna said Tuesday it will sell the land to Lincoln Property Co. and Orion Investment Properties Inc., subject to a 90-day due diligence period for the buyers.
If the buyers go ahead with the deal after the due diligence review, the transaction would close 60 days after that.
The property forms part of the security for the company's bridge loan with a subsidiary of MI Developments Inc., Magna Entertainment's controlling shareholder.
Magna Entertainment
The terms of the bridge loan require that money raised from the sale off the property must be used to make debt repayments on the loan.
Magna Entertainment shares last traded at $8.15 on the TSX.
