TA Global exits Canada’s The Gardens project

PETALING JAYA: TA Global Bhd has terminated its joint venture with Townline Gardens Inc. by disposing of its 65% stake in Canada's The Gardens project to the latter for CAD23.52 million (RM69.51 million).
In a filing with Bursa Malaysia, TA Global said the disposal would enable the company to better utilise and focus its resources on its core businesses.
"The cash consideration from the disposal could be reinvested into other core businesses of the company," it noted.
TA Global added that the disposal has now been completed following the closing conditions being met and payment of the disposal consideration by the Townline Gardens in accordance with the terms of the termination agreement on June 2, 2015.
To recap, the joint venture was signed in November 2009 for a mixed development on a piece of land measuring 22 acres in the Richmond, Canada, with a project size of CAD170 million.
The project is to be developed in six phases over a period of seven years from 2010, comprising 470 residential apartments and about 70,000 sq feet of retail and office space, according to TA Global website.