Anthem Properties Group Ltd.

Anthem Properties Group Ltd.

March 07, 2014 10:00 ET

Vancouver Developer Acquires Reputable Alberta Business for $200 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 7, 2014) - Anthem Properties Group has acquired Calgary based United Communities. United Communities is a leading residential land developer that entitles, develops and sells finished lots to home builders in Calgary, Edmonton and Sacramento, California. In addition, the company operates a home building division in Sacramento. United employs about 40 people, has completed over 20 major communities and has developed over 23,000 serviced lots in the last two decades.

Anthem Properties Group is a 175 person real estate investment, development and management company operating in Western Canada. Noteworthy Alberta projects undertaken by Anthem include Waterfront, a series of luxury high rise towers in Eau Clair on the Bow River; Erlton Village, a TOD mixed use project at 25th Ave. and MacLeod Trail; the recently remediated Molson Brewery site in Edmonton, a brown field project; and the completely rebuilt North Town Centre at 137th Ave. and 97th St. in North Edmonton.

Anthem pursued the investment in United to:

  • Increase its exposure to Alberta
  • Instantly secure a strong Alberta talent pool
  • Add residential land development as a core strategic asset
  • Return to its roots as a land developer
  • Gain a foothold in the U.S. market through the Sacramento operation

Anthem's plans for United include:

  • Operating it as a sister business to Anthem under the name United Communities
  • Retaining the management team as is, with the exception of CEO Don Douglas, who is stepping down and assuming the role of Chairman Emeritus
  • Maintaining the same strategy followed by the former owners
  • Rigorously pursuing growth opportunities together with existing joint venture and financial partners
  • The addition of the United Communities business with its separate management organization complements Anthem's existing asset base and management platform without duplication or redundancy.

Said Don Douglas, "I am happy to transfer ownership of United to Anthem and look forward to supporting Eric, who will be taking over as CEO, and who will be working with the same great United team that I had the privilege of working with all these years."

Eric Carlson, incoming CEO of United and existing CEO of Anthem said, "Anthem is delighted with its investment in United Communities. I am eager to work with the United team and its partners in pursuit of United's existing successful development strategy."

Anthem pursued the investment with assistance from Kingsett Capital of Toronto, DBB Investments of Vancouver, and parent company Anthem Capital, also of Vancouver.

The Anthem portfolio, located throughout Alberta and British Columbia, is currently comprised of over 3.5 million square feet of commercial space, 40 acres of urban and suburban land held for future development, and approximately 3,500 residential condominium units either in the design development stage or under construction. Anthem has invested in, developed, and or managed, alone or in partnership, over 210 projects, in virtually all asset classes, with a cumulative historical value of approximately $2.5 billion.

http://www.anthemproperties.com

http://www.unitedcommunities.com

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