Edmonton's ReidBuilt homes discounted after entering receivership

New ReidBuilt homes in Alberta are being sold, some at deep discounts, after the major homebuilder was forced into receivership last year

By
Western Investor
June 12, 2018





reidbuilt

 

More than 125 new home properties in Alberta are being sold, some at deep discounts, after major homebuilder ReidBuilt was forced into receivership last November.

ReidBuilt was founded in Edmonton more than 30 years ago and was one of Alberta’s largest homebuilders. When primary lender RBC forced the receivership, ReidBuilt had approximately 500 lots or homes under construction.

Court documents show that contractors are owed more than $20 million, based on liens filed against ReidBuilt.

Court appointed receiver Alvarez and Marsal Canada said it had reached proposed deals with development firms that agreed to buy a combined 136 homes and lots in Calgary, Airdrie and Edmonton.

These include Genesis Land Development Corp. and Armour Developments Inc., which are paying about 75 per cent of book value for a total of 118 lots in the Calgary area. Genesis is also waiving $3.7 million it was owed in developer fees. Dolce Vita Homes Ltd. proposes to buy 18 lots in Edmonton at full asset value. 


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