Magna Entertainment Corp. (MECA, MECA.TO) said Friday that it has closed the sale of 225 acres of excess real estate located in Ebreichsdorf, Austria to a subsidiary of Magna International Inc. for use in its automotive business.
Of the net sale proceeds of 20.0 million (about US$31.6 million), 7.5 million were used to repay a portion of the company's 15.0 million term loan and the balance will be used to partially repay the company's bridge loan with a subsidiary of MI Developments Inc., Magna Entertainment's controlling shareholder.
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