MONTREAL – Domtar Corp. (TSX:UFS) said Thursday it has signed a deal to sell the Domtar paper mill site in Ottawa and Gatineau, Que., to Windmill Development Group Ltd.
Financial terms of the sale of the 14-hectare waterfront site were not immediately available.
The deal includes property in downtown Gatineau as well as the Chaudiere and Albert Islands in Ottawa.
Windmill wants to develop the property as a mixed-used community and plans to present a planning application to Ottawa and Gatineau city councils in the spring.
Domtar said the sale is subject to customary closing conditions and may take until the first quarter of 2015 to complete.
The forestry company acquired the mill in 1998. It closed the Ottawa mill in 2005 and the Gatineau mill in 2007.
The hydro-electric assets on the site were sold in 2012 to Energy Ottawa Inc.’s affiliate, Chaudiere Hydro L.P.