"This transaction is the next step in our recapitalization plan to sell certain non-core assets, reduce debt and strengthen our balance sheet," said W. Thomas Hodgson, president and CEO of Magna. "We will continue to work towards our goal of selling further non-strategic real estate and other assets, to maximize realizable value, and to position MEC to attain sustainable operating profits and exploit future strategic growth opportunities. Toll Bros. is a premier builder of luxury homes and their high standards and development capabilities will result in a first class
development on the land adjacent to our Palm Meadows Training Center."