Viterra is mystery buyer in secretive City of Regina land deal

Viterra is the mystery buyer of 633 acres of city-owned land on the northern outskirts of Regina, according to sources familiar with the matter.

The proposed land sale is priced at $4 million, about $2.3 million below the appraised value of the land. City council voted unanimously at a special meeting on Monday to approve an option for the buyer the acquire the land at that price, with one year to exercise it.

Mayor Sandra Masters said she didn’t want to reveal any additional information “that could potentially jeopardize” the deal.

“Any competitor that caught wind of it could potentially insert themselves on a very minor scale, which could ruin the compilation of land needed for something of this magnitude to go forward,” she said during Monday’s meeting.

The name was thus kept confidential, though councillors discussed details with the prospective buyer in private. In a report, the buyer was referred to merely as an “independent commercial party.” City administration argued in the report that selling the land for below market value, without a public offering, was justified to create jobs and spur increased economic activity.

It did not reveal what the mystery buyer intended to do with the land, beyond pursuing a “development.” It was on Tuesday that the Leader-Post separately reached sources in a position to know the mystery buyer. All confirmed that it was Viterra.

Reached for comment, a spokesman for Viterra did not answer any questions, blaming a faulty connection. He did not return a subsequent voicemail message or an email by publication.

Viterra is a privately held company that provides agricultural storage, processing and transport services. It sources grains, oilseeds, pulses, rice, sugar and cotton, operating in 37 countries. It is owned by Glencore, CPP Investments and British Columbia Investment Management Corporation.

The City of Regina originally purchased the land, located just north of the Co-op Refinery Complex, for $478,000 decades ago. The appraisal putting its value at $6.3 million dates from just a month ago, on March 16.