03/07/2014 10:38 EST | Updated 05/07/2014 05:59 EDT

Anthem Properties buys United Communities to grow in Alberta, move into U.S.

VANCOUVER - Anthem Properties has acquired a real estate developer that sells finished lots to home builders in Calgary, Edmonton and Sacramento, Calif.

Anthem says the acquisition of Calgary-based United Communities increases its holdings in Alberta and gives it a foothold in the U.S. property development market.

The deal was valued at $200 million, but few other financial details were disclosed Friday in the companies' joint announcement.

United Communities will keep its name and most of its management team, except for chief executive Don Douglas who will step down and become chairman emeritus.

Anthem CEO Eric Carlson will take over as United chief executive.

Anthem, based in Vancouver, has holdings in Alberta and British Columbia, including 3.5 million square feet of commercial space and 16 hectares of land for development.