ViveRE Communities Completes Acquisition of 3 Property, 95 Unit Portfolio in Moncton, NB
HALIFAX, NS, Dec. 15, 2020 /CNW/ - ViveRE Communities Inc. (TSXV: VCOM) ("ViveRE" or the "Company") announced today that it has completed the previously announced acquisition of a 100% interest in a three property multi-unit residential portfolio (the "Properties") comprised of 95 units in Moncton, New Brunswick. The Properties are located at 2380 Mountain Road (64 units), 27 Edmond Street (18 units) and 50 Maplewood Drive (13 units). With this acquisition ViveRE now owns 18 multi-unit residential properties across the Maritimes and Ontario totaling 486 rental units.
ViveRE acquired the Properties for a purchase price of $15.3 million, subject to customary adjustments at closing. ViveRE has placed collateral mortgages on the Properties in the amount of $11.6M. The balance of the purchase price was paid in cash.
ViveRE's CEO, Mike Anaka, commented "The acquisition of these quality properties will be followed by the previously announced purchase of the 47 unit high quality, 55+ active living multi-family property located at 51 Noel Avenue in Saint John, New Brunswick later this month. Our portfolio will then comprise 19 buildings and over 530 units."
About the Company
ViveRE continues to execute its plans to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across Canada. The Company aims to satisfy the needs of the newly emerging 55+ resident. The demographic that has changed the world is now changing the way residential rental apartments cater to their requirements. Their desire for community, along with service and convenience amenities has led to the emergence of the 55+ active living segment. Apartments are the next "home", after years of owning they look forward to the carefree lifestyle provided through renting in a community of their peers. ViveRE intends to consolidate this emerging market niche. The Company currently owns 486 units in New Brunswick and Ontario. ViveRE has also developed a robust pipeline of qualified properties for potential acquisition. By screening the properties identified to match the criteria set out in the Company business plan (proximity to healthcare, amenities, services and shopping), management has assembled an accessible near term pipeline of qualified properties with an aggregate value in excess of $50M for consideration by the Board of the Company.
On behalf of the Board of Directors of ViveRE Communities Inc.
"Mike Anaka"
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release contains forward-looking statements relating to the future operations of ViveRE and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of ViveRE Communities Inc, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from ViveRE Communities Inc.'s expectations include other risks detailed from time to time in the filings made by ViveRE Communities Inc. with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of ViveRE Communities Inc. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and ViveRE Communities Inc. will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law.
SOURCE ViveRE Communities Inc.
Mike Anaka, Chief Executive Officer, 902-440-7579
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