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.
