HALIFAX, April 28, 2020 /CNW/ - ViveRE Communities
Inc. (TSXV: VCOM) ("ViveRE" or the "Company"), further to its
press releases dated March 4 and
April 17, 2020, has completed, for a
purchase price of $7,300,000, the
acquisition of all the shares of Emma and Albert Development Inc.
("Emma"), whose sole asset is the real property located at 75 Emma
Street, Oshawa, Ontario (the "Emma
St. Property"). The Emma St. Property is a newly built multi-unit
residential property totaling 20 units of which 19 are
three-bedroom units and 1 is a two-bedroom unit. With this
acquisition ViveRE now has 263 units under ownership. The Company
also has another ten multi-unit residential properties, 223 units,
in Moncton, New Brunswick (the
ATMJ Acquisition) under agreement as updated in ViveRE's press
release dated April 17, 2020.
About ViveRE
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 Naturally
Occurring Retirement Community or "NORC". 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 Communities Inc. intends to consolidate this emerging market
niche. The Company has developed a robust pipeline of
qualified properties for potential acquisition. Screening
properties identified to match the criteria set out in the Company
business plan (proximity to healthcare, amenities, services and
shopping), management has identified a number of attractive targets
for consideration by the Board. Following the closing of the ATMJ
acquisition the Company intends to acquire a further 500 units in
the coming twelve months.
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.