HALIFAX, May 26, 2020 /CNW/ - ViveRE Communities Inc.
(TSXV: VCOM) ("ViveRE" or the "Company") provides the following
update in regard to the acquisition of the A.T.M.J. portfolio.
Further to the Company's press release dated April 17, 2020, ViveRE has entered into a
definitive agreement to acquire a 100% interest in ten (10)
multi-unit residential properties (the "A.T.M.J. Acquisition")
comprising 223 units located in Moncton,
New Brunswick. Due to the impact of the Covid-19 pandemic on
capital markets the Company and the vendor have agreed to extend
the closing date for the transaction to August 31, 2020, or an earlier date if agreed
between the parties. There are no other changes to the proposed
transaction. The A.T.M.J. transaction is subject to Exchange
approval.
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 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 intends to consolidate this emerging market niche. The
Company currently owns 263 units in New
Brunswick and Ontario. The
A.T.M.J. acquisition will add another 223 units bringing the
portfolio to 486 units. ViveRE has also 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
currently pending A.T.M.J. 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.