HALIFAX, NS, Nov. 6, 2020 /CNW/ - ViveRE Communities
Inc. (TSXV: VCOM) ("ViveRE" or the
"Company") announced today that it has entered into an
agreement (the "Acquisition Agreement") to acquire Village
View No. 3 Limited Partnership, a limited partnership formed under
the laws of the Province of New
Brunswick ("VV3LP"), whose sole asset is a
multi-family rental property located at 51 Noel Avenue,
Saint John, New Brunswick (the
"Noel Property"). The purchase price for the Noel Property
is $11,250,000, subject to customary
adjustments, which will be paid as follows: cash deposit of
$50,000 to be paid within two days of
signing the Acquisition Agreement, the issuance of 2,727,272 common
shares of ViveRE to the vendors at a price of $0.22 per common share (the "Acquisition
Shares"), and the balance in cash. The acquisition of the Noel
Property in accordance with the Acquisition Agreement is referred
to herein as the "Acquisition".
The Acquisition is an arm's length transaction and is subject to
customary closing conditions for transactions of this nature,
including the receipt of required financing and all necessary third
party (including lenders) consents and approvals. The Acquisition
is also subject to TSX Venture Exchange (the "Exchange")
approval.
ViveRE expects the completion of the Acquisition to occur during
the fourth quarter of 2020.
Description of the Noel Property
The Noel Property, is a high quality, 47 unit, multi-family
building, constructed in 2018 and is focused on the over 55 year
old active living demographic. It is located in the growing
Saint John, NB sub-market of
Millidgeville, situated on the northern edge of the Saint John
River, and adjacent to two of the Company's existing properties
located at 41 and 50 Noel Avenue. The Noel Property offers high-end
living spaces with granite countertops, stainless appliances,
dishwasher, microwave range hood, washer and dryer, walk-in closet,
ensuite bathrooms and private balconies. Common areas include gym
facilities, media and community room, storage lockers as well as 34
underground parking spaces. The property has close proximity to a
prominent transit route, Horizon's Saint John Regional Hospital,
the University of New Brunswick and an
abundance of nearby shopping, dining, and community centres.
August 2020 Debenture
Financing
Further to the Company's press releases dated August 24, 2020 and September 1, 2020, the aggregate cash receipts
from the debenture offering totaled $2,470,000. The approximate aggregate principal
amount of the debentures sold was $2,600,000.
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 391 units in New Brunswick
and Ontario. 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
significant pipeline of potential acquisitions 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.
