HALIFAX, NS, Dec. 23, 2020
/CNW/ - ViveRE Communities Inc. (TSXV:
VCOM) ("ViveRE" or the "Company") announced today that it has
completed the previously announced acquisition of 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 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.
ViveRE acquired VV3LP for a purchase price of $11.25 million, subject to customary adjustments
at closing. ViveRE satisfied the purchase price with the issuance
to the vendors of 2,727,272 common shares of ViveRE at a
price of $0.22 per share,
representing consideration of $600,000, with the balance being paid in cash.
ViveRE has placed a collateral mortgage on the Noel Property in the
amount of $8.625M.
ViveRE's CEO, Mike Anaka,
commented "We are very pleased with the acquisition of this high
quality 55+ active living property. A core 2020 goal for the
Company was to grow our portfolio to over 500 units. With the
acquisition of 51 Noel we own 19 buildings and over 530 units. We
are now focussed on executing our strategy to double our
portfolio to in excess of 1,000 units during 2021."
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
533 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.