HALIFAX, April 11, 2019 /CNW/ - ViveRE Communities Inc.
(TSXV: VCOM) ("ViveRE" or the "Company") announced
today that it has completed its previously announced acquisition of
Village View No. 2 Limited Partnership, a limited partnership
formed under the laws of the Province of New Brunswick ("Village View LP"),
whose sole asset is a multi-family rental property located at 50
Noel Avenue, Saint John, New
Brunswick (the "Noel Property").
Acquisition of Noel Property
The Company has completed the acquisition of Village View LP.
The purchase price for the Noel Property was $7.9 million, subject to customary adjustments,
which was paid with the assumption of the approximately
$5.34 million existing 2.55% APR
(annual percentage rate) Noel Property mortgage, maturing
September 2026 with respect to the
Noel Property and the issuance of 1,000,000 common shares of the
Company to the vendors at a price of $0.20 per common share (the "Acquisition
Shares"), and the balance of $2.36
million in cash. The acquisition of the Noel Property in
accordance with the acquisition agreement is referred to herein as
the "Acquisition".
The Acquisition has been structured as a purchase of all the
general partner interests of Village View No. 2 held by SBLS
Holdings Inc., a corporation incorporated under the law of the
Province of New Brunswick, and all
of the limited partnership interests of Village View No. 2 held by
621946 N.B. Inc., a corporation incorporated under the law of the
Province of New Brunswick, Anron
Inc., a corporation incorporated under the law of the Province of
New Brunswick, and Residential
Investors and Developers Ltd., a corporation incorporated under the
law of the Province of New
Brunswick. The Acquisition is an arm's length
transaction.
The Noel Property, which is 100% occupied as of April 1st, 2019, is a high quality, 2016 built,
42 unit, multi-family rental property residence geared towards the
over 55 year old demographic. It is located in the growing
St. John, NB sub-market of
Millidgeville, situated on the northern edge of the Saint John
River, and adjacent to the Company's existing property located at
41 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 60
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, and dining, and community
centres.
About ViveRE Communities Inc.
ViveRE is a real estate acquisition and ownership company,
focused on recently built or recently refurbished, highly leased
multi-residential properties in secondary markets across
Canada. The Company aims to
satisfy the needs of the newly emerging 55+ resident. This
demographic is changing the way residential rental apartments cater
to their requirements. Their desire for community, along with
services 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 to the carefree
lifestyle provided through renting in a community of their peers.
ViveRE intends to consolidate this emerging market niche across the
country.
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 "aims", "intends", "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 Acquisition, the Offering, the receipt of requested TSXV and
securities regulatory approvals, and the future plans and
objectives of ViveRE Communities Inc, are forward-looking
statements that involve risks and uncertainties, and are
necessarily based on a number of assumptions
that, while considered reasonable by management, are
inherently subject to business, market and economic risks,
uncertainties and contingencies that may cause actual results,
performance or achievements to be materially different from those
expressed or implied by forward-looking statements. 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.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this press
release.
SOURCE ViveRE Communities Inc.