HALIFAX, Oct. 4, 2019 /CNW/ - ViveRE Communities Inc.
(TSXV: VCOM) ("ViveRE" or the "Company")
announces that it has completed the previously announced
acquisition of the real estate property located at 542 and 550 Ryan
Street, Moncton, New Brunswick
(the "Ryan Street Properties").
ViveRE has acquired the Ryan Street Properties for an aggregate
purchase price of $5,488,000 subject
to customary adjustments. ViveRE has placed a collateral mortgage
in the amount of $4,116,000 with the
balance of the purchase price payable in cash from the proceeds of
a non-brokered private placement financing that ViveRE closed on
September 30, 2019.
The Ryan Street Properties consist of two 23-unit apartment
buildings located at 542 and 550 Ryan Street, Moncton, NB. Constructed in 2012, the Ryan
Street Properties are comprised of 6 one-bedroom and 40 two-bedroom
units, as well as, a separate three season community use building
and a utility building for equipment storage. Occupancy at
October 1, 2019 was 100%. The Ryan
Street Properties are conveniently located in the north end of
Moncton, close to shopping,
healthcare and recreation facilities.
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 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.
SOURCE ViveRE Communities Inc.