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NexLiving Communities Announces an Agreement to Acquire a Newly-built 10 Property, 370 Unit Active-living Multi-family Portfolio in Moncton, NB and Associated Equity Financings
NexLiving Communities Announces an Agreement to Acquire a Newly-built 10 Property, 370 Un...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n \n \n \n NexLiving Communities Announces an Agreement to Acquire a Newly-built 10 Property, 370 Unit Active-living Multi-family Portfolio in Moncton, NB and Associated Equity Financings\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Acquisition of 10 active-living properties comprising 370 units with an average age of approximately 4 years grows the overall number of suites in the Company's portfolio by almost 70%\n \n \n Doubles exposure to\n \n Moncton, NB\n \n , one of\n \n Canada's\n \n fastest growing rental markets with 8.7% year-over-year rent growth\n \n \n Attractive acquisition cap rate of approximately 5.0% expected to deliver FFO per share accretion in excess of 30%\n \n \n \n $24 million\n \n equity financing launched through a strong syndicate with a lead strategic order of\n \n $4\n \n millon will help broaden the Company's shareholder base and improve trading liquidity\n \n \n \n \n HALIFAX, NS\n \n ,\n \n Nov. 4, 2021\n \n /CNW Telbec/ -\n \n \n (TSXV: NXLV)\n \n –\n \n NexLiving Communities Inc. (\"NexLiving\" or the \"Company\") announced today that it has entered into agreements to acquire ten recently constructed apartment properties comprising, 370 units (collectively, the \"Acquisition Portfolio\") in\n \n Moncton\n \n and\n \n Riverview, New Brunswick\n \n , for an aggregate purchase price of\n \n $72.6 million\n \n , subject to customary adjustments. The Acquisition Portfolio is comprised of newer buildings with an average age of approximately four years. One of the buildings under agreement is currently in the initial lease-up stage, while one of them is still under construction with an expected completion date of\n \n March 31, 2022\n \n (together, the \"Mountain Road Properties\").\n \n \n NexLiving has structured the acquisition of the portfolio as four separate transactions, which will allow the Company to assume a CMHC mortgage on one of the buildings with an interest rate of 1.76%, and also allow for the Mountain Road Properties to stabilize and meet ...