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NexLiving Communities announces closing of 150-unit Mountain Road acquisition and declares quarterly dividend
NexLiving Communities announces closing of 150-unit Mountain Road acquisition and declares quarte...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n \n \n \n NexLiving Communities announces closing of 150-unit Mountain Road acquisition and declares quarterly dividend\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n HALIFAX, NS\n \n \n ,\n \n \n March 1, 2023\n \n \n /CNW/ - (TSXV: NXLV) – NexLiving Communities Inc. (\"NexLiving\" or the \"Company\") announced today that its acquisition of a 100% interest in Northpoint Management Inc. (\"Northpoint\") from Sheaco Holdings Inc. has closed. Northpoint's key assets are two newly built multi-family buildings comprising 75 units each located at 2251 and 2261 Mountain Road,\n \n Moncton NB\n \n . The Company previously announced its intention to acquire these buildings on\n \n November 4, 2021\n \n , with subsequent updates to the transaction announced on\n \n December 5, 2022\n \n , and\n \n February 21, 2023\n \n .\n \n \n \n \n \n \n \n \n \n The purchase price for the acquisition was paid by the issuance of 37,500,000 common shares at a deemed issue price of\n \n $0.20\n \n per share (valued at\n \n $7.5 million\n \n ), cash of\n \n $1.4 million\n \n and a\n \n $30.7 million\n \n CMHC insured mortgage bearing interest at 4.19% with a 10-year term.\n \n \n The Northpoint buildings are located in\n \n North Moncton\n \n and feature large units with attractive upgrades including granite countertops, hardwood floors, stainless steel appliances and energy efficient heat pumps. Each building contains an elevator and offers residents underground parking and storage lockers.\n \n \n \n \n Dividend:\n \n \n \n \n The Company's board of directors has approved and declared a dividend of\n \n 0.05 cents\n \n per common share for the quarter ending\n \n March 31\n \n , representing\n \n 0.2 cents\n \n per share on an annualized basis. The dividend is payable on, or after\n \n March 31\n \n to shareholders of record at the close of business on\n \n March 7\n \n .\n \n \n The Company designates these taxable dividends to be paid to its holders as eligible dividends and will notify the holders such dividends are being paid a...