Business
ViveRE Announces Closing of Acquisition of Multi-Family Rental Property
ViveRE Announces Closing of Acquisition of Multi-Family Rental Property Canada New...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n\n\n\nViveRE Announces Closing of Acquisition of Multi-Family Rental Property\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\nCanada NewsWire\nHALIFAX, April 11, 2019\n\n\n\nHALIFAX, 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\").\nAcquisition of Noel Property\nThe 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\".\nThe 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.\nThe Noel Property, which is 100% occupied as of April 1st, 2019, is a high quality, 2016 built, 42 unit, multi-family rental property residence geare...