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ViveRE Announces Signing of Agreement to Acquire Multi-Family Rental Property
ViveRE Announces Signing of Agreement to Acquire Multi-Family Rental Property C...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n \n \n \n ViveRE Announces Signing of Agreement to Acquire Multi-Family Rental Property\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 HALIFAX, NS, Nov. 6, 2020\n \n \n \n \n \n HALIFAX, NS\n \n ,\n \n Nov. 6, 2020\n \n /CNW/ -\n \n ViveRE Communities Inc.\n \n (TSXV: VCOM)\n \n \n (\"\n \n ViveRE\n \n \" or the \"\n \n Company\n \n \") announced today that it has entered into an agreement (the \"\n \n Acquisition Agreement\n \n \") to acquire Village View No. 3 Limited Partnership, a limited partnership formed under the laws of the Province of\n \n New Brunswick\n \n (\"\n \n VV3LP\n \n \"), whose sole asset is a multi-family rental property located at 51 Noel Avenue,\n \n Saint John, New Brunswick\n \n (the \"\n \n Noel Property\n \n \"). The purchase price for the Noel Property is\n \n $11,250,000\n \n , subject to customary adjustments, which will be paid as follows: cash deposit of\n \n $50,000\n \n to be paid within two days of signing the Acquisition Agreement, the issuance of 2,727,272 common shares of ViveRE to the vendors at a price of\n \n $0.22\n \n per common share (the \"\n \n Acquisition Shares\n \n \"), and the balance in cash. The acquisition of the Noel Property in accordance with the Acquisition Agreement is referred to herein as the \"\n \n Acquisition\n \n \".\n \n \n \n \n \n \n \n \n \n The Acquisition is an arm's length transaction and is subject to customary closing conditions for transactions of this nature, including the receipt of required financing and all necessary third party (including lenders) consents and approvals. The Acquisition is also subject to TSX Venture Exchange (the \"Exchange\") approval.\n \n \n ViveRE expects the completion of the Acquisition to occur during the fourth quarter of 2020.\n \n \n \n Description of the Noel Property\n \n \n \n The Noel Property, is a high quality, 47 unit, multi-family building, constructed in 2018 and is focused on the over 55 year old active living demographic. It is located in the growing\n \n Saint John, NB\n \n sub-market of Millidgeville, situated on ...