Business
ViveRE Announces Signing of Agreement to Acquire Multi-Family Rental Property and Public Offering of Common Shares
ViveRE Announces Signing of Agreement to Acquire Multi-Family Rental Property and Public O...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n\n\n\nViveRE Announces Signing of Agreement to Acquire Multi-Family Rental Property and Public Offering of Common Shares\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nHALIFAX, Feb. 19, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n HALIFAX, Feb. 19, 2019 /CNW/ - ViveRE Communities Inc. (TSXV: VCOM) (\"ViveRE\" or the \"Company\") announced today that it has entered into an agreement (the \"Acquisition Agreement\") to acquire 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\"). The purchase price for the Noel Property is $7,900,000, subject to customary adjustments, which will be paid by the assumption of the approximately $5.4 million existing 2.55% APR (annual percentage rate) mortgage, maturing September 2026 with respect to the Noel Property (the \"Assumed Debt\"), the issuance of 1,000,000 common shares to the vendors at a price of $0.20 per common share (the \"Acquisition Shares\"), and the balance 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 LP 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 LP 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.\nCompletion of the Acquisition is subject to customary closing conditions fo...