Business
ViveRE Communities Provides Update on Pending Acquisition of Properties from A.T.M.J Properties Inc.
ViveRE Communities Provides Update on Pending Acquisition of Properties from A.T.M.J Prope...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n\n\n\nViveRE Communities Provides Update on Pending Acquisition of Properties from A.T.M.J Properties Inc.\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, May 26, 2020\n\n\n\nHALIFAX, May 26, 2020 /CNW/ - ViveRE Communities Inc. (TSXV: VCOM) (\"ViveRE\" or the \"Company\") provides the following update in regard to the acquisition of the A.T.M.J. portfolio.\n\n \n \n \n \n \n \n\n \nFurther to the Company's press release dated April 17, 2020, ViveRE has entered into a definitive agreement to acquire a 100% interest in ten (10) multi-unit residential properties (the \"A.T.M.J. Acquisition\") comprising 223 units located in Moncton, New Brunswick. Due to the impact of the Covid-19 pandemic on capital markets the Company and the vendor have agreed to extend the closing date for the transaction to August 31, 2020, or an earlier date if agreed between the parties. There are no other changes to the proposed transaction. The A.T.M.J. transaction is subject to Exchange approval.\nCompany \nViveRE continues to execute its plans to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across Canada. The Company aims to satisfy the needs of the newly emerging 55+ resident. The demographic that has changed the world is now changing the way residential rental apartments cater to their requirements. Their desire for community, along with service and convenience amenities has led to the emergence of the Naturally Occurring Retirement Community or \"NORC\". Apartments are the next \"home\", after years of owning they look forward to the carefree lifestyle provided through renting in a community of their peers. ViveRE intends to consolidate this emerging market niche.  The Company currently owns 263 units in New Brunswick and Ontario. The A.T.M.J. acquisition will add another 223 units bringing the portfolio to 486 units. ViveRE has also developed a robust pipeline of qualified properties for potential acquisition. Screening properties identified to match the criteria set out in the Company business pla...