Business
Tribe Property Technologies Completes Acquisition of Strata Management Assets from Warrington PCI Management
Tribe Property Technologies Completes Acquisition of Strata Management Assets from Warrington PCI...
About this update from Tribe Property Technologies Inc
[{"type":"text","content":"\n \n \n \n Tribe Property Technologies Completes Acquisition of Strata Management Assets from Warrington PCI Management\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 /NOT FOR DISTRIBUTION IN THE U.S. OR TO U.S. NEWSWIRE SERVICES./\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Jan. 9, 2023\n \n \n /CNW/ - Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB: TRPTF) (\"Tribe\" or the \"Company\") is pleased to announce the completion of its acquisition of a portfolio of strata property management assets from Warrington PCI Management (\"WPM\"). This acquisition (which we initially announced via press release on\n \n November 22, 2022\n \n ) further strengthens Tribe's property management services across the\n \n Greater Vancouver\n \n region of\n \n British Columbia\n \n .\n \n \n \n \n \n \n \n \n \n \"This latest acquisition will serve to further fulfill our strategy of acquiring properties in strategic locations within strong markets through the digitization of this traditional space,\" said\n \n Joseph Nakhla\n \n , CEO of Tribe. \"We would like to welcome these communities into the Tribe family and look forward to bringing our technology-enabled service delivery model to support their management.\n \n \n Notable aspects of the acquisition are the expansion of Tribe's management of strata communities, adding over 2,043 additional units to its portfolio, including 886 units under construction.\n \n \n To acquire this portfolio, Tribe has agreed to pay WPM up to\n \n $375,000\n \n , as follows:\n \n \n \n \n $200,000\n \n paid at closing;\n \n \n two tranches of\n \n $37,500\n \n each tranche payable in common shares of Tribe, with no greater than a total of 62,500 common share of Tribe to be issued at a deemed issue price no less than\n \n $1.20\n \n per common share, upon the succession engagement of two additional properties, and;\n \n \n \n $100,000\n \n to be paid on\n \n February 5, 2024\n \n .\n \n \n \n \n About Tribe Property Technologies\n \n \n \n Tribe is a property technology company that is disrupting...