Business
Yorkton Equity Group Inc. Announces the Successful Conclusion of Its Investment in the Yorkton 108 Limited Partnership, a 193 Unit Apartment Condominium Development Project in the City Centre of Surrey in Metro Vancouver, British Columbia
(TheNewswire) Edmonton, Alberta – TheNewswire - September 9th, 202...
About this update from Yorkton Equity Group Inc
[{"type":"text","content":"Yorkton Equity Group Inc. Announces the Successful Conclusion of Its Investment in the Yorkton 108 Limited Partnership, a 193 Unit Apartment Condominium Development Project in the City Centre of Surrey in Metro Vancouver, British Columbia\n \n \n (TheNewswire)\n \n \n \n Edmonton, Alberta\n \n \n –\n \n \n TheNewswire -\n \n \n September 9th, 2021 – Yorkton Equity Group Inc. (“YEG”\nor the “Company”) (TSXV:YEG\n \n \n )\n \n \n is pleased to announce the unconditional pending sale of the\n193-unit Yorkton 108 development project (the “Project”) located\nin the City Centre of Surrey in Metro Vancouver, British Columbia, one\nof the fastest growing cities in Canada. A non-refundable deposit in\nthe amount of $1,500,000 has been released to the Yorkton 108 Limited\nPartnership as the vendor. The Company owns approximately 25% of the\nlimited partnership units (“LP Units”) in the Project. The Company\nwill receive on a\n \n \n pro\nrata\n \n \n basis approximately 25% of the net\ndistribution of the Project upon sale completion. The transaction is\nscheduled to close on October 18\n \n \n th\n \n \n , 2021.\n \n \n \n \n The Company has been notified by the Project management\nof its decision to divest the Project due to the receipt of an\nattractive offer providing a low risk and reasonable return in a short\ntime-period for the limited partners.\n \n \n By way of\ncontext\n \n \n ,\n \n \n the Project received four unsolicited offers to purchase\nwithin a short time frame through licensed Realtors, which is\nindicative of the strong demand for real estate in Metro Vancouver.\n \n \n \n \n According to Mr. Ben Lui, CEO of the\nCompany,\n \n \n “The fact that the\nProject received multiple offers is indicative of the confidence of\nthe local developers about the future of the real estate market in the\narea as the development time horizon is expected to be 2 to 3 years.\nIn addition, YEG’s investment and divestiture of the Project\nrepresents a significant and very real milestone in our strategic real\nestate investments. We have demonstrated our ability to not only meet\nthe challenges during this Covid-19 era, but also to take advantage of\nthe opportunities by leveraging a relatively low risk investment into\na reasonable return within a relativel...