Business
Yorkton Equity Group Inc. Receives TSX Venture Approval for the Closing of the Purchase of a 62- unit Apartment Condominium Complex and Limited Partnership units in a 193-unit Apartment Condominium Development
(TheNewswire) Edmonton, Alberta – TheNewswire - May 2 6 th ...
About this update from Yorkton Equity Group Inc
[{"type":"text","content":"Yorkton Equity Group Inc. Receives TSX Venture Approval for the Closing of the Purchase of a 62- unit Apartment Condominium Complex and Limited Partnership units in a 193-unit Apartment Condominium Development\n \n \n (TheNewswire)\n \n \n \n Edmonton, Alberta –\n \n \n TheNewswire -\n \n \n May\n2\n \n \n 6\n \n \n th\n \n \n , 2021 – Yorkton Equity Group Inc.\n(“YEG” or the “Company”) (TSXV:YEG) is pleased to announce TSX\nVenture Exchange approval for the closing of the previously announced\nacquisitions of 1205946 Alberta Ltd. (a 62-unit apartment condominium\ncomplex called “Riviera Gardens” in the City of Edmonton), and\napproximately twenty-five percent (25%) of limited partnership units\nof Yorkton 108 Limited Partnership, a development project located in\nthe Surrey City Centre which has been approved for 193 apartment\ncondominium units by the City of Surrey in December 2020 (“Yorkton\n108”).\n \n \n According to the project developer,\nYorkton Group, a multi-award winning developer, project\nground-breaking is anticipated by the fall of 2021, with completion by\nthe end of 2023.\n \n \n \n Mr. Bill Smith, the Chairman of YEG says “With our acquisition of\nthe Riviera Gardens, a 62-unit apartment condominium complex, we are\ngeographically diversifying our portfolio with an acquisition that has\na higher cash flow and capital appreciation potential.. With our\ninvestment in the Yorkton 108 development project as a limited\npartner, we are also signaling our decisive entry into the vibrant\nMetro Vancouver and BC rental markets. The closing of these\nacquisitions marks a significant milestone in growing the net asset\nvalue (NAV), and the net operating income (NOI) of our portfolio,\nconsistent with our risk-averse multifamily residential property\ngrowth model.”\n \n \n The Company received final approval from the TSX Venture Exchange on\nMay 14, 2021 for:\n \n \n \n \n - the acquisition of all of the issued and outstanding shares of\n1205946 Alberta Ltd. from Lui Holdings Corporation (a corporation\nowned and controlled by a director and officer of the Company) on a\ntax-deferred basis pursuant to Section 85 of the Income Tax Act for a\npurchase price of $4,235,000 by issuance of 16,940,000 common shares\nin the capital of YEG (“...