HALIFAX, NS, Dec. 23, 2020 /CNW/ – ViveRE Communities Inc. (TSXV: VCOM) (“ViveRE” or the “Company”) announced today that it has completed the previously announced acquisition of Village View No. 3 Limited Partnership, a limited partnership formed under the laws of the Province of New Brunswick (“VV3LP“), whose sole asset is a multi-family rental property located at 51 Noel Avenue, Saint John, New Brunswick (the “Noel Property“).
The Noel Property, is a high quality, 47 unit, multi-family building, constructed in 2018 and is focused on the over 55 year old active living demographic. It is located in the growing Saint John, NB sub-market of Millidgeville, situated on the northern edge of the Saint John River, and adjacent to two of the Company’s existing properties located at 41 and 50 Noel Avenue. The Noel Property offers high-end living spaces with granite countertops, stainless appliances, dishwasher, microwave range hood, washer and dryer, walk-in closet, ensuite bathrooms and private balconies. Common areas include gym facilities, media and community room, storage lockers as well as 34 underground parking spaces. The property has close proximity to a prominent transit route, Horizon’s Saint John Regional Hospital, the University of New Brunswick and an abundance of nearby shopping, dining, and community centres.
ViveRE acquired VV3LP for a purchase price of $11.25 million, subject to customary adjustments at closing. ViveRE satisfied the purchase price with the issuance to the vendors of 2,727,272 common shares of ViveRE at a price of $0.22 per share, representing consideration of $600,000, with the balance being paid in cash. ViveRE has placed a collateral mortgage on the Noel Property in the amount of $8.625M.
ViveRE’s CEO, Mike Anaka, commented “We are very pleased with the acquisition of this high quality 55+ active living property. A core 2020 goal for the Company was to grow our portfolio to over 500 units. With the acquisition of 51 Noel we own 19 buildings and over 530 units. We are now focussed on executing our strategy to double our portfolio to in excess of 1,000 units during 2021.”