Delavaco Residential Properties Corp. Completes Acquisition of Residential Units in New Jersey
2014年5月5日 - 9:30PM
Marketwired
Delavaco Residential Properties Corp. Completes Acquisition of
Residential Units in New Jersey
TORONTO, ON--(Marketwired -
May 05, 2014) - Delavaco Residential Properties Corp.
("Delavaco") (TSX-VENTURE:
DVO.U) (OTCQX: DELAF)
and York Plains Investment Corp. announce that that they have
completed their previously announced transaction, pursuant to which
Delavaco has acquired all of the issued and outstanding shares of
H60 Canada Inc., for an aggregate purchase price of US$6,240,000
(the "Transaction"). H60 Canada Inc. indirectly owns 19 residential
properties (the "Properties") located in New Jersey, consisting of
a total of 96 separate rental units (the "Units").
The aggregate purchase price was paid as follows: US$3,120,000
by the issuance of 3,120,000 common shares of Delavaco ("Delavaco
Shares") based on the share price of US$1.00 per Delavaco Share,
representing a premium of approximately 13.6% from US$0.88, the
closing price of the Delavaco common shares on the day before this
announcement, and two promissory notes (the "Notes") in favour of
the vendors in the principal aggregate amount of US$3,120,000,
secured by a first ranking lien over the Properties. The aggregate
amount owed pursuant to the Notes is subject to a working capital
adjustment, and the Notes will not bear interest until the date on
which the occupancy rate of the Units exceeds 90%, at which point
they will bear interest of 5.5% per annum, with a maturity date of
November 1, 2014. As of closing, the 90% threshold has been
met and therefore interest commences to accrue immediately.
Andrew DeFrancesco, Chairman and Chief Executive Officer of
Delavaco, comments: "Delavaco is excited to be entering the New
Jersey market. This initial purchase is an outstanding
platform for us to grow in another geographic location that
complements our existing model. We look forward to expanding
our purchases in the area as they provide immediate accretion from
an asset and cash flow basis."
About
Delavaco
Delavaco Residential Properties Corp. was formed on January 27,
2011 to take advantage of the U.S. housing crisis with the goal of
significant capital appreciation through the recovery of the
housing sector. Now a public company, Delavaco has its shares
listed for trading on the TSX Venture Exchange and the OTCQX
marketplace in the U.S. Delavaco is focused on the ownership and
management of single and multi-family residential properties
located principally in the south-eastern United States. Delavaco's
real estate portfolio consists of 525 single-family homes in
Florida, 298 single-family homes in Georgia, 311 multi-family units
in Florida and Texas and 96 multi-family units in New Jersey.
Delavaco also manages a 316 multi-family unit portfolio in
Hollywood, Florida. Delavaco's acquisition strategy involves the
identification and purchase of under-valued residential properties
located in highly populated and dynamic urban centers within the
lower to middle income demographic sector with tenants who qualify
for government funding under the United States rental voucher
assisted program. Delavaco's security holders include some of the
leading Canadian institutional investors and real estate holding
companies.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Certain information in this news release constitutes
forward-looking statements under applicable securities law. Any
statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are often identified by
terms such as "may", "should", "anticipate", "expect", "intend" and
similar expressions. Forward-looking statements in this news
release include, but are not limited to, statements with respect to
Delavaco's intended acquisition focus. Forward-looking statements
necessarily involve known and unknown risks, including, without
limitation, risks associated with general economic conditions;
adverse industry events; marketing costs; loss of markets;
volatility of real estate prices; inability to access sufficient
capital from internal and external sources, and/or inability to
access sufficient capital on favourable terms; industry and
government regulation; changes in legislation, income tax and
regulatory matters; the ability of Delavaco to implement its
business strategies; competition; currency and interest rate
fluctuations and other risks.
Readers are cautioned that the foregoing list is not
exhaustive. Readers are further cautioned not to place undue
reliance on forward-looking statements as there can be no assurance
that the plans, intentions or expectations upon which they are
placed will occur. Such information, although considered reasonable
by management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
Neither the Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Additional information about Delavaco Residential Properties
Corp. is available at www.delavacoproperties.com or
www.sedar.com.
For further information please contact: Lisa-Marie Iannitelli
Director of Investor Relations & Business Development Delavaco
Residential Properties Corp. The Exchange Tower 130 King Street
West, Suite 2210 Toronto, ON M5X 1A9 Phone: (416) 362-4441 Email
contact
Delavaco Residential Properties (TSXV:DVO.U)
過去 株価チャート
から 5 2024 まで 6 2024
Delavaco Residential Properties (TSXV:DVO.U)
過去 株価チャート
から 6 2023 まで 6 2024