HALIFAX,
NS, Feb. 21, 2023 /CNW/ - (TSXV: NXLV)
– NexLiving Communities Inc. ("NexLiving" or the "Company")
announced today that its anticipated acquisition of a 100% interest
in Northpoint Management Inc. from Sheaco Holdings Inc. is on track
to close on or before February 28,
2023.
Northpoint's key assets are two newly built multi-family
buildings comprising 75 units each located at 2251 Mountain Road
and 2261 Mountain Road, Moncton
NB. As of the date of this release, 148 out of the 150 units
have been leased, which implies 99% average occupancy for the two
properties. The Company previously announced its intention to
acquire these buildings on November 4,
2021, and announced on December 5,
2022 that the amended purchase agreement had been
executed.
The Company has received conditional approval from the TSX
Venture Exchange for the acquisition and is expected to fulfil the
remaining conditions precedent to the acquisition prior to
closing.
About the Company
NexLiving continues to execute its plans to acquire recently
built or refurbished, highly leased multiresidential properties in
bedroom communities in Atlantic
Canada. The Company aims to satisfy the needs of the newly
emerging 55+ resident. The demographic that has changed the world
is now changing the way residential rental apartments cater to
their requirements. Their desire for community, along with service,
quality and convenience has led to the emergence of the 55+ active
living segment. Apartments are their next "home", after years of
owning they look forward to the carefree lifestyle provided through
renting in a community of their peers. NexLiving intends to
consolidate this emerging market niche. For its recently acquired
properties in Ontario the Company
plans to undertake a targeted value-add capital program to
modernize and reposition the large 1- and 2-bedroom suites. The
Company currently owns 1,016 units in New
Brunswick and Ontario.
NexLiving has also developed a robust pipeline of qualified
properties for potential acquisition. By screening the properties
identified to match the criteria set out by the Company (proximity
to healthcare, amenities, services and recreation), management has
assembled a significant pipeline of potential acquisitions for
consideration by the Company's Board of Directors.
For more information about NexLiving, please refer to our
website at www.nexliving.ca and our public disclosure at
www.sedar.com.
Forward-Looking
Statements
This news release forward-looking information within the meaning
of applicable Canadian securities laws ("forward-looking
statements"). All statements other than statements of
historical fact are forward-looking statements. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budget",
"scheduled", "projects", "estimates", "forecasts", "intends",
"continues", "anticipates", or "does not anticipate" or "believes"
or variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may",
"could", "should", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements contained in this news release
include, but are not limited to management's expectations of
additional rental increases to come into effect by year end and the
further enhancement of the Company's financial results. Such
forward-looking statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
These forward-looking statements reflect the current expectations
of the Company's management regarding future events and operating
performance, but involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Actual events could differ
materially from those projected herein and depend on a number of
factors. These risks and uncertainties are more fully described in
regulatory filings, including the Company's Annual Information
Form, which can be obtained on SEDAR at www.sedar.com, under
NexLiving's profile, as well as under Risk Factors section of the
MD&A released on April 18, 2022.
Although forward-looking statements contained in this new release
are based upon what management believes are reasonable assumptions,
there can be no assurance that actual results will be consistent
with these forward-looking statements. Accordingly, readers should
not place undue reliance on forward-looking statements. The
forward-looking statements in this new release speak only as of the
date of this news release. Except as required by applicable
securities laws, the Company does not undertake, and specifically
disclaims, any obligation to update or revise any forward-looking
statements, whether as a result of new information, future
developments or otherwise, except as required by applicable
law.
Neither the TSX Venture 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 press release.
SOURCE NexLiving Communities Inc.