ViveRE Communities Inc. completes acquisition of 3 property, 95 unit portfolio in Moncton, NB

Halifax, Nova Scotia – December 15, 2020 – ViveRE Communities Inc. (TSXV:VCOM) (“ViveRE” or the “Company”) announced today that it has completed the previously announced acquisition of a 100% interest in a three property multi-unit residential portfolio (the “Properties”) comprised of 95 units in Moncton, New Brunswick. The Properties are located at 2380 Mountain Road (64 units), 27 Edmond Street (18 units) and 50 Maplewood Drive (13 units). With this acquisition ViveRE now owns 18 multi-unit residential properties across the Maritimes and Ontario totaling 486 rental units.

ViveRE acquired the Properties for a purchase price of $15.3 million, subject to customary adjustments at closing. ViveRE has placed collateral mortgages on the Properties in the amount of $11.6M. The balance of the purchase price was paid in cash.

ViveRE’s CEO, Mike Anaka, commented “The acquisition of these quality properties will be followed by the previously announced purchase of the 47 unit high quality, 55+ active living multi-family property located at 51 Noel Avenue in Saint John, New Brunswick later this month. Our portfolio will then comprise 19 buildings and over 530 units.”

About the Company

ViveRE continues to execute its plans to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across 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 and convenience amenities has led to the emergence of the 55+ active living segment. Apartments are the next “home”, after years of owning they look forward to the carefree lifestyle provided through renting in a community of their peers. ViveRE intends to consolidate this emerging market niche. The Company currently owns 486 units in New Brunswick and Ontario. ViveRE has also developed a robust pipeline of qualified properties for potential acquisition. By screening the properties identified to match the criteria set out in the Company business plan (proximity to healthcare, amenities, services and shopping), management has assembled an accessible near term pipeline of qualified properties with an aggregate value in excess of $50M for consideration by the Board of the Company.

On behalf of the Board of Directors of ViveRE Communities Inc.

 “Mike Anaka”
Chief Executive Officer