HALIFAX,
NS, Aug. 10, 2022 /CNW/ - NexLiving
Communities Inc. (TSXV: NXLV) ("NexLiving" or the "Company")
announced today that it has acquired a 40-suite building in
Strathroy, Ontario ("294
Saulsbury") for $9.4 million. The
acquisition will be financed with a combination of cash on hand and
a $7.9 million short-term debt
facility, which will include a capital expenditure facility.
294 Saulsbury is a three-storey building situated on 1.44 acres
of land in Strathroy, a bedroom
community 30 km west of London,
Ontario. The building was constructed in the 1960s and has
recently undergone major refurbishment of large capital items,
including windows, balconies and balcony doors. 294 Saulsbury is
located steps away from Strathroy Middlesex General Hospital and is
ideally situated in the heart of downtown Strathroy, within walking distance to
shopping, grocery, transit and Alexandra
Park. The Company plans to undertake a targeted value-add
capital program to modernize and reposition the large 1- and
2-bedroom suites.
Stavro Stathonikos, CEO &
President of NexLiving commented: "294 Saulsbury is our second
value-add investment in the Ontario market, where we can achieve pro forma
yields in excess of what is achievable by simply purchasing
stabilized buildings. Once complete, the building will offer a
premium rental opportunity to a growing number of 55+ residents
looking for quality rental product in the Strathroy/West
London market."
NexLiving has more than tripled the size of its portfolio over
the past 24 months. The Company expects to continue to build upon
its successful acquisition track record and acquire an additional
500+ suites over the next year, with a focus in Ontario and Atlantic
Canada.
For more information about NexLiving, please refer to our
website at www.nexliving.ca and our public disclosure at
www.sedar.com.
About the Company
NexLiving 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, 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. The Company currently owns 867 suites 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.
Forward-Looking Statements
This news release contains
forward-looking statements relating to the future operations of
NexLiving and other statements that are not historical facts.
Forward-looking statements are often identified by terms such as
"will", "may", "should", "anticipate", "expects" and similar
expressions. All statements other than statements of historical
fact, included in this release, including, without limitation,
statements regarding the future plans and objectives of NexLiving
Communities Inc, are forward-looking statements that involve risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from NexLiving Communities Inc.'s expectations include
other risks detailed from time to time in the filings made by
NexLIving Communities Inc. with securities regulators.
The reader is cautioned that assumptions used in the preparation
of any forward-looking information may prove to be incorrect.
Events or circumstances may cause actual results to differ
materially from those predicted, as a result of numerous known and
unknown risks, uncertainties, and other factors, many of which are
beyond the control of NexLiving Communities Inc. The reader is
cautioned not to place undue reliance on any forward-looking
information. 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. The
forward-looking statements contained in this news release are made
as of the date of this news release and NexLiving Communities Inc.
will only update or revise publicly the included forward-looking
statements as expressly required by Canadian securities 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.