Yorkton Equity Group Inc. Announces Acquisition of The Fuse, a 125-Unit Multi-Family Residential Complex in Edmonton, Alberta
V.YEG | October 2, 2023
(TheNewswire)
Edmonton, Alberta – (October 2, 2023) – Yorkton Equity Group Inc. (TSX.V YEG) (“Yorkton” or the “Company”) is very pleased to announce that after completing a thorough due diligence and evaluation process, the Company has removed all buyer’s conditions on a purchase and sale agreement (“PSA”) for the acquisition of “The Fuse”, a one hundred and twenty-five (125) unit multi-family residential complex constructed in 2015 and comprising of two condominium grade buildings situated on approximately 2.67 acres of land located in the Summerside neighborhood at 2105 and 2109 68 Street SW, Edmonton, Alberta (the “Property”) with a purchase price of $25,625,000.
Under the terms of the PSA, as amended, the Company had sixty (60) days from the date of execution to waive or satisfy the condition on the transaction, which was obtaining financing to complete the transaction. On September 21, 2023, the Company satisfied the financing condition of PSA, and all buyer conditions were removed. The closing date for the acquisition of the Property is November 16, 2023.
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The Property is comprised of twenty-three (23) one-bedroom with one-bathroom suites, seventy (70) two-bedroom with two-bathroom suites, and thirty-two (32) two-bedroom and den with two-bathroom suites. The average suite size is 910 square feet and the total net rentable space is 113,803 square feet. Each suite includes contemporary suite amenities such as granite countertops, tiled kitchen backsplash, modern stained birch cabinets and designer tile flooring and is equipped with in-suite laundry and storage. The Property has forty-eight (48) underground parking stalls and one hundred and thirty-two (132) surface parking stalls. Each building is equipped with elevator access to all floors. The Property also includes amenities such as air-conditioned hallways, and a fitness center in each building.
The Company has already paid non-refundable deposits totaling $1,000,000. The remaining amount of the purchase price, subject to the usual adjustments, will be paid on the closing date.
Mr. Ben Lui, President and CEO of Yorkton comments, “Expanding upon our recent acquisition of The Dwell, a luxurious 188-unit newly built condominium grade apartment complex, The Fuse represents another milestone in our ongoing growth and a significant addition to our portfolio. Yorkton remains focused on growing its residential property portfolio in Alberta, where the housing demand is strong as a result of international and inter-provincial in-migration due to Alberta’s strong economy and job market, low cost of living, and affordable housing. Please stay tuned for a further press release which will be disseminated upon the closing of the Property.”
About Yorkton
Yorkton Equity Group Inc. is a growth-oriented real estate investment company committed to providing shareholders with growing assets through accretive acquisitions, organic growth, and the active management of multi-family rental properties with significant upside potential. Our current geographical focus is in Alberta and British Columbia with diversified and growing economies, and strong population in-migration. Our business objectives are to achieve growing Net Operating Income (“NOI”) as well as the asset values in our multi-family rental property portfolio in strategic markets across Western Canada.
The management team at Yorkton Equity Group Inc. has well over 30 years of prior real estate experience in acquiring and managing rental assets.
Further information about Yorkton is available on the Company’s website at www.yorktonequitygroup.com and the SEDAR+ website at www.sedarplus.ca.
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 release.
For further information on Yorkton, please contact:
Ben Lui, CEO – Corporate Office: (780) 409-8228
Yorkton Equity Group Inc. – Shareholder Communications: (780) 907-5263
Email: investors@yorktonequitygroup.com
Forward-looking information
This press release may include forward-looking information within the meaning of Canadian securities legislation concerning the business of Yorkton. Forward-looking information is based on certain key expectations and assumptions made by the management of Yorkton. Although Yorkton believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Yorkton can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. Yorkton disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any applicable securities laws or any state of the United States and may not be offered or sold in the United States or to the account or benefit of a person in the United States absent an exemption from the registration requirement.
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