Yorkton Equity Group Inc. Announces Completion of the Upscale Condo Grade Langford Apartments Acquisition in Metro Victoria, British Columbia
V.YEG | September 15, 2021
According to Mr. Ben Lui, the Company’s CEO, “The completion of the acquisition of this property is another major milestone in our strategic investments in the BC market. We have plans to acquire additional properties in BC with strong cash flows and significant upside potential, as we seek to rapidly grow our net asset value, which is consistent with our secure, aggressive growth strategy”.
With the anticipated post-COVID boom, historically low interest rates, and anticipated increase in immigration levels recently announced by the federal government, there is an unprecedented window of opportunity to invest in real estate, and YEG has plans to take advantage of that opportunity to rapidly grow its portfolio of cash flowing rental assets.
The Langford Apartments building, built in 2014, is an upscale condo grade 4 storied building that features spacious and bright three 1-bedroom plus den units, and twelve 2- bedroom units and one commercial unit at grade. The building features covered parking stalls, in-suite laundry, stainless steel appliances, bike storage rooms, and elevator service. The building is fully tenanted; Langford has very strong rental demand.
The City of Langford located in Metro Victoria was recently named as the “most livable” city in Canada, and the top community in BC. Victoria is the capital city of British Columbia on the southern tip of Vancouver Island off Canada’s Pacific coast. Victoria is the southernmost major city in Western Canada and is southwest from Vancouver on the mainland. The Metro Victoria area has a growing population of about 390,000 as of 2021.
Victoria has an expanding regional high technology sector that has risen to be its largest industry in addition to education, marine, construction, health, retail, and agriculture, all of which contributes to its rising GDP that has a regional impact of about $2 billion annually.
YEG Acquisition Update (in the past 10 months)
- Pacific Mall (Edmonton, AB)
Acquired: November 17, 2020
- Yorkton 108 Limited Partnership (Surrey City Centre Development Project, BC)
Acquired: April 30, 2021 (Pending Sale Closing; October 18, 2021)
- Riviera Gardens Apartment Complex (Edmonton, AB)
Acquired: April 30, 2021
- Larson Place Townhouse Complex (Kelowna, BC)
Acquired: July 8, 2021
- Langford Apartments (Langford, BC)
Acquired: September 14, 2021
About Yorkton
Yorkton Equity Group Inc. is a fully integrated growth-oriented real estate investment company committed to providing shareholders with growing assets through the accretive acquisitions, organic growth, and the active management of multi-family rental properties with significant upside potential. Our geographical focus is in primary and secondary markets across Canada with diversified, growing economies, and strong population in-migration, with a current focus in British Columbia. Our business objectives are to achieve stable Net Operating Income (NOI) and growing Net Asset Value (NAV) in our multi-family rental property portfolio by deploying a risk averse business model to create the ultimate value proposition for our shareholders. Yorkton Equity Group Inc. is built on the solid foundations of the Yorkton Group of companies with strong financial capacity, and well over 30 years of real estate experience.
Further information about Yorkton is available on the Company’s website at www.yorktonequitygroup.com and the SEDAR website at www.sedar.com.
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. – Investor Relations: (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 news 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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