Urbanfund Corp. entered into a conditional purchase agreement to acquire 10% interest in 1,870 unit multi-family residential portfolio in Quebec City and Montreal from Westdale Construction Co. for CAD 7.2 million.
January 23, 2013 at 11:00 pm EST
Share
Urbanfund Corp. (TSXV:UFC) entered into a conditional purchase agreement to acquire 10% interest in 1,870 unit multi-family residential portfolio in Quebec City and Montreal from Westdale Construction Co. for CAD 7.2 million in cash on January 24, 2013. The purchase price is prior to customary adjustments. The purchase price is prior to customary adjustments. The transaction will be funded by a combination of CAD 4 million in cash and CAD 3.2 million vendor take back mortgage at 4.5%. Post acquisition, the property will be managed by La Corporation Headway Ltee. The transaction is subject to completion of due diligence, securing the approval of the current lenders and regulatory approvals, including approval of the TSX Venture Exchange. The transaction is expected to close in late February 2013.
On March 22, 2013, Urbanfund Corp. announced that it has completed the due diligence on the property and had received the required regulatory approvals. The transaction is expected to receive the lenders approval by March 31, 2013. The transaction is now expected to be completed by the third week of April 2013.
Urbanfund Corp. is a Canada-based real estate development and operating company. The Company is focused on identifying, evaluating and investing in real estate or real estate related projects. The Company owns, develops and operates a real estate portfolio, which is focused on a mix of both residential and commercial properties. Its assets are located in Toronto, Belleville, Kitchener, London, and Brampton Ontario and in Montreal and Quebec City, Quebec and Dartmouth, Nova Scotia. Its portfolio includes One Bloor, 200 Van Horne Avenue, North Front Centre, Westborough Plaza and Edvac. Its 200 Van Horne Avenue is a rental building, which is located in Toronto, Ontario, and offers two-, three- and four-bedroom townhouse units. Its One Bloor is a multi-use complex that is located in Toronto, Ontario. Its North Front Centre is a commercial and retail building that is located in Belleville, Ontario. Its Westborough Plaza is a commercial and retail building that is located in London, Ontario.
Urbanfund Corp. entered into a conditional purchase agreement to acquire 10% interest in 1,870 unit multi-family residential portfolio in Quebec City and Montreal from Westdale Construction Co. for CAD 7.2 million.
URBANFUND CORP. 
