Brief: Urbanfund announces upcoming acquisition

Urbanfund

28/08/2017 15:00

Aug 28 (Reuters) - Urbanfund Corp  UFC.V : 
    * Urbanfund Corp announces upcoming acquisition of a 20% 
interest in a 1,354 unit residential portfolio located in 
Dartmouth, Nova Scotia 
    * Says Highfield Park Residential Inc will be purchasing 
portfolio for $113 million plus customary closing adjustments 
and closing costs 
    * Says Highfield Park Residential Inc will purchase 
portfolio with company being 20% shareholder, Westdale retaining 
remaining 80% interest 
    * Says co's 20% pro-rata share from deal will be satisfied 
by combination of a new mortgage that is currently being 
finalized and available cash 
    * Says property management will be responsibility of 
Westdale and will be compensated at market rates 
    * Says entered binding agreement with Westdale Construction 
to purchase 20% interest in 1,354 unit Highfield Park 
multi-family residential portfolio 
 
Source text for Eikon:  ID:nGNXODWFPa  
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