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The Property is comprised of thirty-two (32) units of one bedroom with one bathroom, nine (9) units of one bedroom plus den with one bathroom, one hundred and forty-three (143) units of two bedroom with two bathrooms, and four (4) units of three bedroom with two bathrooms, together with one hundred and ninety-one (191) heated underground parking stalls and seventy-three (73) surface parking stalls. Each building is equipped with two (2) elevators serving all floors. The Property also includes amenities such as air conditioning in select units, a social room for entertaining, two pet wash stations, a bicycle storage room, and a fitness center. Construction of the buildings was completed with tenant occupancy commencing in early 2022, and currently the buildings have achieved 100% occupancy.
Under the terms of the PSA, the Company has sixty (60) days from the execution of the formal agreement to waive or satisfy all conditions in relation to the transaction, which includes obtaining internal approvals, satisfying itself of the status of and title to the Property, and obtaining the necessary financing to complete the transaction. The closing of the transaction is scheduled to be thirty (30) days following the waiver or satisfaction of all of the conditions. The Company has paid an initial deposit of
Mr. Ben Lui, President and CEO of Yorkton commented that, “We are extremely excited to announce the proposed acquisition of the Property, which will be a significant new landmark addition to our growing portfolio of multi-family rental properties and illustrates the financial strength and resources of Yorkton. Also, we continue to be able to successfully leverage available
About Yorkton
The management team at
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
For further information on Yorkton, please contact:
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
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