- What NexLiving has closed its purchase of 16 multifamily properties in Ontario and Québec
- Why The deal nearly doubles NexLiving’s portfolio
- What next Several principals from Devcore joined the NexLiving board
NexLiving Communities has closed its purchase of 16 multifamily properties totaling 991 units in eastern Ontario and Québec.
The seller was Devcore Group and a numbered company controlled by Devcore’s principals, Jeffrey York and Jean-Pierre Poulin.
The properties were valued at $224m as of October 2023. NexLiving funded the purchase via the issuance of 16,333,682 common shares valued at $31.4m. The company also directly or indirectly assumed approximately $164.5m of mortgage principal. Shareholders approved the deal in April.
“This acquisition nearly doubles our portfolio and positions us to further enhance free cash flow and strengthen our balance sheet,” Stavro Stathonikos, president and chief executive, said. “With Devcore as our long-term partner, we are confident in the strength of our combined team to lead in Canada’s high-growth secondary markets.”
NexLiving’s current management team will continue to run the company. The board comprises York as chair, Rick Turner as vice chair, Stathonikos, Michael Anaka, Bill Hennessey, Poulin and Francis Pomerleau.