Yorkton Equity Group Inc. Announces the Conclusion of Its Investment in the Yorkton 108 Limited Partnership, a 193 Unit Apartment Condominium Development Project in the City Centre of Surrey in Metro Vancouver, British Columbia
Edmonton, Alberta – TheNewswire - October 20th, 2021 – Yorkton Equity Group Inc. (“YEG” the “Company” or “Yorkton”) (TSXV:YEG), is pleased to announce the successful closing of the sale of the 193 unit apartment condominium development project (the “Project”) located in the City Centre of Surrey in Metro Vancouver, British Columbia, one of the fastest growing cities in Canada. The Company owns approximately 25% of the Yorkton 108 Limited Partnership units of the Project and will receive on a pro rata basis approximately 25% of the net distribution of the Project.
Proceeds from the sale will provide YEG the opportunity to redeploy the capital to continue its accretive acquisition strategy. According to Mr. Ben Lui, CEO of the Company, “We are pleased with the conclusion of this short-term investment as it provides additional resources to focus on our core business of strategic real estate investments of multi-family rental properties”.
With the anticipated post-COVID boom, historical 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 fully intends to take advantage of that opportunity.
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 our 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
Yorkton Equity Group Inc. Corporate Office: (780) 409-8228
Investor Relations: (780) 907-5263
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