Yorkton Equity Group Inc. Announces the Completion of the Acquisition of a Townhouse Complex in Kelowna, British Columbia
Edmonton, Alberta – TheNewswire - July 12th, 2021 – Yorkton Equity Group Inc. (“YEG” or the “Company”) (TSXV:YEG) is pleased to announce the completion of the acquisition of an upscale townhouse complex, Larson Place, within the City of Kelowna, British Columbia (the “Property”).
“The completion of the acquisition of the Kelowna townhouse complex represents a significant milestone in the implementation of our aggressive growth strategy in British Columbia and with the anticipated post-COVID boom, historically low interest rates, and anticipated increase in immigration levels as announced by the federal government, there is now an unprecedented window of opportunity to invest in real estate, and we fully intend to take advantage of that opportunity.” according to Mr. Ben Lui, President & CEO of the Company.
The Property is a 19-unit two storey townhouse complex built in 2019 and situated on a 36,155 sq ft land parcel with an appraised value of $8,900,000 (2021). Each spacious unit is well equipped with modern stainless-steel appliances, in-suite laundry, air conditioning, two parking stalls, and a fenced yard.
Kelowna has become the third-largest metropolitan area in the province (after Vancouver and Victoria) with a growing population of 217,229. With scenic lake vistas, mild climate, and abundant recreational opportunities, Kelowna has become one of the fastest growing cities in North America. Kelowna's economy is diverse, with a wide array of industries such as agriculture, manufacturing, healthcare, tourism, and technology which has a combined multi-billion-dollar regional impact.
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 an initial 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 - Corporate Office: (780) 409-8228
Yorkton Equity Group Inc. - 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