(TheNewswire)
Edmonton, Alberta – TheNewswire - November 9th, 2021 – Yorkton Equity Group Inc. (“YEG” or the “Company”) (TSXV:YEG) is pleased to announce that after completing a thorough due diligence and evaluation process, it has removed all buyer conditions for the purchase of a 26-unit apartment building, Winton Terrace, situated in a prime location in the vicinity of the City Centre of Penticton, British Columbia (“BC”). The purchase of the property is unconditional as of November 8th, 2021 and the transaction is scheduled to close on or about December 8th, 2021.
Ben Lui, President and CEO of Yorkton remarked “Subsequent to our acquisitions in Edmonton, Alberta, we have recently completed a number of successful acquisitions in British Columbia in the Cities of Kelowna, Langford Victoria, Surrey Metro Vancouver, and with this new acquisition in Penticton, we are signaling the decisive expansion of our portfolio into the rapidly growing BC interior region. In addition, we have also strategically expanded our acquisitions in the northern BC region which are the long-term beneficiaries of the $40 billion LNG Canada liquefied natural gas (LNG) project. We remain laser focused on rapidly growing the Net Asset Value (NAV) and Net Operating Income (NOI) of our multifamily portfolio to deliver an outstanding value proposition for our shareholders.”
Penticton BC is a vibrant waterfront city and is the business hub of the rapidly growing Okanagan-Similkameen region with more than 3,000 businesses serving over 100,000 people throughout the region. Known for world-class wineries, agriculture and hospitality, it is increasingly becoming a hub for tech entrepreneurs. Penticton’s resilient and growing business economy includes a solid foundation of mature, multi-generational businesses, as well as start-ups and newly relocated companies.
The Company will provide additional details upon closing.
About Yorkton
Yorkton Equity Group Inc. is a fully integrated, growth-oriented real estate investment company committed to providing shareholders with growing assets, and stable income 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 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 - Corporate Office: (780) 409-8228
Yorkton Equity Group Inc. - Investor Relations: (780) 907-5263
Email: investors@yorktongroup.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 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
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