NexLiving Communities Announces Transformational Merger to Double Portfolio Size

HALIFAX, NS, Jan. 22, 2024 /CNW/ - (TSXV:NXLV.VN) – NexLiving Communities Inc. ("NexLiving" or the "Company") is pleased to announce that it has entered into an agreement dated January 21, 2024 (the "Agreement") to acquire a portfolio of multi-family assets in eastern Ontario and Québec consisting of 16 properties and 991 units (the "Acquisition Portfolio"), with revenue of $13.1 million for the 12 months ended September 30, 2023, and an appraised value of $224 million as of October 2023,¹ from Devcore Group Inc. and related entities ("Devcore") in exchange for share consideration and the assumption of existing mortgages (collectively, the "Transaction"). Upon completion of the Transaction, NexLiving's portfolio will increase approximately 85% to 2,157 units. Furthermore, the Transaction provides significant geographic diversification, while maintaining NexLiving's focus on high-growth secondary markets and building on NexLiving's track record of completing highly accretive acquisitions.