This acquisition shows the growth of Tribes property management services across the Greater Vancouver region of British Columbia.
Tribe Property Technologies Inc. (TSXV: TRBE and OTCQB: TRPTF) ('Tribe' or the 'Company') is pleased to announce that it has agreed to acquire a portfolio of strata property management assets from Warrington PCI Management ('WPM'), continuing to grow Tribe's property management services across the Greater Vancouver region of British Columbia.
“We are pleased to welcome WPM's strata portfolio into our fold, including two large developments currently under construction, and we look forward to bringing our tech-enabled service delivery model to support the management of these homes,” said Joseph Nakhla, CEO of Tribe. “This acquisition supports the continuous growth of our service delivery and bridges a relationship with WPM, whereby we can offer our property management services to future residential strata projects in BC.”
The acquisition expands Tribe's management of strata buildings in the Greater Vancouver area, adding over 2131 additional units to its portfolio, including 886 currently under construction.
Tribe has agreed to pay WPM up to $375,000, payable as follows: i. $250,000 payable on the closing date; ii. Two tranches of $37,500, each tranche payable in common shares of Tribe, upon the successful engagement of two additional properties, and iii. $50,000 payable upon the date that is one-month after the first anniversary of the closing date, subject to adjustment.
The closing date is expected to occur in early December 2022, subject to receipt of TSX Venture Exchange approval and satisfaction of customary closing conditions and documentation.