/NOT FOR DISTRIBUTION TO
The Properties consist of one multi-family apartment property located in
Pure Multi intends to fund a portion of the purchase price of the Properties with new first mortgage financing in the amount of up to
The acquisition of the Properties is expected to be immediately accretive to Pure Multi's AFFO per unit. Furthermore, upon completion of the acquisition of the Properties, Pure Multi's portfolio will be comprised of 15 properties totaling 4,462 residential units, and will have a gross book value of approximately
The San Brisas acquisition consolidates our ownership of a market-leading Class A property located in a very strong high-tech employment corridor."
The Properties will be acquired indirectly by Pure Multi from a wholly-owned subsidiary of Sunstone U.S. Opportunity (No.2)
Pure Multi also announced today that it has entered into an agreement to sell to a syndicate of underwriters co-led by
Pure Multi has also granted the Underwriters an over-allotment option to purchase up to an additional 952,500 Units on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the closing of the Financing. The Financing is expected to close on or about
The net proceeds from the Financing, together with the proceeds of two new first mortgages as described above, will be used to fund the acquisition of the Properties. The balance of the net proceeds from the Financing will be used to fund prospective acquisitions and for general corporate purposes.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933 (the "1933 Act"), as amended, and may not be offered or sold in
This news release shall not constitute an offer to sell or a solicitation of any offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Consistent with Pure Multi's past practices and in the normal course, Pure Multi engages in ongoing discussions with respect to possible acquisitions. There can be no assurance that any of these discussions will lead to a conditional purchase agreement or will be completed. Pure Multi continues to actively pursue acquisition and investment opportunities.
Pure Multi is a Canadian based, publically traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.
Additional information about Pure Multi is available at www.puremultifamily.com or www.sedar.com.
Certain statements contained in this news release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward looking statements in this news release include: (i) that Pure Multi intends to fund a portion of the purchase price of the Properties with new first mortgage financing in the amount of up to
Although Pure Multi believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Pure Multi can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals or satisfy the conditions to closing the Financing, the acquisition of the Properties, competitive factors in the industries in which Pure Multi operates, prevailing economic conditions, and other factors, many of which are beyond the control of Pure Multi.
The forward-looking statements contained in this news release represent Pure Multi's expectations as of the date hereof, and are subject to change after such date. Pure Multi disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the policies of the