August 28, 2017 / 2:47 PM / 4 months ago

BRIEF-Urbanfund announces upcoming acquisition

Aug 28 (Reuters) - Urbanfund Corp:

* Urbanfund Corp announces upcoming acquisition of a 20% interest in a 1,354 unit residential portfolio located in Dartmouth, Nova Scotia

* Says Highfield Park Residential Inc will be purchasing portfolio for $113 million plus customary closing adjustments and closing costs​

* Says Highfield Park Residential Inc will purchase portfolio with company being 20% shareholder, Westdale retaining remaining 80% interest

* Says co’s 20% pro-rata share from deal will be satisfied by combination of a new mortgage that is currently being finalized and available cash

* Says property management will be responsibility of Westdale and will be compensated at market rates

* Says entered binding agreement with Westdale Construction ‍to purchase 20% interest in 1,354 unit Highfield Park multi-family residential portfolio Source text for Eikon: Further company coverage:

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