Tribe Property Technologies Inc. (TSX-V:TRBE) has announced the completion of its acquisition of a portfolio of strata property management assets from Warrington PCI Management (WPM).
The acquisition, which was initially announced on November 22, 2022, further strengthens Tribe's property management services across the Greater Vancouver region of British Columbia.
"This latest acquisition will serve to further fulfill our strategy of acquiring properties in strategic locations within strong markets through the digitization of this traditional space," said Joseph Nakhla, CEO of Tribe in a statement.
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"We would like to welcome these communities into the Tribe family and look forward to bringing our technology-enabled service delivery model to support their management," he added.
Notable aspects of the acquisition are the expansion of Tribe's management of strata communities, adding over 2,043 additional units to its portfolio, including 886 units under construction.
To acquire this portfolio, Tribe has agreed to pay WPM up to $375,000, as follows:
- $200,000 paid at closing;
- two tranches of $37,500 each tranche payable in common shares of Tribe, with no greater than a total of 62,500 common share of Tribe to be issued at a deemed issue price no less than $1.20 per common share, upon the succession engagement of two additional properties, and;
- $100,000 to be paid on February 5, 2024.
Tribe is a property technology company that is disrupting the traditional property management industry. As a rapidly growing tech-forward property management company, Tribe's integrated service-technology delivery model serves the needs of a much wider variety of stakeholders than traditional service providers.
The company seeks to acquire highly accretive targets in the fragmented North American property management industry and transform these businesses through streamlining and digitization of operations. Tribe's platform decreases customer acquisition costs, increases retention, and allows for the addition of value-added products and services through the platform.
Contact the author at jon.hopkins@proactiveinvestors.com