Tribe Property Technologies Inc said it has completed its previously announced acquisition of a portfolio of rental and commercial property management assets from NAI Commercial Okanagan.
The property tech group said the deal strengthens its property management services in the interior region of British Columbia, expanding its management of single-unit rentals, rental-purpose apartment buildings, and commercial buildings in BC's Okanagan.
"This latest acquisition is a continuation of Tribe's activities to identify great accretive assets that expand our footprint and digital services in under-served markets,” CEO Joseph Nakhla said in a statement. “We are pleased to welcome this portfolio into our fold and look forward to bringing our tech-enabled service delivery model to these investment assets and commercial properties.”
Tribe Property Technologies partners with credit risk management firm Pensio Global to deliver unique products for both landlords and tenants
In exchange for the assets, Tribe has agreed to pay NAI Commercial Okanagan $250,000, with $150,000 payable on the closing date, $50,000 in common shares of Tribe, and the remaining $50,000 due 90 days following the closing date subject to certain adjustments based on revenue and customer contracts.
As previously announced, Tribe said NAI Commercial Okanagan principal, Tony Parmar, joins the company as a senior member of the Okanagan team.
Tribe manages approximately 40,000 homes made up of more than 100,000 residents.
The company's proprietary community management software, Tribe Home, is integrated into every community with its ability to connect, inform, educate, and protect through the digitization and simplification of residential community living.
Contact the author at stephen.gunnion@proactiveinvestors.com