Tribe Property Technologies Inc. (TSX-V:TRBE) said it has agreed to acquire a portfolio of strata property management assets from Martello Property Services Inc.
The acquisition expands Tribe's management of strata buildings in the Greater Vancouver area, adding over 1,500 additional units to its portfolio.
"We are pleased to welcome this Martello portfolio into our fold and look forward to bringing our tech-enabled service delivery model to support the management of these homes," said Joseph Nakhla, CEO of Tribe, in a statement.
READ: Tribe Property Technologies completes previously announced acquisition of Southview Property Management
"This acquisition supports the continuous growth of our service delivery in the Vancouver region, expanding our revenue streams, while bringing efficiencies through the digitization of these communities," he added.
To acquire the portfolio, Tribe agreed to pay Martello up to $720,000, payable as follows:
- $475,000 payable on the closing date;
- $75,000 payable on the date that is thirteen (13) months after the closing date; and
- Up to $170,000 payable upon the future delivery of property management contracts related to buildings that are currently under development.
The transaction is expected to close on or around July 31, 2022, subject to satisfaction of customary closing conditions and documentation.
Tribe is a property technology company that is disrupting the traditional property management industry. It 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