Tribe Property Technologies Inc. (TSX-V:TRBE) said it has agreed to acquire a portfolio of strata property management assets from Warrington PCI Management (WPM), continuing to grow its property management services across the Greater Vancouver region of British Columbia.
"We are pleased to welcome WPM's strata portfolio into our fold, including two large developments currently under construction, and we 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.
"This acquisition supports the continuous growth of our service delivery and bridges a relationship with WPM, whereby we can offer our property management services to future residential strata projects in BC," he added.
READ: Tribe Property Technologies launches community-living digital marketplace on its Tribe Home platform
The acquisition expands Tribe's management of strata buildings in the Greater Vancouver area, adding over 2,131 additional units to its portfolio, including 886 currently under construction.
As consideration Tribe has agreed to pay WPM up to $375,000, payable as follows:
- $250,000 payable on the closing date;
- Two tranches of $37,500, each tranche payable in common shares of Tribe, upon the successful engagement of two additional properties, and
- $50,000 payable upon the date that is one-month after the first anniversary of the closing date, subject to adjustment.
The closing date for the acquisition is expected to occur in early December 2022, subject to receipt of TSX Venture Exchange approval and satisfaction of customary closing conditions and documentation.
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.
Tribe 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