NexLiving Communities to acquire a portfolio of multi-family real estate assets from Devcore Group for $224m.

NexLiving Communities, a real estate company, agreed to acquire a portfolio of multi-family real estate assets from Devcore Group, a real estate builders & construction company, for $224m. "We are excited to announce this transformational combination and welcome Devcore as long-term partners. This acquisition immediately adds scale to the business, almost doubling the Company's portfolio size, meaningfully reduces our G&A as a percentage of NOI, and yields significant accretion to FFO per share. We intend to use the significant free cash generation of the combined business to continue our successful high-growth, secondary market strategy and to de-lever the balance sheet over time. The commitment from a successful multi-family group like Devcore to take 100% of the Transaction consideration entirely in NexLiving shares, speaks to their confidence in the NexLiving portfolio and our free cash flow strategy. We are excited to execute on our shared vision to become a leader in Canada's high-growth secondary markets," Stavro Stathonikos, NexLiving Communities President & CEO.