By Adriano MarcheseNexLiving Communities has agreed to acquire a portfolio of multi-family assets in Ontario and Quebec from property developer Devcore Group and related entities with an appraised value of 224 million Canadian dollars ($166.8 million). The Canadian real estate company, which focuses on multi-residential properties, said the portfolio consists of 16 properties and 991 units with revenue of C$13.1 million for the 12 months ended Sept. 30. NexLiving said the portfolio has an appraised value of C$224 million as of October, and that it will make the acquisition in exchange for share consideration as well as the assumption of existing mortgages. The new addition will increase NexLiving's portfolio by about 85% to 2,157 units and provide the company with added geographic diversification, it said. Write to Adriano Marchese at adriano.marchese@wsj.com

Source: Wall Street Journal January 22, 2024 14:47 UTC