Tribe Property Technologies Closes on Previously Announced Acquisition of Rental Management Assets from NAI Commercial Okanagan
Vancouver, BC – Tribe Property Technologies (TSXV: TRBE)(OTCQB US: TRPTF) (Frankfurt Stock Exchange: 7HZ) (“Tribe” or the “Company”) is pleased to announce it has completed its previously announced acquisition of a portfolio of rental and commercial property management assets from NAI Commercial Okanagan, strengthening Tribe’s property management services in the Interior region of British Columbia.
“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. 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,” said Joseph Nakhla, CEO of Tribe.
Notable aspects of the acquisition are the expansion of Tribe’s management of single unit rentals (commonly vacation rentals or single unit investment properties), rental-purpose apartment buildings, and commercial buildings in BC’s Okanagan.
In exchange for the assets, total consideration for this transaction was $250,000, as follows:
- $150,000 paid on closing;
- 12,977 common shares of the Company ($50,000 of consideration); and
- $50,000 payable on the date that is 90 days following the closing date subject to certain adjustments based on revenue and customer contracts.
The Shares have been issued pursuant to an exemption from the prospectus requirement under applicable securities laws. The Shares are subject to a four month and a day hold period expiring March 6, 2022.
As previously mentioned, NAI Commercial Okanagan principal Mr. Tony Parmar joins Tribe as a senior member of our Okanagan team.
About Tribe Property Technologies:
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. Visit tribetech.com for more information.
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