Urbanfund Corp. Announces Acquisition of 50% Interest in Brampton Industrial Complex

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| Source: Urbanfund Corp.

TORONTO, Nov. 10, 2017 (GLOBE NEWSWIRE) -- Mitchell Cohen, President and Chief Executive Officer of Urbanfund Corp. (TSX Venture:UFC) (“Urbanfund” or, the “Company”), announced today that, further to its press release dated October 10, 2017, together with its joint venture partner, Takol Real Estate Inc. (“Takol”), it acquired an industrial complexlocated at 4 Alfred Kuehne Blvd. in Brampton, Ontario. 

The complex is comprised of one industrial building located near the intersection of Steeles Avenue East and Dixie Road, aggregating 46,790 square feet, and was acquired for a purchase price of $4.7 million (subject to customary closing adjustments). The property has 12 units and is currently 81% occupied.

The Company will hold an undivided 50% interest in the property, as will its joint venture partner, Takol. Each party invested $1.8 million (inclusive of purchase price deposits). A large Canadian financial institution provided mortgage financing in the amount of $3.1 million, with a 2-year term and a fixed 5.5% interest rate, to satisfy the balance of the purchase price and the anticipated funds required to renovate the property. Takol was engaged as property and development manager.

“We are very pleased about the acquisition of this industrial property in Brampton”, noted Mitchell Cohen. “We look forward to once again working with Takol Real Estate Inc. to  renovate and sell industrial units, which is proving to be an area of growth in the marketplace.”

ABOUT URBANFUND CORP.

Urbanfund Corp. is a Toronto-based real estate development and operating company. Urbanfund’s focus is to identify, evaluate and invest in real estate or real estate related projects. The Company’s assets are located in Belleville, Brampton, Kitchener, London and Toronto, Ontario, Quebec City and Montreal, Quebec, and Dartmouth, Nova Scotia. The Company’s strategy going forward remains committed to seek accretive real estate or real estate-related opportunities.

ABOUT TAKOL REAL ESTATE INC.

Takol is a Canadian private equity company specializing in commercial real estate investment, development and re-development with national market expertise. The company is currently working on other opportunities in Toronto and Ottawa, Ontario and Winnipeg, Manitoba.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements, which reflect Management's expectations regarding the Company's growth, results of operations, performance and business
prospects and opportunities. Statements about the acquisition, renovation, condominium conversion, and sale, of 4 Alfred Kuehne Blvd. in Brampton, Ontario constitute forward-looking statements. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management's current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: general economic and market segment conditions, interest rates, costs outside of the Company's control such as Real Estate Taxes and utilities, the ability of tenants to satisfy their contractual rent obligations and any unforeseen repair, maintenance or replacement of the Company's assets. More detailed assessment of the risks that could cause actual results to materially differ than current expectations is contained in the "Risks and Uncertainties" section of the Company's most recent Management's Discussion and Analysis.

For further information please contact:
Urbanfund Corp.
Mitchell Cohen 
President & CEO

(416) 703-1877x1025 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this release.