TORONTO, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Mitchell Cohen, President and Chief Executive Officer of Urbanfund Corp. (TSX Venture: "UFC") ("Urbanfund" or, the "Company"), announced today that Urbanfund formed a joint venture, which acquired an industrial complex located at 67-69 Westmore Drive in Etobicoke, Ontario near the intersection of Highway 27 and Finch Avenue West. The joint venture intends to renovate, change to condominium title and sell units in the complex.

The complex is comprised of two industrial buildings, aggregating 99,000 square feet, and was acquired for a purchase price of $24.0 million, subject to customary adjustments. The property has 18 units and is currently 100% occupied.

The Company will hold a 40% interest and its joint venture partners, Takol Real Estate Inc. and a private real estate investor, will hold the remainder. The Company invested $3.12 million and the other partners invested $4.68 million in the aggregate (inclusive of purchase price deposits) with the remainder of the purchase price and funds to renovate the property provided by a financial institution at a current rate of 3.70% per annum.

"We are very excited to be once working with Takol," noted Mitchell Cohen. "The template that we have developed for renovating and selling industrial units primarily to users, is gaining traction in the marketplace. We are pleased to once again be part of this opportunity especially as the industrial asset class continues to get stronger."

The existing rent roll allows for the renovation and turnover of units into condominiums while still collecting rental revenue from the tenants whose leases have term left.  The purchase, which equates to approximately $312 per square foot while sales are expected to be in the range of $360 per square foot. Completion of the project is projected to take approximately 30 months.

ABOUT URBANFUND CORP.

Urbanfund is a Toronto-based real estate development and operating company listed on the TSX Venture Exchange ("TSX-V") under the symbol UFC. The Company is a reporting issuer in Alberta, British Columbia and Ontario.

The Company's focus is to identify, evaluate and invest in real estate or real estate related projects. The Company's assets are located in Toronto, Belleville, Kitchener, London, and Brampton Ontario and in Montreal and Quebec City, Quebec and Dartmouth, Nova Scotia.

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 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 the complex in Etobicoke, 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 from current expectations is contained in the ‎‎"Risks and Uncertainties" section of the Company's most recent Management's Discussion and Analysis dated November 25, 2021.‎

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

(416) 703-1877 x2025

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.