Merger with NexLiving Communities

Merger with NexLiving Communities

📢 Merger with NexLiving Communities! 🏠

We are delighted to announce that we have reached an agreement with NexLiving to sell part of our portfolio of multifamily assets in Eastern Ontario and Quebec, a transaction comprising 16 properties and 991 units.

This transaction will double the size of NexLiving’s portfolio to 2,157 units, offering immediate scale and diversification, as well as a substantial improvement in free cash flow. Devcore has an estimated asset value of $225 million. Long-time Jean-Pierre partner Jeff York will serve as Chairman of the NexLiving Board of Directors.

Our tenants and suppliers can expect little change in the day-to-day operations of the properties.

This is the second major transaction in the last six months. Devcore is also pleased to be co-owner of the Ottawa Senators by Le Groupe Gatineau-Ottawa in partnership with Michael Andlauer.

A word from the President

“By joining forces with NexLiving, we gain privileged access to the fast-growing Maritime market, as well as to numerous channels facilitating future expansion,” says Jean-Pierre Poulin, president and founder of Groupe Devcore.