November 14, 2016 08:00 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 14, 2016) - Aydon Income Properties Inc. (Aydon) (CSE:AYD) has signed a non-binding Letter of Intent to enter into a strategic partnership with a well-capitalized Asian based Real Estate Development Company for the acquisition of a certain portfolio of multi-family residential rental properties valued at over $34 million.
The parties may form a joint venture (the "Joint Venture") in the form of a limited liability company or a limited partnership for the purpose of acquiring and holding certain income producing multi-family apartment properties located in Washington State. The Joint Venture partners also intend to establish a property management company for the purpose of managing the day-to-day operations of the real estate portfolio.
David Jackson, Aydon's CEO states: "We are excited to be associated with such a professional and well capitalized partner and we look forward to the execution of definitive agreements for the proposed property acquisitions and the proposed property management company." "We are also pleased to have NAI Interactive as our interface with Asia, which will ensure efficiencies in administration and communications between the parties."
Aydon Income Properties Inc. is a Real Estate Investment Company acquiring income producing real estate assets in select areas of the United States and Canada.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD
Vid Wadhwani, Director
Statements in this release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company's control.
Aydon Income Properties Inc.email@example.com
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