Tribe Property Technologies Closes Acquisition of Ace Agencies, Tripling Its Single-Unit Rental Portfolio
Tribe has completed the acquisition of Ace Agencies Ltd. (" Ace Agencies"), a residential single-unit rental property management firm based in Abbotsford, BC . Ace Agencies generated over $1.4 million in unaudited revenue in 2024, with positive EBITDA¹.
The acquisition strengthens Tribe's single-unit rental portfolio, enhancing its service offerings for property owners in the Fraser Valley and Greater Vancouver regions of British Columbia .
VANCOUVER, BC , June 9, 2025 /CNW/ - Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB: TRPTF) (" Tribe" or the " Company"), a leading provider of technology-elevated property management solutions, is pleased to announce that through its wholly-owned subsidiary Tribe Management Inc. (" Tribe Management"), it has closed the previously announced acquisition of Ace Agencies (the " Acquisition"), a residential single unit rental property management firm based in Abbotsford, British Columbia .
, CEO of Tribe, commented, "We are thrilled to officially welcome the Ace Agencies team to Tribe. This strategic acquisition expands our offering for owners of single-family homes and investment properties, helping us meet growing demand in a market that continues to evolve. We're excited to partner with a company that shares similar values of innovation and modernizing a traditional industry. Ace Agencies' Jason Bugra was looking for a partner in which he could continue to grow his company; leveraging the Tribe network to expand beyond Greater Vancouver and the Fraser Valley."
Ace Agencies achieved consolidated unaudited revenue of over $1.4 million in 2024, with positive EBITDA 1 margin in the 10-15% range. Tribe manages over 50,000 homes across Canada , solidifying its position as one of the country's leading providers of tech-enabled property management solutions.
Transaction details
The Acquisition, completed through Tribe's wholly owned subsidiary Tribe Management, was carried out via a share purchase agreement dated May 23, 2025 . The total purchase price of $1,457,692 is payable entirely in common shares of Tribe, with no impact on the Company's cash position, as follows:
$1,057,692 common shares in the capital of the Company (each, a " Share") at an issue price of $0.55 per Share; and
Up to $400,000 upon the date that is one-month after the first anniversary of the closing date, June 6, 2025 , payable in Shares at an issue price equal to the 20-day weighted average closing market price prior to issuance, but not less than $0.41 , subject to adjustment based on the performance of the Acquisition.
The vendors and Ace Agencies are at arm's length from Tribe. No finder's fees are payable in connection with the Acquisition.
Footnote:
Earnings before interest, taxes, depreciation and amortization (" EBITDA") is a non-IFRS measure. EBITDA should not be construed as an alternative to net income/loss determined in accordance with International Financial Reporting Standards (" IFRS"). EBITDA does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company believes that EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives.
About Ace Agencies
Founded in 1969, Ace Agencies has been a trusted name in theAbbotsfordcommunity for over 50 years. Specializing in residential single-family home management, Ace Agencies has earned a reputation for reliability and client-focused service across the Fraser Valley. Ace Agencies currently manages a diverse portfolio of approximately 900 residential units. For more information, visit abbotsfordpropertymgmt.ca .
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.
Tribe Property Technologies Inc.
"Joseph Nakhla"
Chief Executive Officer
Cautionary Statement on Forward-Looking Information
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 accuracy of this release.
This news release contains forward-looking information within the meaning of applicable Canadian securities laws regarding the Company and its business. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking information. Forward-looking information in this news release may relate to statements with respect to the aims and goals of the Company; results of the Acquisition; financial projections; growth plans including future prospective consolidation in the property management sector; future acquisitions by the Company; beliefs of the Company with respect to the independent owner-investors market; prospective benefits of the Company's platform; and other factors or information. Such information represents the Company's current views with respect to future events and are necessarily based upon several assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, and social risks, contingencies, and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking information. Readers should not place undue reliance on forward-looking information. The Company does not intend, and does not assume any obligation, to update forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
National Post
22 minutes ago
- National Post
Patron Capital Secures Major Investment From Mitsubishi Estate to Accelerate European Growth and Expand Into New Subsectors
Article content LONDON — Patron Capital ('Patron'), the pan-European institutional investor focused on property-backed investments, has secured a major investment from Mitsubishi Estate Co., Ltd. ('MEC'), through its Mitsubishi Estate Global Partners ('MEGP') investment management business. MEGP is purchasing a majority stake in Patron, as well as providing €600 million in the form of equity commitments to Patron's funds and financing for new subsector strategies including real estate credit. Article content In Patron's most recent fund launched in 2024, approximately 11% of the €964 million of capital raised came from Canadian investors, including pension funds, endowments, foundations and family offices. Article content The transaction, which is subject to regulatory consents, is part of a long-term strategic growth plan for Patron, providing new institutional backing and positioning the business positively for sustainable growth well into the future. Keith Breslauer, Patron's founder and managing director, and the team of senior partners will continue to manage Patron's operations and lead the business for the long term, retaining a significant minority equity stake. Article content As well as new capital for growth, MEC's investment will provide Patron with access to a broader pool of investors through MEGP and support the expansion of Patron's fund and product offerings while continuing to nurture its entrepreneurial culture. Patron is targeting strategic growth areas across private European real estate markets, including in the opportunistic investing space, where it has a 26-year track record, as well as across multiple new subsectors and asset classes where recent market adjustments and structural macroeconomic trends are presenting compelling new long-term risk-adjusted opportunities. Patron's experienced senior management team and operational expertise, combined with MEC's support, enable Patron to identify and deliver on these opportunities. Article content For example, Patron recently announced the launch of its real estate credit business, as elevated interest rates and constrained traditional lenders have created a need for private lenders with real estate expertise to fill funding gaps facing borrowers. Article content MEGP also sees attractive long-term investment opportunities across Europe's private real estate markets and has identified Patron as an ideal partner to offer investors access to these, recognising the longevity of Patron's senior team and its exceptional track record of consistently delivering top-quartile double-digit returns across its flagship Western European opportunistic strategy. Article content Patron works with many of the world's leading pension funds, endowments, foundations and family offices. MEC is one of Japan's largest, listed real estate developers with a market capitalisation of $23.06 billion USD (€20.22 billion EUR) as of 06 June 2025. MEC is strategically growing its MEGP real estate investment management business globally, including through its subsidiary platforms in the United States, Europe, Japan and Asia-Pacific. Both firms have an agile, entrepreneurial approach and aim to deliver social benefits alongside exceptional returns. Article content Keith Breslauer, Managing Partner and Founder of Patron Capital, said: Article content 'In the 25 years since Patron was founded, we have worked successfully through many cycles, building a high-calibre team across Europe and using our deep relationships and skillset to access opportunities and drive market-leading returns. This significant investment from MEC, particularly as a leading property investor and developer, is a strong endorsement of our success and is the next step in our predefined growth plan to take the business to the next level and position it for sustainable, long-term growth. Article content 'MEC has an exceptional history spanning over 130 years as a real estate developer and investor with a long-term strategic vision, goals and objectives that are aligned with ours in every way. From a focus on social impact and serving communities, to supporting people to create an entrepreneurial culture, and responding quickly to changing investment contexts, these are two organisations with shared values and proven longevity that have been built on the same approach. We are excited to work with MEC following this investment that will accelerate our growth and deliver significant benefits to our staff and investors.' Article content Patron's current and previous funds opportunistically target distressed and undervalued investments, directly or indirectly related to property, across Western Europe. Article content In 2024, it closed its seventh flagship fund, Patron Capital, L.P. VII ('Fund VII'), raising in excess of €970 million during a period of declining real estate private equity fundraising, with a high proportion of capital coming in the form of re-ups from Patron's longstanding investors. Article content About Patron Capital Partners Article content Patron represents approximately €5.3 billion of capital raised across several funds and related co-investments, investing in property, corporate operating entities whose value is primarily supported by property assets and distressed debt and credit related businesses. Article content Since it was established in 1999, Patron has undertaken more than 200 transactions across 114 investments and programs involving over 9 million square metres in 17 countries, with many of these investments realised. Article content Investors represent a variety of sovereign wealth funds, prominent universities, major institutions and private foundations located throughout North America, Europe, Asia and the Middle East. The main investment adviser to the funds is Patron Capital Advisers LLP, which is based in London, and Patron has other offices across Europe including Barcelona and Luxembourg; the group is comprised of 63 people, including a 40-person investment team. Article content Article content Article content Article content Article content Article content
Globe and Mail
4 hours ago
- Globe and Mail
BC Ferries says state-owned Chinese builder clear choice for new vessels despite trade war
BC Ferries is buying four massive ferries from a Chinese state-owned shipyard to run routes to and from Vancouver Island, saying that bidder was the clear choice despite China being locked in a trade war with Canada. The publicly owned ferry operator announced this week that China Merchants Industry Weihai Shipyards had won the right to build these vessels and that no Canadian companies stepped up, mostly because they are too busy fulfilling federal military contracts. BC Ferries – one of the largest and most complex ferry systems in the world – would not disclose the value of the shipbuilding contract, stating the need to protect its ability negotiate on future deals to build three more boats in the coming decade. British Columbia's Transportation Minister Mike Farnworth was disappointed the contract bypassed local shipyards, but acknowledged BC Ferries 'made a business decision.' Still, he called on BC Ferries to be transparent about the costs of the overhaul of its aging fleet, but noted he had no power to compel the company, since it was privatized 20 years ago. The company has one single voting share held by the B.C. Ferry Authority, which is owned by the province. 'At the end of the day, people will want to know how much you're spending and that would be regardless of where they were built, whether they're built here or whether they were built elsewhere,' Mr. Farnworth said in an interview Wednesday. 'So I expect that will come up.' An aging fleet, growing demand, spiralling costs: Rough seas for BC Ferries When The Globe and Mail reported earlier this year on BC Ferries applying to its provincial regulator to approve its bid for five new vessels, officials confirmed those ships would total more than $1-billion. The regulator ultimately approved only four of the five ships being built and BC Ferries CEO Nicolas Jimenez said this week the new contract fits within its approved budget. Mr. Jimenez also said the current bilateral tensions played no role in the shipbuilding decision, adding his primary focus was getting the province a good deal. 'Customers expect us to go source the best possible deal, the highest quality, a yard that provides safety, a yard that provides the highest in standards when it comes to oversight and labour, and to get the best cost,' he said at a news conference Tuesday. 'When it comes to things like trade policy, industrial policy, geopolitics, we would really defer that to the federal and provincial governments and expect them to manage and work those issues.' BC Ferries has said its fleet is already running at capacity at peak travel times, and with population growth, the service is only going to get worse for users, including for commercial traffic that is integral to the province's supply chains. It said Weihai Shipyards has built vessels for Canada's Marine Atlantic ferry company and other operators such as Corsica Linea and Brittany Ferries of France. Mr. Jimenez added China's tariffs don't affect the import of these types of ships into Canada. Bruce Williams, CEO of the Greater Victoria Chamber of Commerce, said BC Ferries did its due diligence during its years-long procurement process. BC Ferries pushes for swift approval of $1-billion shipbuilding contract amid tariff threats Mr. Farnworth said he had no national security concerns with a state-owned Chinese shipyard constructing these vessels and noted Ottawa recently committed to high-level talks with China to thaw the trade dispute. B.C.'s and Canada's second largest international trading partners are both China, yet B.C. Premier David Eby's recent 10-day trade mission included Japan, South Korea and Malaysia while excluding Asia's biggest economy. The Opposition B.C. Conservatives have called on Mr. Eby's government to cancel the contract that was announced on Tuesday, while accusing him of abandoning Canadian workers. When the request for proposals was issued last fall, B.C. shipbuilder Seaspan said in a statement that 'Canadian shipyards and their supply chains cannot compete with low-wage countries that have lower employment standards, lower environmental standards and lower safety standards than Canada and B.C.' Seaspan said in a statement Tuesday that it was currently building ships for the Royal Canadian Navy and the Canadian Coast Guard at its North Vancouver shipyard. The B.C. Federation of Labour, which represents roughly half a million union members in the province, issued a strong rebuke of a contract it labelled a 'colossal mistake.' 'According to media reports, BC Ferries defended itself by saying 60% of major ships in the world are built in China,' the organization posted on social media. 'Wrong-headed decisions like this are the reason why.' With a report from The Canadian Press
CTV News
4 hours ago
- CTV News
Business is bleak: Urgent calls to resuscitate downtown Victoria
The annual report from the Downtown Vancouver Business Association is calling for urgent action from all three levels of government. Loading the player instance is taking more time than usual Loading the player instance is taking more time than usual It's not pretty, but it's predictable. The Downtown Victoria Business Association's annual report is highlighting myriad issues in the core of B.C.'s capital city, finding hundreds of business owners are interested in setting up shop elsewhere. Of the 627 business owners who responded to a DVBA survey, roughly 300 – or 48 per cent of respondents – said they'd consider closing if they weren't tied to a lease. 'Businesses are in a difficult situation and are no longer able to wait for long-term solutions,' DVBA executive director Jeff Bray said during a press conference on Wednesday. 'This really serves as a wake-up call for all three levels of government to take immediate action.' The challenges raised in the annual report are crime, homelessness, and parking. That won't come as a surprise to many, as downtown businesses have been flagging those issues for years. Oh Sugar, a candy shop on lower Johnson Street, is one of the businesses considering bidding downtown adieu. 'Post-pandemic, we've noticed a lot more… street disorder, crime, mental health issues,' Oh Sugar co-owner Keith Johnson said. 'It doesn't necessarily make financial sense to keep operating in the downtown core with just so much activity happening that's in a negative perspective.' When it comes to cash, about 39 per cent of DVBA survey respondents reported a decline in their net profits. Roughly 27 per cent of respondents saw an improved economic performance and 21 per cent had no change. Possible solutions in the works The DVBA wants the province to provide immediate access to addictions and mental health treatment, potentially using portable trailers as temporary service spaces. 'Get on with not only saving our downtowns but saving lives and providing humane care for people who are clearly struggling on our streets,' Bray said. B.C.'s Health Ministry said it's working urgently to expand mental health and addictions care. The DVBA is advocating for involuntary care for those who are extremely sick, which the province announced it was expanding last fall. It has opened 10 involuntary care beds at the Surrey Pretrial Services Centre and another 18 at Alouette Homes, a mental health facility in Maple Ridge. Also on the DVBA's wish list: increased funding for the justice system. '(A) small number of people (are) committing the majority of the crimes. If they were actually held in custody, you would see an immediate reduction in crime,' Bray said. Last month, the province launched a public safety program aimed at reducing robbery, shoplifting, vandalism, and other non-violent street crimes in high-traffic business areas. The province also noted it has increased the budget for the B.C. Prosecution Service and has funnelled money toward court service enhancements. As for the city's part in all of this, the DVBA is asking for an increased police presence downtown. It also wants to see sidewalk bylaws enforced more strictly, preventing people from camping along city streets. Victoria's mayor said the city is launching a community safety plan soon, which will address both of those concerns. 'I'm not particularly surprised and I'm actually pleased to see that we're sort of harmonious on the fact that we do want to have additional policing,' Marianne Alto said. 'Although I'm not at liberty to go into the details of it yet, you would not be surprised to see some similar concepts in the community safety plan when it's finally released.' The bright side Eleven per cent of downtown storefronts are vacant, up from about 3 per cent in 2019, the DVBA says. That doesn't mean downtown is without new additions. The owners of the Little Plant Shop moved their business from Edmonton to downtown Victoria a year-and-a-half ago. 'We're still building our following here, so we've been making money, but we could definitely be busier. Now that the locals are discovering us, it's picking up,' co-owner Eric Gibson told CTV Vancouver Island. He and his partner were drawn to the core because they wanted to be surrounded by local shops and take advantage of foot traffic. Much of that traffic comes from tourists – an industry that's been thriving in recent months. Depending on the day, Gibson sees between 20 to 200 customers come into the store on Johnson and Broad Street. 'If there were more free parking days, I think we would see more local traffic,' he said. Still, he's optimistic about the future of the business. 'There is a lot of support so far. I think everybody here… loves plants and we have a lot of unusual plants and our expertise kind of sets us apart from the other shops,' he said.
