Business
Parkit Announces Acquisition of $24,500,000 Ottawa Property and Change in Management
Toronto, Ontario--(Newsfile Corp. - June 28, 2021) - Parkit Enterprise Inc. (TSXV: PKT) (OTC: ...
About this update from Parkit Enterprise Inc.
[{"type":"text","content":"Parkit Announces Acquisition of $24,500,000 Ottawa Property and Change in ManagementToronto, Ontario--(Newsfile Corp. - June 28, 2021) - Parkit Enterprise Inc. (TSXV: PKT) (OTC: PKTEF) (\"Parkit\" or the \"Company\") is pleased to announce the purchase of an Ottawa property and a change in management.Acquisition of Ottawa Property Parkit has entered into an asset purchase agreement, with a private company, pursuant to which Parkit has agreed to acquire 415 Legget Drive, Ottawa, Ontario (the \"Property\") for an aggregate purchase price of $24,500,000, subject to customary adjustments (the \"Acquisition\"). The Acquisition is an arm's length transaction. It is anticipated that the Acquisition will be completed on or before July 10, 2021. The Property is currently 200,000 square feet of flex and industrial space on approximately 18 acres of land. Along with repositioning the property to take advantage of industrial demand, the Company will look to expand the Property by adding at least 150,000 additional square feet of industrial space (the \"Expansion\"). Steven Scott, the Chair of Parkit, states, \"The Acquisition adds another urban industrial property in the growing Ottawa market. The Property provides a valuable expansion opportunity and optionality in the future.\"Purchase Price and Payment The purchase of the Property for $24,500,000, subject to standard adjustments, will be satisfied through funds on hand. Conditions Precedent to the AcquisitionThe closing of the Acquisition is subject to certain customary closing conditions.Change in ManagementParkit is also pleased to announce that Iqbal Khan has been named as Chief Executive Officer of Parkit and Carey Chow has been named as Co-CFO of Parkit, effective immediately. Mr. Khan has over 20 years of senior management experience, including as CFO and Director of StorageVault Canada Inc. (\"StorageVault\"), CFO and Principal of the Access Group (\"Access\"), both of which he will continue, and was the prior President of RecordXpress, a records management business. At StorageVault and Access he focuses on the acquisition, financing, management and development of storage, industrial, multi-residential and commercial real estate in Canada. Mr. Khan has a chartered professional accounting designation (CPA, CA).Mr. Chow has more than 20 years of senior management experience, includi...