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Parkit announces completion of 15% IRR hurdle within the OP Holdings JV LLC
Parkit announces completion of 15% IRR hurdle within the OP Holdings JV LLC Canada...
About this update from Parkit Enterprise Inc.
[{"type":"text","content":"\n\n\n\nParkit announces completion of 15% IRR hurdle within the OP Holdings JV LLC\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Oct. 19, 2018\n\n\n\nVANCOUVER, Oct. 19, 2018 /CNW/ - Parkit Enterprise Inc. (\"Parkit\" or the \"Company\") (TSXV: PKT; OTCQX: PKTEF) is extremely pleased to announce it has reached its 15% IRR target owed to the Managing Member of the OP Holdings JV LLC (the \"Joint Venture\").  This occurred due to the sale of Expresso Airport Parking (the \"Sale\").  Due to the fulfillment of this 15% IRR hurdle, cash flows from future sales and refinances within the Joint Venture will flow to PAVe, an entity in which Parkit has an 82.43% interest, until PAVe has received a 15% IRR.  PAVe is a 29.45% equity member of OP Holdings JV LLC.  For more information on the Joint Venture and the priority of future payments, please refer to the OP Holdings JV LLC, posted to SEDAR on April 23, 2018.  \n\n \n \n\n \nFurthermore, as a result of the Sale, Parkit has received sale proceeds of US$245,025.38, representing the amount owed to Parkit over and above the Joint Venture 15% IRR Hurdle.    \n\"This is a major development in Parkit's history.  For the first time since entering into the Joint Venture in 2015, Parkit will be the beneficiary of asset sales and refinances that occur within the Joint Venture.  From now on, proceeds from sales or refinances of the four assets within the Joint Venture will flow to PAVe, an entity in which Parkit holds an 82.43% interest,\" stated David Delaney, Parkit's Executive Chairman.\nParkit would like to congratulate its shareholders as well as its partners, Och-Ziff Real Estate and Propark America, on the completion of this milestone. \nFor further information on the Company please see the Company's financial statements and related management's discussion and analysis for the year ended October 31, 2017 and the nine month period ended July 31, 2018 available under the Company's profile on www.sedar.com. \nAbout PARKIT\nParkit Enterprise Inc. is ...