Business
Parkit Completes Acquisition of 5610 Finch Ave East
Toronto, Ontario--(Newsfile Corp. - March 15, 2021) - PARKIT ENTERPRISE INC. (TSXV: PKT) (OTC...
About this update from Parkit Enterprise Inc.
[{"type":"text","content":"Parkit Completes Acquisition of 5610 Finch Ave EastToronto, Ontario--(Newsfile Corp. - March 15, 2021) - PARKIT ENTERPRISE INC. (TSXV: PKT) (OTC: PKTEF) (\"Parkit\" or the \"Company\") is pleased to announce that it has completed the previously announced acquisition of 5610 Finch Ave East (the \"Property\"), for an aggregate purchase price of $12,250,000 plus customary closing costs. The purchase was funded with cash on hand. Property and ExpansionThe Property complements Parkit's existing platform as it neighbors the Company's 5600 Finch Ave East property. Parkit now owns the adjacent Class A industrial property totaling 54,853 square feet of rentable space on 5.5 acres of land. The Company plans to expand the Property by approximately 62,000 square feet of rentable industrial space. Upon completion of the planned expansion, the Company will own over 245,000 square feet of industrial space on over 11.6 acres of land on the combined 5600 and 5610 Finch Ave East properties.Steven Scott, the Chair of Parkit, states, \"The acquisition is a natural purchase for Parkit as it not only supports the Company's strategy of acquiring high-quality industrial properties in the Greater Toronto Area but provides for a valuable expansion opportunity and optionality in the future.\"About PARKITParkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (\"GTA+\"), Ottawa and Montreal, to complement its parking assets across the United States.For further information: please contact Mr. Steven Scott: Investor Relations, Contact Number: 604-424-8700, Email: [email protected] 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.Forward-Looking Information: This press release contains \"forward-looking information\" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as \"plans\", \"expects\" or \"does not expect\", \"pro...