Business
Parkit Completes Acquisition of $90.3 Million Portfolio of 10 Industrial Assets in Winnipeg and Saskatchewan
Toronto, Ontario--(Newsfile Corp. - March 20, 2023) - Parkit Enterprise Inc.  (TSXV: PKT)&...
About this update from Parkit Enterprise Inc.
[{"type":"text","content":"Parkit Completes Acquisition of $90.3 Million Portfolio of 10 Industrial Assets in Winnipeg and SaskatchewanToronto, Ontario--(Newsfile Corp. - March 20, 2023) - Parkit Enterprise Inc. (TSXV: PKT) (\"Parkit\") is pleased to announce that, further to its January 16th, 2023 news release, it has completed the acquisition of a portfolio of 10 industrial properties located in Winnipeg and Saskatchewan (the \"Portfolio\"), from an arm's length vendor (the \"Vendor\") for an aggregate purchase price of $90,250,000, subject to customary adjustments (the \"Acquisition\").PortfolioThe Portfolio includes 6 properties in Winnipeg, Manitoba, and 4 properties in Saskatchewan. The Portfolio consists of approximately 800,000 square feet on 55 acres with a mix of single-tenant and multi-tenant buildings with average clear heights of 24 feet.Purchase Price and PaymentThe purchase price for the Acquisition is $90,250,000, subject to customary adjustments, and was paid with first mortgage financing and funds on hand.Iqbal Khan, CEO of Parkit, states, \"These acquisitions provide significant in-place cash flows, strong potential rental growth and the opportunity to expand into new key industrial markets that we have identified as very stable with excellent upside.\"About Parkit Enterprise Inc.Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, to complement its parking assets across the United States. Parkit's Common Shares are listed on TSX-V (Symbol: PKT).For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott: Investor RelationsContact Number: 1-888-627-9881Email: [email protected] 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 news 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. In particular, this news release contains forward-looking information in relation to: the potential effect on Parkit of the completion of t...