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Parkit Completes Acquisition of Neighbouring Industrial Property in Toronto, Ontario
Toronto, Ontario--(Newsfile Corp. - October 14, 2021) - PARKIT ENTERPRISE INC. ( TSXV: PKT )...
About this update from Parkit Enterprise Inc.
[{"type":"text","content":"Parkit Completes Acquisition of Neighbouring Industrial Property in Toronto, OntarioToronto, Ontario--(Newsfile Corp. - October 14, 2021) - PARKIT ENTERPRISE INC. (TSXV: PKT) (\"Parkit\") is pleased to announce that, further to its August 12, 2021 press release, it has completed the acquisition of a neighbouring industrial property in Toronto, Ontario.Acquisition of 720 Tapscott Road and ExpansionParkit acquired 720 Tapscott Road, Toronto (the \"Property\") for an aggregate purchase price of $3,600,000 (the \"Acquisition\"). The Property complements Parkit's existing platform as it neighbours two of Parkit's properties, 5600 and 5610 Finch Ave East. With the acquisition of this Property, Parkit now owns a contiguous 14 acre parcel of land. Parkit plans to augment its expansion of 5610 Finch Ave East by adding an additional 60,000 plus square feet of rentable industrial space on 5610 Finch Ave East and 720 Tapscott Rd. Upon completion, the total rentable industrial space on these two properties will be at least 175,000 square feet.On completion of the planned expansions‎ (collectively, the \"Expansions\")‎, Parkit will own over 300,000 square feet of industrial space on 14 acres of land on the combined 5600 Finch Ave East, 5610 Finch Ave East and 720 Tapscott Rd properties.Steven Scott, the Chair of Parkit, stated, \"This acquisition is a continuation of our strategy to acquire high-quality industrial properties in the Greater Toronto Area. The property provides a valuable expansion opportunity and optionality in the future.\"Purchase Price and Payment The purchase of the Property for $3,600,000, subject to standard adjustments, was satisfied through the issuance of 61,552 common shares in the capital of the Company at a deemed aggregate consideration of $100,000 and $3,500,000 from funds on hand. The common shares issued in connection with the Acquisition will be subject to a hold period of four months and one day following the date of issuance.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, with a focus on the Greater Toronto Area+ (\"GTA+\"), Ottawa and Montreal, to complement its parking assets across the United States. Parkit's Common Shares are listed on TSX V...