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Parkit Enterprise Announces Proposed $36.25MM Industrial Real Estate Acquisition and $10MM Private Placement
Toronto, Ontario--(Newsfile Corp. - November 24, 2020) - PARKIT ENTERPRISE INC.  (TSXV: ...
About this update from Parkit Enterprise Inc.
[{"type":"text","content":"Parkit Enterprise Announces Proposed $36.25MM Industrial Real Estate Acquisition and $10MM Private PlacementToronto, Ontario--(Newsfile Corp. - November 24, 2020) - PARKIT ENTERPRISE INC. (TSXV: PKT) (OTC Pink: PKTEF) (\"Parkit\") has entered into an asset purchase agreement dated November 24, 2020 (the \"Purchase Agreement\"), with two private companies (collectively, referred to as the \"Vendors\"), pursuant to which Parkit has agreed to purchase two properties, located at 5600 Finch Ave East, Toronto, Ontario and 4390 Paletta Court, Burlington, Ontario (the \"Properties\"), for an aggregate purchase price of $36,250,000, subject to customary adjustments (the \"Proposed Acquisition\"). The Vendors are not related parties to Parkit and the Proposed Acquisition constitutes an Arm's Length Transaction for the purposes of the ‎TSX Venture Exchange (\"TSXV\") policies. Concurrent with the closing of the Proposed Acquisition, Parkit also intends to complete a $10,000,000 private placement of Common Shares as more fully described below.Focus on Industrial PropertiesBeginning with the purchase of the Properties, Parkit will focus on the acquisition of high-quality industrial properties in the Greater Toronto Area and surrounding regions. Management believes that the industrial real estate market in Canada benefits from secular tailwinds, including but not limited to the proliferation of ecommerce, significant population growth, and the resilience of the asset class. The additions to our board adds the depth of experience needed to capitalize on this opportunity. Management believes that a publicly traded industrial real estate vehicle will provide investors with compelling exposure to an increasingly important part of the real estate market.David Delaney, Parkit's Chairman, noted, \"This proposed transaction signals an important milestone for Parkit. We will be acquiring two fantastic properties, but more importantly, we will be building a team of highly experienced professionals that are capable of rapidly growing Parkit to the benefit of all shareholders.\" Avi Geller, Parkit's Interim CEO, said, \"We are excited with the proposed transaction and the prospect of welcoming Steven Scott and his team to Parkit. We have been following Steven's successes from afar and we are very pleased to be working together on this tr...