Business
Parkit Enterprise Announces Purchase of 5610 Finch Ave East
Toronto, Ontario--(Newsfile Corp. - January 25, 2021) - PARKIT ENTERPRISE INC. (TSXV: PKT) (OT...
About this update from Parkit Enterprise Inc.
[{"type":"text","content":"Parkit Enterprise Announces Purchase of 5610 Finch Ave EastToronto, Ontario--(Newsfile Corp. - January 25, 2021) - PARKIT ENTERPRISE INC. (TSXV: PKT) (OTC: PKTEF) (\"Parkit\" or the \"Company\") is pleased to announce that it has entered into an asset purchase agreement (the \"Purchase Agreement\"), with a private company (the \"Vendor\"), pursuant to which Parkit has agreed to purchase one property, located at 5610 Finch Ave East, Toronto, Ontario (the \"Property\"), for an aggregate purchase price of $12,250,000, subject to customary adjustments (the \"Proposed Acquisition\"). It is anticipated that the Proposed Acquisition will be financed through existing cash resources and a mortgage on the Property. The Vendor is not a related party to Parkit and the Proposed Acquisition constitutes an arm's length transaction for the purposes of the ‎TSX Venture Exchange (\"TSXV\") policies. It is anticipated that the Proposed Acquisition will be completed on or before March 31, 2021.Property and ExpansionThe Property complements Parkit's existing platform as it neighbor's the Company's 5600 Finch Road Ave East property. After closing the Proposed Acquisition, Parkit will own an additional Class A industrial property with 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.Post closing of the Proposed Acquisition and completion of the planned expansions, 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 Proposed 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 PARKIT Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing industrial real estate and parking facilities across Canada and the United States. Parkit's Common Shares are listed on TSX-V (Symbol: PKT) and on the OTC (Symbol: PKTEF).For more information, please contact:Investor RelationsEmail: [email protected] the TSX Venture Exchange nor its Regulati...