to Acquire $18,000,000 Oakville, Ontario Property Toronto, Ontario--(Newsfile Corp. - November 22, 2021) - PARKIT ENTERPRISE INC. (TSXV: PKT) ("Parkit") is pleased to announce that it has agreed to acquire an industrial property in Oakville, Ontario.
Acquisition of Property
Parkit has entered into an asset purchase agreement, with an arms length vendor (the "Vendor"), pursuant to which Parkit has agreed to acquire 1485 Speers Road, Oakville, Ontario (the "Property") for an aggregate purchase price of $18,000,000, subject to customary adjustments (the "Acquisition"). It is anticipated that the Acquisition will be completed on or before December 15, 2021. The Property is approximately 101,500 square feet on approximately 6.7 acres of land. Parkit will take vacant possession and plans to expand the gross leasable area on the Property.
Purchase Price and Payment
The purchase of the Property for $18,000,000, subject to standard adjustments, and is payable by the issuance of $1,000,000 of Parkit common shares based on the share price from the prior day to closing, with the remainder of the aggregate purchase price being paid with funds on hand.
Steven Scott, the Chair of Parkit, stated, "This high quality acquisition in an excellent location follows our plan of adding great assets in strategic locations throughout Canada."
Other Information
The TSX Venture Exchange has in no way passed upon the merits of the Acquisition and has neither approved nor disapproved the contents of this news release. No new insiders will be created, nor will any change of control occur, as a result of the Acquisition.
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 GTA+, Ottawa and Montreal, to complement its parking assets across the United States. Parkit's Common Shares are listed on TSX Venture Exchange (Symbol: PKT).
https://www.newsfilecorp.com/release/104740
