Parkit Enterprise Inc. (PKT) has completed the acquisition of 1485 Speers Rd, Oakville, Ontario.
Parkit acquired 1485 Speers Rd for an aggregate purchase price of $18 million.
Steven Scott, the Chair of Parkit, commented,
“This high-quality acquisition in an excellent location follows our plan of adding great assets in strategic locations throughout Canada.”
The purchase of the property was satisfied through the issuance of 702,481 common shares in the capital of Parkit for $1 million and $17 million from funds on hand.
“With this transaction, Parkit has now completed $136 million of acquisitions over the last twelve months,” said Scott.
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.
The property is approximately 101,500 square feet on 6.7 acres of land.
Parkit plans to expand the gross leasable area on the property.
Parkit is an industrial real estate platform focused on the acquisition, growth, and management of strategically located industrial properties across key markets in Canada.
Parkit Enterprise Inc. (PKT) is unchanged trading at $1.42 per share as of 12:59 p.m. EST.