Parkit Enterprise Inc. Agrees to Purchase One Property, Located At 5610 Finch Ave East, Toronto, Ontario
January 25, 2021 at 05:38 pm
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Parkit Enterprise Inc. announced that it has entered into an asset purchase agreement with a private company, pursuant to which Parkit has agreed to purchase one property, located at 5610 Finch Ave East, Toronto, Ontario, for an aggregate purchase price of $12,250,000, subject to customary adjustments. 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 policies. It is anticipated that the Proposed Acquisition will be completed on or before March 31, 2021. The 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.
Parkit Enterprise Inc. offers an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada. In addition, it has parking assets across markets in the United States. Its segments include Industrial properties and Parking properties. The Industrial properties is engaged in the acquisition, management, and growth of industrial real estate in key markets in Canada. The Parking properties is engaged in the acquisition and management of income-producing parking facilities across the United States. Its industrial assets include 1551 Parisien Street, Ottawa, Ontario; 5610 Finch Ave East, Toronto, Ontario; 195 Henderson Dr, Regina, Saskatchewan, 961-975 Sherwin Rd, Winnipeg, and others. Its parking assets include Fly-Away Airport Parking, Z Airport Parking, Chapel Square Garage and Canopy Airport Parking Lot. Its portfolio also includes 1151 Parisien Street, 2 Ramm Ave, 1725 Inkster Blvd and more.