Mr. Steven Scott reports

PARKIT COMPLETES SALE OF WINNIPEG INDUSTRIAL ASSET PORTFOLIO FOR CASH AND AN INVESTMENT IN PROREIT

Parkit Enterprise Inc. has completed the sale of a portfolio of six industrial properties located in Winnipeg, Man., to a subsidiary of Pro Real Estate Investment Trust for proceeds of $96.5-million, subject to customary adjustments. Parkit received $40-million of the proceeds in the form of 6,451,613 units of Pro REIT and its subsidiary, Pro REIT Limited Partnership, in aggregate. Pro REIT and Pro REIT LP are not related parties of Parkit and the transaction constitutes an arm's-length transaction for the purposes of the TSX Venture Exchange policies.

Sale price and proceeds

The sale price for the transaction is $96.5-million, subject to adjustments. The properties include six industrial properties that have a total of 678,177 square feet of gross leasable area. $40-million of the sale price has been paid by the issuance to Parkit of 3,776,613 trust units of Pro REIT and 2,675,000 Class B LP units of Pro REIT LP, both at a price of $6.20 per unit, totalling an aggregate of 6,451,613 units and representing an approximate 9.6-per-cent ownership interest in Pro REIT.

Each Class B LP unit is exchangeable for a trust unit of Pro REIT and is attached to a special voting unit of Pro REIT providing for a voting right in Pro REIT. Pro REIT is an unincorporated open-ended real estate investment trust that owns a portfolio of high-quality commercial real estate properties in Canada, with a strong industrial focus in robust secondary markets. The trust units of Pro REIT trade on the Toronto Stock Exchange.

Concurrent with the closing of the transaction, Pro REIT and Parkit have entered into an investor rights agreement providing for, among other things, pre-emptive rights for the purchase by Parkit of trust units on a Pro REIT offering, registration rights for the sale of the trust units (including Class B LP units exchanged for trust units) that Parkit acquires, the right for Parkit to nominate one trustee to Pro REIT's board of trustees, and certain lock-up and standstill provisions. The initial Parkit nominee to the Pro REIT board of trustees is Steven Scott, chairman of Parkit.

Mr. Scott, chairman of Parkit's board, stated, "We are excited to make this significant investment in Pro REIT and look forward to working with Gord and his team on future opportunities."

Gordon Lawlor, president and chief executive officer of Pro REIT, stated: "We are pleased to strengthen our industrial footprint in Winnipeg and to form a strategic relationship with Parkit, including welcoming Steven Scott to our board of trustees following closing. With aligned interests and complementary expertise, we see meaningful opportunities to pursue further growth together."

About Parkit Enterprise Inc.

Parkit Enterprise is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. In addition, Parkit has parking assets across various markets in the United States. Parkit's common shares are listed on TSX-V (symbol: PKT).

We seek Safe Harbor.