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Parkit Enterprise Inc
Symbol PKT
Shares Issued 227,883,162
Close 2024-04-02 C$ 0.59
Market Cap C$ 134,451,066
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Parkit completes buy of Winnipeg industrial asset

2024-04-02 20:59 ET - News Release

Mr. Carey Chow reports

PARKIT COMPLETES ACQUISITION OF INDUSTRIAL ASSET IN WINNIPEG

Parkit Enterprise Inc., further to its Nov. 15, 2023, news release, has completed the acquisition of one industrial asset from a vendor for an aggregate purchase price of $6.3-million, subject to customary adjustments.

961-975 Sherwin Rd., Winnipeg, Man.

The acquisition consisted of 961-975 Sherwin Rd., Winnipeg, Man. The property consists of two buildings with approximately 82,600 square feet of gross leasable area on 4.6 acres of land. The buildings are partially tenanted and are located in close proximity to the Winnipeg Richardson International Airport.

Purchase price and payment

The aggregate purchase price for the acquisitions is $6.3-million, subject to adjustments, and was satisfied from funds on hand.

Iqbal Khan, chief executive officer of Parkit, states, "The acquisition provides in-place cash flows, strong potential rental growth and adds scale to our existing Winnipeg portfolio with excellent upside."

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 of America. Parkit's common shares are listed on the TSX Venture Exchange.

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