Parkit Completes Acquisition of Industrial Asset in Ottawa
December 19, 2024 5:03 PM EST | Source: Parkit Enterprise Inc.
Toronto, Ontario--(Newsfile Corp. - December 19, 2024) - Parkit Enterprise Inc. (TSXV: PKT) ("Parkit"), is pleased to announce it has completed the acquisition of one industrial asset from an arm's length vendor (the "Vendor"), for an aggregate purchase price of $9,500,000, subject to customary adjustments (the "Acquisition").
1650 Comstock Rd, Ottawa, Ontario
The Acquisition consisted of 1650 Comstock Rd, Ottawa, Ontario (the "Property"). The Property consist of one building with approximately 140,000 square feet of gross area on 2.8 acres of land. The building is tenanted and is located in close proximity to Parkit's existing assets.
The purchase price will be satisfied with a first mortgage and funds on hand.
Iqbal Khan, CEO of Parkit, states, "The Acquisition provides strong in-place cash flows, rental growth and adds scale to our existing Ottawa 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-V (Symbol: PKT).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking information. In particular, this news release contains forward-looking information in relation to: statements regarding the Acquisition, including the potential excellent upside of the Acquisition; and Parkit's business strategy and focus regarding the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. This forward-looking information reflects Parkit's current beliefs and is based on information currently available to Parkit and on assumptions Parkit believes are reasonable. These assumptions include, but are not limited to market acceptance of the Acquisition; the level of activity in the industrial real estate industry and the economy generally; competition and Parkit's competitive advantages; trends in the industrial real estate industry; the availability of attractive and financially competitive acquisitions in the future; and continued consumer interest in Parkit's services and products. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Parkit to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties, and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual results of Parkit's future operations; competition; changes in legislation, including environmental legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; and the lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Parkit's disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234589
© 2024 Newsfile Corp. All rights reserved.
