Parkit Completes Acquisition of Industrial Asset in Winnipeg

April 02, 2024 8:27 PM EDT | Source: Parkit Enterprise Inc.

Toronto, Ontario--(Newsfile Corp. - April 2, 2024) - Parkit Enterprise Inc. (TSXV: PKT) ("Parkit" or the "Company") is pleased to announce that, further to its November 15, 2023 news release, it has completed the acquisition of one industrial asset from a vendor ("Vendor") for an aggregate purchase price of $6,300,000, subject to customary adjustments (the "Acquisition").

961-975 Sherwin Rd, Winnipeg, Manitoba

The Acquisition consisted of 961-975 Sherwin Rd, Winnipeg, Manitoba (the "Property"). The Property consist 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 $6,300,000, subject to adjustments, and was satisfied from funds on hand.

Iqbal Khan, CEO 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 TSX Venture Exchange (TSXV: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations
Contact Number: 1-888-627-9881

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, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation to: statements regarding the Acquisition, including the strong potential rental growth and the scale of the Winnipeg portfolio with excellent upside; and Parkit's focus on 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 ‎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.

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