- Parkit (PKT) has acquired two industrial properties in Burlington Ontario for $22,680,000
- The two properties total approximately 77,299 square feet on 10.8 acres of land
- The purchase price was satisfied through the issuance of 5,885,238 common shares of Parkit for $7,000,000, a $4.5M mortgage and $11.2M from funds on hand
- Parkit is an industrial real estate platform focused on the acquisition and management of industrial properties across Canada
- Parkit Enterprises Inc. (PKT) is up 3.67 per cent on the day, trading at C$1.13 per share at 10:45 am ET
Parkit (PKT) has acquired two industrial assets in Ontario for $22,680,000.
One of the acquisitions is with SRS Realty Group Inc., a company owned by Steven Scott, a director and chair of Parkit.
The third acquisition announced on April 25th, 2022, will close later within the current quarter.
Parkit acquired 3455 Mainway Dr and 5300 Harvester Rd, in Burlington Ontario. The properties are approximately 77,299 square feet on 10.8 acres of land.
The purchase price was satisfied through the issuance of 5,885,238 common shares of Parkit for $7,000,000, assumption of a mortgage of approximately $4,500,000 and approximately $11,180,000 from funds on hand.
Iqbal Khan, CEO of Parkit commented on the acquisitions.
“These acquisitions continue Parkit’s momentum by adding two high quality locations to our GTA+ portfolio. The acquisitions have rents 45% below market, a WALT of 1.8 years and the ability to expand on excess land.”
Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada.
Parkit Enterprises Inc. (PKT) is up 3.67 per cent on the day, trading at C$1.13 per share at 10:45 am ET.
