Parkit Completes Sale of Winnipeg Industrial Asset Portfolio for Cash and an Investment in PROREIT
Parkit Enterprise (TSXV: PKT) has completed the sale of six industrial properties in Winnipeg, Manitoba to PROREIT (TSX: PRV.UN) for $96.5 million. The transaction includes $40 million in PROREIT units, consisting of 3,776,613 trust units and 2,675,000 Class B LP Units at $6.20 per unit.
The portfolio comprises 678,177 square feet of gross leasable area. Through this deal, Parkit acquires an approximate 9.6% ownership stake in PROREIT. The agreement includes investor rights such as pre-emptive rights, registration rights, and board nomination rights, with Parkit's Chairman Steven Scott joining PROREIT's board of trustees.
Parkit Enterprise (TSXV: PKT) ha completato la vendita di sei propriet脿 industriali a Winnipeg, Manitoba, a PROREIT (TSX: PRV.UN) per un importo di 96,5 milioni di dollari. La transazione comprende 40 milioni di dollari in unit脿 PROREIT, costituite da 3.776.613 unit脿 di trust e 2.675.000 unit脿 Class B LP al prezzo di 6,20 dollari per unit脿.
Il portafoglio include una superficie locabile lorda di 678.177 piedi quadrati. Grazie a questo accordo, Parkit acquisisce una partecipazione approssimativa del 9,6% in PROREIT. L'intesa prevede diritti per gli investitori come diritti di prelazione, diritti di registrazione e diritti di nomina nel consiglio, con il presidente di Parkit, Steven Scott, che entra a far parte del consiglio dei fiduciari di PROREIT.
Parkit Enterprise (TSXV: PKT) ha completado la venta de seis propiedades industriales en Winnipeg, Manitoba, a PROREIT (TSX: PRV.UN) por un total de 96,5 millones de d贸lares. La transacci贸n incluye 40 millones de d贸lares en unidades de PROREIT, que consisten en 3.776.613 unidades de fideicomiso y 2.675.000 unidades Clase B LP a 6,20 d贸lares por unidad.
La cartera comprende un 谩rea bruta alquilable de 678.177 pies cuadrados. Con este acuerdo, Parkit adquiere aproximadamente un 9,6% de participaci贸n en PROREIT. El acuerdo incluye derechos para inversores como derechos preferentes, derechos de registro y derechos de nominaci贸n en el consejo, con el presidente de Parkit, Steven Scott, uni茅ndose al consejo de fideicomisarios de PROREIT.
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Parkit Enterprise (TSXV : PKT) a finalis茅 la vente de six propri茅t茅s industrielles 脿 Winnipeg, Manitoba, 脿 PROREIT (TSX : PRV.UN) pour un montant de 96,5 millions de dollars. La transaction comprend 40 millions de dollars en unit茅s PROREIT, compos茅es de 3 776 613 unit茅s de fiducie et 2 675 000 unit茅s de cat茅gorie B LP au prix de 6,20 dollars par unit茅.
Le portefeuille comprend une surface brute locative de 678 177 pieds carr茅s. Gr芒ce 脿 cet accord, Parkit acquiert une participation d'environ 9,6 % dans PROREIT. L'accord inclut des droits pour les investisseurs tels que des droits pr茅f茅rentiels, des droits d'enregistrement et des droits de nomination au conseil, avec le pr茅sident de Parkit, Steven Scott, rejoignant le conseil des fiduciaires de PROREIT.
Parkit Enterprise (TSXV: PKT) hat den Verkauf von sechs Industrieimmobilien in Winnipeg, Manitoba, an PROREIT (TSX: PRV.UN) 蹿眉谤 96,5 Millionen US-Dollar abgeschlossen. Die Transaktion umfasst 40 Millionen US-Dollar in PROREIT-Einheiten, bestehend aus 3.776.613 Trust-Einheiten und 2.675.000 Class B LP-Einheiten zu je 6,20 US-Dollar.
Das Portfolio umfasst eine vermietbare Gesamtfl盲che von 678.177 Quadratfu脽. Durch diesen Deal erwirbt Parkit etwa 9,6 % Eigentumsanteil an PROREIT. Die Vereinbarung beinhaltet Investorenrechte wie Vorkaufsrechte, Registrierungsrechte und Nominierungsrechte im Vorstand, wobei Parkits Vorsitzender Steven Scott dem Treuhandrat von PROREIT beitritt.
- Strategic investment gaining 9.6% ownership in PROREIT, a TSX-listed REIT
- Substantial transaction value of $96.5 million for industrial portfolio
- Secured board representation on PROREIT with Chairman's appointment
- Obtained valuable investor rights including pre-emptive and registration rights
- Significant reduction in directly-owned industrial property portfolio
- Partial payment in units rather than full cash consideration
Toronto, Ontario--(Newsfile Corp. - June 27, 2025) - Parkit Enterprise Inc. (TSXV: PKT) ("Parkit" or the "Company"), has completed the sale of a portfolio of six industrial properties located in Winnipeg, Manitoba (the "Properties") to a subsidiary of PRO AG真人官方 Estate Investment Trust (TSX: PRV.UN) ("PROREIT") for proceeds of
Sale Price and Proceeds
The sale price for the Transaction is
Each Class B LP Unit is exchangeable for a Trust Unit of PROREIT and is attached to a special voting unit of PROREIT providing for a voting right in PROREIT. PROREIT is an unincorporated open-ended real estate investment trust which 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 PROREIT trade on the Toronto Stock Exchange (the "TSX").
Concurrent with the closing of the Transaction, PROREIT 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 PROREIT 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 PROREIT's board of trustees, and certain lock-up and standstill provisions. The initial Parkit nominee to the PROREIT board of trustees is Steven Scott, Chairman of Parkit.
Steven Scott, Chairman of Parkit's board, stated, "We are excited to make this significant investment in PROREIT and look forward to working with Gord and his team on future opportunities."
Gordon Lawlor, President and CEO of PROREIT, 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 of America. Parkit's Common Shares are listed on TSX-V (Symbol: PKT).
For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:
Investor Relations
Contact Number: 1-888-627-9881
Email: [email protected]
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 Transaction, including the investor rights agreement and the rights and potential exercise of the rights under such agreement; potential future opportunities with PROREIT; 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: the receipt of final TSXV approval for the Transaction; market acceptance of the Transaction; the level of activity in the industrial real estate business and the economy generally; continued consumer interest in Parkit's services and products; Parkit's continued ability to acquire properties that are in-line with its strategic focus, including prioritizing environmental investments; Parkit's continuing ability to grow its portfolio of investment properties; and Parkit's past results continuing to be an indicator of future results. Forward-looking information is subject to known and unknown risks and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and 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; lack of qualified, skilled labour or loss of key individuals; and the impact that the imposition of trade tariffs, particularly from the United States, may have on the global economy, and the economy in Canada in particular. 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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FAQ
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