Parkit Enterprise acquires Winnipeg facility for $6.5M cash

Parkit Enterprise has agreed to acquire an industrial building located in Winnipeg, Manitoba from a vendor for an aggregate purchase price of $6,500,000, subject to customary adjustments. The Vendor is not a related party to Parkit and the Acquisition constitutes an Arm’s Length Transaction for the purposes of the TSX Venture Exchange policies. The purchase price for the Acquisition is $6,500,000, subject to adjustments. The Property has a building which is approximately 82,400 square feet on approximately 4.6 acres of land, is partially tenanted and is located close to Winnipeg Richardson International Airport. The purchase price will be satisfied with funds on hand. Depending on the satisfaction of certain closing conditions, closing is expected to occur in Q1 of 2024. 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.”