Parkit Announces Us$18,500,000 Acquisition
Vancouver, B.C., April 07, 2014 - Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSX-V: PKT) – is pleased to announce that it has contracted to purchase a U.S. off-airport parking facility for a total of US$18,500,000 through its parking acquisition fund (the “Fund”).
A leading U.S. financial institution is underwriting the non-recourse debt financing in the amount of US$12,950,000 (70% LTV), with a 25 year amortization at 320 basis points over the five year U.S. Treasury Rate (4.9% floor). The balance will be placed with investors as limited partner units in the Fund and is thus non-dilutive to Parkit shareholders. Closing is anticipated within 90 days.
An additional six assets will form part of the first-close portfolio identified for acquisition by the Fund. Parkit will earn fee income and a carried equity interest in the assets as co-general partner.
ON BEHALF OF THE BOARD
President and CEO
Parkit Enterprise Inc.
Suite 1088 – 999 West Hastings Street
Vancouver, British Columbia
Canada V6C 2W2
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 news release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely his-torical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Specifically, no assurance can be given that the Fund Limited Partnerhip Offering will be closed on the basis as outlined above, or at all.