Parkit And Propark Announce Strategic Alliance To Acquire U.S. Parking Real Estate
- Strategic alliance with Propark
- USD 85 million First Close Portfolio
- Pipeline of U.S. income producing properties
Vancouver, B.C., March 12, 2014 - Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSX-V: PKT) – is pleased to announce that it has entered into an exclusive alliance with Propark America (“Propark”) to launch a parking acquisition fund (the “Fund”). The alliance leverages the joint experience and working relationship gained in the development, ownership and operation of the world class Canopy Airport Parking facility in Denver, CO.
Parkit brings access to capital markets and real estate acquisition fund expertise whilst Propark brings 30 years of experience as a leading nationwide parking operator and owner.
Parkit and officers of Propark will manage the acquisition fund as co-general partners. The Fund will solicit institutional capital for limited partner interests with the strategic intent to acquire, optimize and aggregate a diversified portfolio of income producing parking facilities across the United States. Propark will provide property level operational expertise.
“We are fortunate to be taking our partnership with Propark to the next level. As co-general partner and a leading limited partner, Parkit will generate significant income and equity upside.” - Rick Baxter, CEO, Parkit.
A first-close portfolio of seven assets totaling US $85 million, diversified by type and geography across the U.S., is targeted for near-term acquisition. A second close portfolio is being assembled for follow-on acquisition.
“We are excited to expand our relationship with Parkit, and together build a platform of high quality parking assets through off-market acquisitions.” – David Schmid, Chief Investment Officer, Propark.
Propark America is a premiere parking facilities management company with over 2,000 employees servicing 425 locations in 54 urban centers in 16 states. A 30-year industry leader managing over $2.5 billion in parking assets, Propark offers a stellar track record of enhancing asset values, applying innovative disruptive technologies and providing unique access to diversified real estate portfolios. www.propark.com
Parkit Enterprise Inc. is a listed private equity real estate company, which acquires and aggregates income-producing real estate in the parking sector. www.parkitenterprise.com & www.canopyairportparking.com
ON BEHALF OF THE BOARD
President and CEO, Parkit Enterprise Inc.
Parkit Enterprise Inc.
Suite 1088 – 999 West Hastings Street
Vancouver, British Columbia
Canada V6C 2W2
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Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, 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.