As a result of a transaction completed on April 22, 2015, Parkit's primary asset and source of revenue is its equity interest in a joint venture entitled OP Holdings JV LLC. The majority member of OP Holdings is Och-Ziff Real Estate, a division of an institutional asset manager with nearly US$50 billion in assets under management. OP Holdings is committed to aggregate US$500 million of assets over a three to five year period.

Parkit contributed $7.4 million (US$6.2 million) for a 22% interest in OP Holdings, having divested its equity interests in Canopy and Expresso. Concurrently, as part of a larger acquisition strategy, the joint venture invested in four additional assets, resulting in a total asset value of US$82.6 million, subject to conditional earn-outs.

Parkit and its strategic partner, Parking Real Estate LLC ("PRE"), are responsible for the joint venture's asset management activities. PRE is comprised of senior executives at Propark America, an established parking manager that has been managing and developing parking facilities for more than thirty years.

Parkit will receive earnings on equity from its investment, as well as asset management fees and acquisition fees for the purchase of additional facilities by OP Holdings. These fees will be split equally with PRE. The vehicle may also provide both incentive payments and capital gains.


The joint venture's initial portfolio consists of six assets, detailed below:

All figures in USD.
* Assumes payment of associated earn-outs.
** Four-year forecast.)


The joint venture's property portfolio includes two assets in which Parkit held equity: Canopy Airport Parking Facility, which services Denver International Airport, and Expresso Airport Parking, which services Oakland International Airport. Subject to a conditional partial earn-out over two years and at disposition, Canopy was acquired for total consideration of $38.0 million, while Expresso was acquired for $19.2 million.

Canopy Airport Parking Facility

Expresso Airport Parking

  • Jointly owned by Parkit Enterprise Inc. and Propark America
  • Third party valuation of $38 million
  • Recognized and awarded as the world's 'Greenest' parking lot utilizing the latest in environmental technology and design