Parkit Contributes London Industrial Property and Forms Joint Venture for Residential Redevelopment
Parkit (OTC:PKTEF) contributed 3.55 acres at 568 Second Street, London, Ontario, into a three-party joint venture valuing the property at $12,900,000 (subject to customary adjustments).
The Joint Venture ownership is Parkit 50%, Decade Capital 25% and Southside Group 25%. The site was rezoned for residential use to deliver two 15-storey purpose-built rental buildings totaling 543 units and ~487,151 sq ft gross floor area. Municipal approvals and permits (demolition, foundation, architectural shell) were obtained for the first building of 250 units (~234,071 sq ft); construction is scheduled to begin in Q4 2025. Parkit used a tax-free rollover for the contribution.
Parkit (OTC:PKTEF) ha contribuito con 3,55 acri al 568 Second Street, London, Ontario, in una joint venture a tre parti valutando la proprietà $12.900.000 (soggetta a regolazioni consuete).
La proprietà della Joint Venture è Parkit 50%, Decade Capital 25% e Southside Group 25%. Il sito è stato ristrutturato per uso residenziale per offrire due edifici di noleggio costruiti su misura di 15 piani che totalizzano 543 unità e circa 487.151 mq di superficie lorda di pavimento. Sono stati ottenuti i permessi e le approvazioni municipali per la prima edificio di 250 unità (~234.071 mq); i lavori dovrebbero iniziare nel Q4 2025. Parkit ha utilizzato un rollover esente da tasse per il contributo.
Parkit (OTC:PKTEF) aportó 3,55 acres en 568 Second Street, London, Ontario, a una empresa conjunta a tres partes valuando la propiedad en $12,900,000 (sujeto a ajustes habituales).
La propiedad de la Joint Venture es Parkit 50%, Decade Capital 25% y Southside Group 25%. El sitio fue re-zonado para uso residencial para entregar dos edificios de alquiler a medida de 15 pisos que totalizan 543 unidades y ~487,151 ft² de área bruta de piso. Se obtuvieron las aprobaciones municipales y permisos (demolición, cimiento, envoltura arquitectónica) para el primer edificio de 250 unidades (~234,071 ft²); la construcción se proyecta que comience en el Q4 2025. Parkit utilizó un rollover libre de impuestos para la contribución.
Parkit (OTC:PKTEF)은 568 Second Street, London, Ontario에 위치한 3.55에이커를 세 당사자 공동벤처에 기여했고, 해당 자산의 가치를 $12,900,000(관례적 조정 가능)으로 평가했습니다.
공동벤처 소유권은 Parkit 50%, Decade Capital 25%, Southside Group 25%입니다. 해당 부지는 주거 용도로 재지정되어 15층 규모의 맞춤형 임대 주택 두 단지로 총 543세대 및 약 487,151 제곱피트의 총 바닥 면적을 제공합니다. 시·군 승인 및 허가(철거, 기초, 건축 외피)는 250세대의 1단지에 대해 얻었으며(~234,071 제곱피트); 공사는 2025년 4분기에 시작될 예정입니다. Parkit은 기여에 대해 세금 면제 롤오버를 사용했습니다.
Parkit (OTC:PKTEF) a apporté 3,55 acres au 568 Second Street, London, Ontario, dans le cadre d'une coentreprise à trois parties évaluant la propriété à $12,900,000 (sous réserve des ajustements usuels).
La propriété de la Joint Venture est Parkit 50%, Decade Capital 25% et Southside Group 25%. Le site a été re-zoné à usage résidentiel pour livrer deux immeubles locatifs sur mesure de 15 étages totalisant 543 unités et environ 487 151 pi² de surface brute de plancher. Les autorisations et permis municipaux ( démolition, fondation, enveloppe architecturale) ont été obtenus pour le premier bâtiment de 250 unités (~234 071 pi²); la construction devrait débuter au Q4 2025. Parkit a utilisé un rollover sans tax pour la contribution.
Parkit (OTC:PKTEF) trug 3,55 Acre an die Adresse 568 Second Street, London, Ontario, in ein dreiseitiges Joint Venture, das die Immobilie auf $12,900,000 bewertet (vorbehaltlich üblicher Anpassungen).
Der Anteil am Joint Venture ist Parkit 50%, Decade Capital 25% und Southside Group 25%. Das Gelände wurde für Wohnzwecke umgezont, um zwei 15-geschossige, speziell errichtete Mietgebäude mit insgesamt 543 Einheiten und ca. 487.151 sq ft Bruttogrundfläche zu erstellen. Municipale Genehmigungen und Erlaubnisse (Abriss, Fundament, architektonische Hülle) wurden für das erste Gebäude mit 250 Einheiten (~234.071 sq ft) erteilt; der Baubeginn ist für Q4 2025 vorgesehen. Parkit nutzt eine steuerfreie Roll-over-Verwendung für den Beitrag.
Parkit (OTC:PKTEF) ساهمت بـ 3.55 فدان في 568 شارع ساكن، لندن، أونتاريو، في مشروع مشترك ثلاثي يقدّر قيمة العقار بـ $12,900,000 (رهناً بالتعديلات المعتادة).
الملكية في المشروع المشترك هي Parkit 50%، Decade Capital 25% وSouthside Group 25%. تمت إعادة تخصيص الموقع للاستخدام السكني لتسليم مبنيين سكنيين مخصصين مكونين من 15 طابقاً بإجمالي 543 وحدة و≈487,151 قدم مربع من المساحة الإجمالية للبناء. تم الحصول على الموافقات البلدية والتصاريح (الهدم، الأساس، الغلاف المعماري) للمبنى الأول البالغ 250 وحدة (≈234,071 قدم مربع); من المقرر بدء البناء في الربع الرابع من 2025. استخدمت Parkit rollover معفى من الضرائب للمساهمة.
- Property value of $12,900,000
- Parkit JV stake of 50%
- Rezoned for 543 residential units
- First building: 250 units, 234,071 sq ft
- Construction start scheduled Q4 2025
- Municipal approvals and permits obtained
- None.
Toronto, Ontario--(Newsfile Corp. - November 24, 2025) - Parkit Enterprise Inc. (TSXV: PKT) ("Parkit" or the "Company"), is pleased to announce that it has contributed the 3.55 acres of lands at 568 Second Street, London, Ontario, to a three-party joint venture called 760 Second Street Partnership (the "Joint Venture") for total contribution of
Contribution
The Transaction values the property at
Residential Development
Parkit recognized that the highest and best use of this site was to rezone from industrial to residential. The property is located across from Canada's largest college, Fanshawe College, with over 43,000 students and is located on London's new rapid-transit corridor along Oxford Street. Parkit successfully rezoned the site for two 15-storey purpose-built residential apartment buildings totaling 543 units, with an estimated gross floor area of 487,151 square feet.
The Joint Venture has received municipal approval and building permits to begin construction on the first building which will be comprised of 250 units, with an estimated gross floor area of 234,071 square feet. Permits obtained to date include demolition, foundation and architectural shell. Construction will begin in Q4, 2025. The redevelopment plan is consistent with Parkit's strategy of unlocking value through repositioning underutilized assets in strong urban markets.
Steven Scott, Chairman of Parkit, stated: "568 Second Street represents a strong opportunity to convert an industrial asset into much-needed rental housing in a growing market. We are excited to partner with Decade Capital and Southside Group - groups that have a strong track record of delivering high-quality developments."
Decade Capital is a Toronto- and London-based real estate investment and development firm focused on acquiring, developing, and managing high-potential real estate assets. The firm blends strategic vision with hands-on execution, unlocking long-term value through disciplined acquisitions, innovative planning, and high-quality construction.
Southside Group is a diversified real estate development, construction, and property management company based in London, Ontario. Established in 1979, Southside has grown into one of Southwestern Ontario's most influential private real estate firms, with a strong legacy of building communities through high-quality residential, commercial, industrial, and institutional projects.
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: ir@parkitenterprise.com
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 Joint Venture and the Transaction, including the development of the site into a two-phase residential community, the date of commencement of construction of the first building and Parkit's redevelopment plan for the property and the redevelopment plan being consistent with Parkit's strategy of unlocking value through repositioning underutilized assets in strong urban markets; 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: 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; 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 www.sedarplus.ca. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275674
FAQ
What did Parkit (PKTEF) contribute to the joint venture on November 24, 2025?
How is ownership split in the 760 Second Street Partnership (PKTEF)?
What are the development plans and unit counts for the PKTEF joint venture?
When will construction start for the first PKTEF building at 568 Second Street?
What approvals and permits has the PKTEF joint venture secured for the London development?
