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 $12,900,000, subject to customary adjustments (the "Transaction"). The Joint Venture is comprised of Parkit for a 50% share, Decade Capital ("Decade") for a 25% share, and Southside Group ("Southside") for a 25% share. The Joint Venture will begin construction on the first of two 15-story purpose-built rental buildings in Q4 of 2025.
Contribution
The Transaction values the property at $12,900,000. Parkit utilized a tax free rollover to defer any initial tax liabilities. Parkit, Decade, and Southside have entered into the Joint Venture to develop the site into a two-phase residential community.
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
SOURCE: Parkit Enterprise Inc.
