Latest news with #PROREIT
Globe and Mail
a day ago
- Business
- Globe and Mail
Parkit Completes Sale of Winnipeg Industrial Asset Portfolio for Cash and an Investment in PROREIT
Toronto, Ontario--(Newsfile Corp. - June 27, 2025) - Parkit Enterprise Inc. (TSXV: PKT) ("Parkit" or the "Company"), has completed the sale of a portfolio of six industrial properties located in Winnipeg, Manitoba (the " Properties") to a subsidiary of PRO Real Estate Investment Trust (TSX: (" PROREIT") for proceeds of $96,500,000, subject to customary adjustments (the " Transaction"). Parkit received $40 million of the proceeds in the form of 6,451,613 units of PROREIT and its subsidiary PRO REIT Limited Partnership (" PROREIT LP"), in aggregate. PROREIT and PROREIT LP are not related parties of Parkit and the Transaction constitutes an arm's length transaction for the purposes of the TSX Venture Exchange policies. Sale Price and Proceeds The sale price for the Transaction is $96,500,000, subject to adjustments. The Properties include six industrial properties that have a total of 678,177 square feet of gross leasable area. $40 million of the sale price has been paid by the issuance to Parkit of 3,776,613 trust units of PROREIT (" Trust Units") and 2,675,000 Class B LP Units (" Class B LP Units") of PROREIT LP, both at a price of $6.20 per unit, totaling an aggregate of 6,451,613 units, and representing an approximate 9.6% ownership interest in PROREIT. Each Class B LP Unit is exchangeable for a Trust Unit of PROREIT and is attached to a special voting unit of PROREIT providing for a voting right in PROREIT. PROREIT is an unincorporated open-ended real estate investment trust which owns a portfolio of high-quality commercial real estate properties in Canada, with a strong industrial focus in robust secondary markets. The Trust Units of PROREIT trade on the Toronto Stock Exchange (the " TSX"). Concurrent with the closing of the Transaction, PROREIT and Parkit have entered into an investor rights agreement providing for, among other things, pre-emptive rights for the purchase by Parkit of Trust Units on a PROREIT offering, registration rights for the sale of the Trust Units (including Class B LP Units exchanged for Trust Units) that Parkit acquires, the right for Parkit to nominate one trustee to PROREIT's board of trustees, and certain lock-up and standstill provisions. The initial Parkit nominee to the PROREIT board of trustees is Steven Scott, Chairman of Parkit. Steven Scott, Chairman of Parkit's board, stated, "We are excited to make this significant investment in PROREIT and look forward to working with Gord and his team on future opportunities." Gordon Lawlor, President and CEO of PROREIT, stated, "We are pleased to strengthen our industrial footprint in Winnipeg and to form a strategic relationship with Parkit, including welcoming Steven Scott to our board of trustees following closing. With aligned interests and complementary expertise, we see meaningful opportunities to pursue further growth together." 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@ 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 Transaction, including the investor rights agreement and the rights and potential exercise of the rights under such agreement; potential future opportunities with PROREIT; 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: the receipt of final TSXV approval for the Transaction; 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, including prioritizing environmental investments; 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 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.
Cision Canada
a day ago
- Business
- Cision Canada
PROREIT COMPLETES ACQUISITION OF SIX INDUSTRIAL PROPERTIES IN WINNIPEG FOR $96.5 MILLION Français
MONTRÉAL, June 27, 2025 /CNW/ - PRO Real Estate Investment Trust ("PROREIT" or the "REIT") (TSX: today announced the successful completion of its previously announced acquisition of a 100% interest in a portfolio of six high-quality industrial properties located in Winnipeg, Manitoba totaling 678,177 square feet of GLA (the "Portfolio") for an aggregate purchase price of $96.5 million (excluding closing costs) from Parkit Enterprise Inc. (TSXV: PKT) ("Parkit"), representing approximately $142 per square foot and a mid-six percent capitalization rate (the "Transaction"). As part of this accretive Transaction, PROREIT paid approximately $40 million of the purchase price by issuing to Parkit at a price of $6.20 per unit (i) 3,776,613 trust units of the REIT, and (ii) 2,675,000 Class B LP Units of PRO REIT Limited Partnership. Each Class B LP Unit is exchangeable for a trust unit of the REIT and is attached to a special voting unit of the REIT providing for a voting right in the REIT. The issuance price represents premiums of 21.8% and 24.4% over the closing price of the PROREIT units on May 12, 2025, the last day prior to the announcement of the Transaction, and the 20-day volume-weighted average trading price of the PROREIT units as at that date, respectively. Following the Transaction, Parkit now holds an approximate 9.6% ownership interest in PROREIT. Concurrent with the closing of the Transaction, PROREIT and Parkit entered into an investor rights agreement providing for, among other things, certain lock-up and standstill provisions, pre-emptive and registration rights, as well as the right for Parkit to nominate one trustee to PROREIT's board. In accordance with the investor rights agreement, Steven Scott, who currently serves as Chairman on Parkit's board, was appointed to the board of PROREIT as the initial Parkit nominee. The investor rights agreement will be available under the REIT's profile on SEDAR+ at Financing of the Portfolio The $96.5 million purchase price (excluding closing costs) for the Portfolio was satisfied with cash from a new $63 million 3-year secured non-revolving credit facility (with two successive one-year renewal options) at a 5-year fixed swap rate of 4.54% and the issuance of $40 million of units to Parkit. The balance of the non-revolving credit facility was used to repay a portion of indebtedness outstanding under the REIT's existing credit facilities and for general business purposes. About PRO Real Estate Investment Trust PROREIT (TSX: is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. Founded in 2013, PROREIT owns a portfolio of high-quality commercial real estate properties in Canada, with a strong industrial focus in robust secondary markets. For more information on PROREIT, please visit the website at: Forward-Looking Statements This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including statements relating to certain expectations, projections, growth plans and other information related to REIT's business strategy and future plans. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond PROREIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Forward-looking statements contained in this press release include, without limitation, statements pertaining to the impact of the Transaction on the future performance of the REIT. PROREIT's objectives and forward-looking statements are based on certain assumptions, including that (i) PROREIT will receive financing on favorable terms; (ii) the future level of indebtedness of PROREIT and its future growth potential will remain consistent with the REIT's current expectations; (iii) there will be no changes to tax laws adversely affecting PROREIT's financing capacity or operations; (iv) the impact of the current economic climate and the current global financial conditions on PROREIT's operations, including its financing capacity and asset value, will remain consistent with PROREIT's current expectations; (v) the performance of PROREIT's investments in Canada will proceed on a basis consistent with PROREIT's current expectations; and (vi) capital markets will provide PROREIT with readily available access to equity and/or debt. The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. PROREIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in PROREIT's latest annual information, which is available under PROREIT's profile on SEDAR+ at
Cision Canada
19-06-2025
- Business
- Cision Canada
PROREIT ANNOUNCES JUNE 2025 DISTRIBUTION Français
MONTREAL, June 19, 2025 /CNW/ - PRO Real Estate Investment Trust ("PROREIT" or the "REIT") (TSX: announced today that a cash distribution of $0.0375 per trust unit of the REIT for the month of June 2025 ($0.45 on an annualized basis) will be payable on July 15, 2025 to unitholders of record as at June 30, 2025. About PROREIT PROREIT (TSX: is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. Founded in 2013, PROREIT owns a portfolio of high-quality commercial real estate properties in Canada, with a strong industrial focus in robust secondary markets. For more information on PROREIT, please visit the website at:
Cision Canada
03-06-2025
- Business
- Cision Canada
PROREIT ANNOUNCES VOTING RESULTS AND EXPIRY OF RIGHTS PLAN Français
MONTRÉAL, June 3, 2025 /CNW/ - PRO Real Estate Investment Trust (" PROREIT" or the " REIT") (TSX: is pleased to announce the voting results from its annual meeting of unitholders held on June 3, 2025 in Montréal, Québec. A total of approximately 31.69% of the issued and outstanding voting units of the REIT were represented either in person or by proxy at the meeting, and each of the nine trustee nominees was elected as trustee of the REIT. Based on proxies received prior to the meeting, each trustee was elected by a substantial majority as follows: Trustee Votes For % Votes For Votes Withheld %Votes Withheld James W. Beckerleg (Vice Chair) 18,385,873 96.22 % 721,714 3.78 % Vincent Chiara 18,763,760 98.20 % 343,827 1.80 % Martin Coté (Chair) 18,751,277 98.14 % 356,310 1.87 % Shenoor Jadavji 18,611,428 97.40 % 496,159 2.60 % Gordon G. Lawlor 19,050,680 99.70 % 56,907 0.30 % Kenrick McKinnon 19,047,564 99.69 % 60,023 0.31 % Christine Pound 18,773,239 98.25 % 334,348 1.75 % Deborah Shaffner 19,066,298 99.78 % 41,289 0.22 % Ronald E. Smith 18,093,414 94.69 % 1,014,173 5.31 % The REIT's external auditor was also reappointed at the meeting. Final voting results on all matters voted on at the meeting will be filed under PROREIT's profile on SEDAR+ at Expiry of Rights Plan The REIT also announces that its unitholder rights agreement expired in accordance with its terms following the annual meeting of unitholders. The REIT did not submit the agreement for reconfirmation at the annual meeting, thereby allowing it to expire in accordance with its terms. About PROREIT PROREIT (TSX: is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. Founded in 2013, PROREIT owns a portfolio of high-quality commercial real estate properties in Canada, with a strong industrial focus in robust secondary markets. For more information on PROREIT, please visit the website at:
Yahoo
03-06-2025
- Business
- Yahoo
PROREIT ANNOUNCES VOTING RESULTS AND EXPIRY OF RIGHTS PLAN
MONTRÉAL, June 3, 2025 /CNW/ - PRO Real Estate Investment Trust ("PROREIT" or the "REIT") (TSX: is pleased to announce the voting results from its annual meeting of unitholders held on June 3, 2025 in Montréal, Québec. A total of approximately 31.69% of the issued and outstanding voting units of the REIT were represented either in person or by proxy at the meeting, and each of the nine trustee nominees was elected as trustee of the REIT. Based on proxies received prior to the meeting, each trustee was elected by a substantial majority as follows: Trustee VotesFor % VotesFor VotesWithheld %VotesWithheld James W. Beckerleg (Vice Chair) 18,385,873 96.22 % 721,714 3.78 % Vincent Chiara 18,763,760 98.20 % 343,827 1.80 % Martin Coté (Chair) 18,751,277 98.14 % 356,310 1.87 % Shenoor Jadavji 18,611,428 97.40 % 496,159 2.60 % Gordon G. Lawlor 19,050,680 99.70 % 56,907 0.30 % Kenrick McKinnon 19,047,564 99.69 % 60,023 0.31 % Christine Pound 18,773,239 98.25 % 334,348 1.75 % Deborah Shaffner 19,066,298 99.78 % 41,289 0.22 % Ronald E. Smith 18,093,414 94.69 % 1,014,173 5.31 % The REIT's external auditor was also reappointed at the meeting. Final voting results on all matters voted on at the meeting will be filed under PROREIT's profile on SEDAR+ at Expiry of Rights Plan The REIT also announces that its unitholder rights agreement expired in accordance with its terms following the annual meeting of unitholders. The REIT did not submit the agreement for reconfirmation at the annual meeting, thereby allowing it to expire in accordance with its terms. About PROREIT PROREIT (TSX: is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. Founded in 2013, PROREIT owns a portfolio of high-quality commercial real estate properties in Canada, with a strong industrial focus in robust secondary markets. For more information on PROREIT, please visit the website at: SOURCE PROREIT View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
