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M&A / Property

Parkit Enterprise contributes 3.55 acres to Ontario JV

By The Northwire Desk — AI Analysis Nov 24, 2025 · 16:58 PKT · 0.53 Parkit Enterprise Inc
PKT · Price

Executive Summary

  • Parkit Enterprise Inc. has formed a three-party joint venture, 760 Second Street Partnership, to redevelop an industrial property in London, Ontario, into a residential complex.
  • Parkit contributed the 3.55-acre site valued at $12.9 million, retaining a 50% ownership stake in the venture, while Decade Capital and Southside Group each hold 25%.
  • The project involves rezoning from industrial to residential, with municipal approval and building permits already secured for the first phase, which includes a 250-unit building scheduled for construction in Q4 2025.

Key Details

  • Transaction Structure: Parkit contributed land at 568 Second St., London, Ont., to the joint venture for a total contribution value of $12.9 million (subject to customary adjustments).
  • Ownership Split: Parkit Enterprise Inc. (50%), Decade Capital (25%), Southside Group (25%).
  • Tax Strategy: Parkit utilized a tax-free rollover to defer initial tax liabilities on the contribution.
  • Property Details: The site comprises 3.55 acres, previously zoned industrial, successfully rezoned for residential use.
  • Development Plan: Two 15-storey purpose-built rental buildings totaling 543 units with an estimated gross floor area of 487,151 square feet.
  • Phase 1 Specifics:
    • Municipal approval and building permits obtained (demolition, foundation, architectural shell).
    • First building will comprise 250 units.
    • Estimated gross floor area for Phase 1: 234,071 square feet.
    • Construction start date: Q4 2025.
  • Strategic Context: The development leverages the site's location across from Fanshawe College (43,000+ students) and London's new rapid-transit corridor along Oxford Street.
  • Partner Profiles:
    • Decade Capital: Toronto- and London-based real estate investment and development firm.
    • Southside Group: London-based diversified real estate development, construction, and property management company established in 1979.

Notable Quotes

  • "568 Second St. 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." — Steven Scott, Chairman of Parkit
Read the original news release →

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