Parkit Contributes London Industrial Property and Forms Joint Venture for Residential Redevelopment

Executive Summary

• Parkit Enterprise Inc. contributed its 3.55‑acre property at 568 Second Street, London, Ontario (valued at $12.9 M) to a new three‑party joint venture (“760 Second Street Partnership”) with Decade Capital and Southside Group.
• The Joint Venture will develop the site into two 15‑story purpose‑built rental buildings (totaling 543 units and ~487,151 sq ft), with construction on the first 250‑unit building slated to begin in Q4 2025.
• The transaction aligns with Parkit’s strategy of unlocking value by repositioning underutilized industrial assets into high‑density residential projects in strong urban markets.

Key Details

• Transaction Structure:
• Parkit contributes the land (3.55 acres) valued at $12,900,000; contribution made on a tax‑free rollover basis.

• Ownership split of the Joint Venture: Parkit 50%, Decade Capital 25%, Southside Group 25%.

• Development Plan:

• Rezoned from industrial to residential; site adjacent to Fanshawe College and on Oxford Street rapid‑transit corridor.
• Phase 1: One 15‑story building, 250 units, ~234,071 sq ft gross floor area – permits obtained for demolition, foundation, architectural shell.

• Phase 2: Second 15‑story building, additional 293 units, completing total of 543 units and ~487,151 sq ft.

• Construction Timeline:

• Groundbreaking on the first building scheduled for Q4 2025.

• Strategic Rationale:

• Repositioning an underutilized industrial asset to meet growing rental housing demand in London, Ontario.

• Enhances Parkit’s portfolio diversification into residential real estate while leveraging its expertise in urban asset redevelopment.

• Quotes:

• Steven Scott, Chairman of Parkit: “568 Second Street represents a strong opportunity to convert an industrial asset into much‑needed rental housing… We are excited to partner with Decade Capital and Southside Group.”

Notable Quotes

• “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, Parkit Enterprise Inc.