MVP REIT II Closes Merger with MVP REIT I, Changes Name to The Parking REIT

The Parking REIT Inc., a publicly registered non-traded real estate investment trust formerly known as MVP REIT II, has closed its merger with affiliated non-traded REIT MVP REIT Inc. The combined company was renamed as The Parking REIT Inc.

The Parking REIT’s investment portfolio now consists of more than $280 million in assets, consisting of 44 parking facilities located in 15 states.

The transaction was overwhelming approved by REIT I’s stockholders at the end of September, with more than 83 percent of votes cast in favor of the merger.

“The Parking REIT is unique in that it invests solely in parking structures and facilities, a compelling asset class that we believe provides us and our stockholders with tremendous upside opportunities,” said Mike Shustek, president, chief executive officer and chairman of the board of The Parking REIT. “We believe that the merger of the previously separate MVP REITs will create a company greater than the sum of its parts, and create greater opportunities for us to unlock greater value for our stockholders.”

The Parking REIT invests primarily in parking lots and facilities in the United States and Canada and is managed by MVP Realty Advisors LLC.

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