The Parking REIT Inc., a publicly registered non-traded real estate investment trust formerly known as MVP REIT II Inc., has filed a preliminary prospectus with the SEC to raise up to $100 million in an initial public offering. The company plans to list its shares on the NASDAQ Global Market under the symbol “PARK.” No pricing information was provided.
According to the document, the company believes that it will be the only publicly registered REIT that invests primarily in parking facilities, including parking lots, parking garages and other parking structures. The company currently owns interests in 42 parking facilities located in 17 states.
The REIT plans to use proceeds from the IPO to repay approximately $9.1 million in debt, and for general corporate and working capital purposes.
The Parking REIT, which is managed by MVP Realty Advisors, suspended distributions and share repurchases earlier this year.