Home News The Parking REIT Withdraws Pending $100 Million IPO

The Parking REIT Withdraws Pending $100 Million IPO

The Parking REIT Inc., a publicly registered non-traded real estate investment trust formed by the December 2017 merger of MVP REIT and MVP REIT II, has filed a request with the Securities and Exchange Commission to withdraw its pre-effective Registration Statement filed in October 2018.

The Parking REIT Inc., a publicly registered non-traded real estate investment trust formed by the December 2017 merger of MVP REIT and MVP REIT II, has filed a request with the Securities and Exchange Commission to withdraw its pre-effective Registration Statement filed in October 2018.

The company originally filed a preliminary prospectus with the SEC to raise up to $100 million in an initial public offering, but said that it “has determined not to proceed at this time with the registration and sale of the company’s common stock.”

The REIT planned 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 invests primarily in parking lots and garages in the United States, oversees a portfolio of 42 parking facilities valued at approximately $353.3 million. The Parking REIT, which is managed by MVP Realty Advisors, suspended distributions and share repurchases in 2018.

The REIT recently approved an estimated net asset value per share of $25.10 for the company’s common stock as of May 15, 2019. Shares were originally priced at $25.00 each.

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