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Parking REIT files for IPO

Parking REIT Inc. filed a preliminary prospectus for an IPO of an undisclosed amount of common shares.

The parking facility-focused real estate investment trust, which was created from the recently completed merger between MVP REIT and MVP REIT II, applied to list its common stock on the NASDAQ Global Market under the PARK symbol.

For the purposes of calculating the registration fee, the proposed maximum aggregate offering price is $100.0 million, according to the filing.

The REIT will use the proceeds from the offering to repay roughly $9.1 million of outstanding debt, as well as for general corporate and working capital purposes.

Parking REIT owns interests in 42 parking facilities across 17 states as of Oct. 5.