Merged MVP REITs I and II to be Renamed “The Parking REIT, Inc.”
October 24, 2017 | James Sprow | Blue Vault
As previously disclosed, the shareholders of MVP REIT, Inc. (“MVP I”) voted on September 27, 2017 to approve the previously announced proposed merger of MVP I with and into a wholly-owned merger subsidiary of MVP REIT II, Inc. (“MVP II,” and together with MVP I, “MVP”) with the merger subsidiary continuing as the surviving entity. The combined company will be renamed “The Parking REIT, Inc.” The completion of the proposed merger remains subject to receipt of consents with respect to mortgage loans that are part of a CMBS pool of mortgages. MVP expects to receive these consents in the near future, but cannot provide assurance as to exact timing.
As of June 30, 2017, the two REITs had a total of 54 parking-related properties with a combined total of 12,116 parking spaces and 33,594 square feet of retail/office space. The assets of the two REITs at that date totaled $286.3 million.
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