TORONTO, Oct. 3, 2012 /CNW/ - Proventure Income Fund (TSX-V: PVT-UN)
announced today that, with the closing of its recently-announced
private placement equity and debt financings, its initial acquisition
of a portfolio of light industrial properties, and the installation of
its new management team, it will be changing its name to Summit
Industrial Income REIT ("Summit II") and will trade on the Toronto
Venture Exchange under the symbol SMU.UN.
"We are very excited to have completed these recent transactions and to
be launching Summit II," commented Lou Maroun, Chairman. "This
management team, drawn from the vast experience gained in our managing
and growing Summit REIT into the largest industrial REIT in Canada,
brings significant industry expertise to this new entity, and we look
forward to generating solid growth and Unitholder value in the years
"Our goal is to aggressively build our property portfolio and cash flows
through accretive acquisitions by capitalizing on the extensive
industry relationships we have developed over our decades in the
business," added Paul Dykeman, Chief Executive Officer. "We believe the
Canadian light industrial property sector remains highly fragmented,
providing Summit II with an excellent opportunity to build value
through the consolidation of this strong and stable business with solid
Joining Mr. Dykeman on the management team for Summit II are Ross Drake
as Chief Financial Officer, Jonathan Robbins as VP Acquisitions, and
Kimberley Hill as VP Asset Management. This team was largely
responsible for creating and managing the original Summit REIT which,
over its ten-year history, acquired more than 33 million square feet of
light industrial space and building the largest portfolio of industrial
properties in Canada before its acquisition by ING Real Estate in
October 2006 for CDN $3.3 billion.
Jonathan Robbins - VP Acquisitions
Mr. Robbins has over 21 years of experience in the commercial real
estate industry. In addition to serving as the VP of Acquisitions for
Founders Asset Management Corp. and the President of Sigma Real Estate
Advisors Canada Inc., Mr. Robbins is the newly appointed VP
Acquisitions of Summit II. From 2006 - 2009, Mr. Robbins served as the
VP of Research & Analysis at ING Real Estate Canada, and from 2004 -
2006, he held the same position with Summit REIT. From 1999 -2004, Mr.
Robbins was VP of Investments at Summit REIT, where he was responsible
for directing all of Summit's investment activities, including more
than $1.5 billion of acquisitions, dispositions and developments.
During this period he was an integral part of Summit's transformation
into Canada's third largest REIT and largest industrial landlord. Mr.
Robbins joined Summit in 1997 as an investment analyst. Prior to 1997
Mr. Robbins was employed as a consultant at a Canadian real estate
valuation firm, where he specialized in property valuation and tax
consulting across a broad spectrum of property types.
Mr. Robbins obtained a Bachelors of Science degree from Acadia
University in 1985, and a Bachelors of Environmental Design from the
Technical University of Nova Scotia in 1990. He is a past member of the
Appraisal Institute of Canada.
Mr. Robbins resides in Halifax, Nova Scotia and beneficially owns or
controls 1,445,000 units of Summit II representing 1.75% of the issued
and outstanding units of Summit II on a fully diluted basis.
Kimberley Hill - VP Asset Management
Ms. Hill has over 21 years of experience in the commercial real estate
industry. In addition to serving as the VP of Asset Management for
Founders Asset Management Corp., Ms. Hill is the newly appointed VP of
Asset Management for Summit II. From 2008 - 2010, Ms. Hill served as
the Senior VP of Asset Management for ING Real Estate Canada, and from
1999 - 2008, Ms. Hill served as VP, Central Canada for Summit REIT.
Prior to 1999, Ms. Hill had extensive experience in commercial real
estate with a large Canadian Real Estate company both in property
management and leasing of A Class office buildings.
Ms. Hill resides in Newmarket, Ontario and owns 505,000 units of Summit
II representing 0.6% of the issued and outstanding units of Summit II
on a fully diluted basis.
About Summit II
Summit Industrial Income REIT is an open-ended mutual fund trust focused
on growing and managing a portfolio of light industrial properties
across Canada. Summit II's units are listed on the TSX-V and trade
under the symbol SUM.UN.
Caution Regarding Forward Looking Information
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable securities
laws. The use of any of the words "expect", "anticipate", "continue",
"estimate", "objective", "ongoing", "may", "will", "project", "should",
"believe", "plans", "intends", "goal" and similar expressions are
intended to identify forward-looking information or statements. More
particularly and without limitation, this news release contains forward
looking statements and information concerning the goal to build Summit
II's property portfolio. The forward-looking statements and information
are based on certain key expectations and assumptions made by Summit
II, including general economic conditions. Although Summit II believes
that the expectations and assumptions on which such forward-looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward looking statements and information
because Summit II can give no assurance that they will prove to be
correct. By its nature, such forward-looking information is subject to
various risks and uncertainties, which could cause the actual results
and expectations to differ materially from the anticipated results or
expectations expressed. These risks and uncertainties include, but are
not limited to, tenant risks, current economic environment,
environmental matters, general insured and uninsured risks and Summit
II being unable to obtain any required financing and approvals. Readers
are cautioned not to place undue reliance on this forward-looking
information, which is given as of the date hereof, and to not use such
forward looking information for anything other than its intended
purpose. Summit II undertake no obligation to update publicly or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Proventure Income Fund
For further information:
Paul Dykeman, CEO at (902) 448-8044