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 ahead."
"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 market fundamentals."
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