TORONTO, Oct. 10, 2014 /CNW/ - Summit Industrial Income REIT ("Summit II" or the "REIT") (TSX: SMU.UN) announced today that it has acquired a fully-occupied light industrial property located at 30 Struck Court in Cambridge, Ontario, close to Toronto. The property comprises 111,500 square feet of Gross Leasable Area constructed in 2006 with a ceiling height of 22 feet. The purchase price was approximately $7.0 million equaling $60.87 per square foot, well below replacement cost. The acquisition will be satisfied in cash from the REIT's credit facility. The single tenant building is leased on a ten-year term that contains annual rent increases.
"We are pleased to be strengthening and expanding our Greater Toronto Area portfolio with this acquisition," commented Paul Dykeman, Chief Executive Officer.
The REIT also announced today that it would be selling an 8,000 square foot non-core property located in Red Deer, Alberta for a sale price of $710,000. Closing of the sale is expected on October 17, 2014.
About Summit II
Summit Industrial Income REIT is an unincorporated open-end trust focused on growing and managing a portfolio of light industrial properties across Canada. Summit II's units are listed on the TSX and trade under the symbol SMU.UN. For more information, please visit our web site at www.summitIIreit.com.
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. The forward-looking statements and information are based on certain key expectations and assumptions made by Summit II. 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. 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 undertakes 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.
SOURCE: Summit Industrial Income REIT
For further information: Paul Dykeman, CEO at (902) 405-8813, [email protected]