Summit Industrial Income REIT has just announced their acquisition of 15 industrial properties in the greater Toronto, Moncton, New Brunswick; and Edmonton, Alberta areas. The REIT adds some 2 million square feet of leasable space to their Summit II portfolio.
According to the news release, Summit adds over $107 million in new funding with an overall maturity some 6 years down the road. The REIT also announced having increased their revolving line of credit from $38 million to $55 million in order to take advantage of further growth possibilities. Paul Dykeman , Chief Executive Officer of Summit offered this via the release:
“With the completion of these key acquisitions, Summit II now has a platform with sufficient size and scale to generate stable and increasing long-term cash flows and on which we can grow significantly in the coming quarters. We were also pleased to have improved on the forecasted mortgage profile for the acquired properties, arranging longer-term funding at lower overall interest rates, improving our cost profile for the next few years.”
About Summit II
Summit II 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 Venture Exchange and trade under the symbol SMU.UN. For more information, please visit our web site at www.summitIIreit.com.