Categories: US Real Estate

Summit Industrial Income REIT Acquires More Properties

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

Al Twitty

Recent Posts


Industry Coach Tom Ferry Headlines Event JPAR® – Real Estate, America’s #1 fastest-growing, 100% commission…

2 hours ago

Who You Hire Matters: Coltyn Simmons and Custom Fit Real Estate are Changing the Home Buying and Selling Industry

Reputation in real estate is everything. The team at Custom Fit Real Estate will tell…

4 hours ago

Workforce Planning: Definition, Benefits, and Steps

Workforce planning can help you meet organizational goals in any economy. It’s been a challenging…

6 hours ago

Ask Brian: Should Equity Rich Baby Boomers Cash Out?

Ask Brian is a weekly column by Real Estate Expert Brian Kline. If you have…

10 hours ago

Talking to Sellers: Are We at the Top of the Market?

We spoke to Aaron Drussel, Broker/Owner of Better Homes and Gardens Real Estate Momentum in…

11 hours ago

Why Real Estate CRM Software is Important for Agents

Managing your interactions with customers and clients can be an exhausting job. If you're a…

11 hours ago