TORONTO, March 31, 2022 /CNW/ - Summit Industrial
Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) announced today
that it has acquired a 50% interest in a joint venture partnership,
with respect to a 40-acre development ready site located in the
Aberfoyle Industrial Park, at 7475 McLean Road just East of
Guelph, Ontario in Puslinch.
The property is located directly opposite to Summit's existing
280,000 square foot LEED Gold certified property. It is in a prime
industrial location just 1.6 km from Highway 401 in the Aberfoyle
Industrial Park which was established to create a central shipping
and logistics hub to service southwest Ontario, the GTA, and is close to U.S. border
crossings. The property is development ready and can accommodate
approximately 790,000 square feet of density. Summit intends to
have the completed building(s) designated as LEED certified in
keeping with its commitment to ongoing environmental responsibility
and sustainability.
"We are pleased to continue to expand our GTA development
pipeline with our joint-venture partner. Including this new site
acquisition, we now have approximately 2.3 million square feet
under development or in various planning or permitting processes,"
commented Dayna Gibbs, Chief
Operating Officer. "In addition to our purchase of income-producing
properties, our development, intensification and expansion pipeline
will add highly accretive new assets to our portfolio over time. We
are also proud to be meeting our commitment to sustainability with
the majority of our new developments expected to be LEED
certified."
About Summit Industrial Income REIT
Summit Industrial
Income REIT is an unincorporated open-end trust focused on growing
and managing a portfolio of light industrial properties in key
markets across Canada. Summit'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. More particularly and
without limitation, this news release contains forward looking
statements and information concerning the goal to build Summit's
property portfolio. The forward-looking statements and information
are based on certain key expectations and assumptions made by
Summit, including general economic conditions. Although Summit
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 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, and given the impact of the COVID-19
pandemic and government measures to contain it, there is inherently
more uncertainty associated with the REIT's assumptions as compared
to prior periods. These risks and uncertainties include, but are
not limited to, tenant risks, current economic environment,
environmental matters, general insured and uninsured risks and
Summit 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 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