TORONTO, Aug. 11,
2022 /CNW/ - Summit Industrial Income REIT ("Summit"
or the "REIT") (TSX: SMU.UN) is pleased to announce the appointment
of Mr. Scott Frederiksen and Mr.
Glenn Hynes to its Board of Trustees
effective August 15, 2022.
Mr. Frederiksen is the former Chief Executive Officer and
Trustee of WPT REIT, a publicly traded cross-border industrial REIT
privatized in October 2021. Mr.
Frederiksen had a thirty-year career in various roles of increasing
responsibility with WPT REIT's manager, Welsh Property Trust.
Starting as an industrial broker in 1987, he was named Senior Vice
President in 1996 and became a Principal in 2006. As CEO of WPT
REIT, Mr. Frederiksen was responsible for strategic oversight of
the asset-based growth of the REIT, leading a team of dedicated
professionals in the areas of financial analysis, acquisitions, due
diligence, legal, investor relations, financing, asset management
and dispositions. He holds a Bachelor of Science degree from
St. Cloud State University, where he
graduated summa cum laude. He is a Certified Commercial Investment
Member, a member of the National Association of Real Estate
Investment Trusts and the Society of Industrial and Office Realtors
and holds a Real Estate Broker's License in the State of Minnesota.
Mr. Hynes is currently Executive Vice President (EVP) and Chief
Operating Officer (COO) of Crombie REIT, a publicly traded REIT
focused on grocery-anchored retail, retail-related industrial, and
mixed-used residential properties in Canada. He leads the REITs construction,
development, leasing, and operations functions and prior to
becoming COO in 2018 served as EVP and Chief Financial Officer
(CFO) for eight years. From 1996 to 2006, Mr. Hynes held senior
executive positions with Sobeys Inc., the second largest grocery
chain in Canada, including EVP and
CFO and EVP and Chief Development Officer. Mr. Hynes is a graduate
of the Advanced Management Program at Harvard
Business School, a Bachelor of Business Administration
graduate of UPEI, and has a Chartered Accountants designation. He
is past Chair of the Atlantic Provinces Economic Council and past
Executive Committee member and Finance and Audit Committee Chair of
UPEI. He completed the Directors Education Program at the Institute
of Corporate Directors. He received his Fellow Chartered Accountant
(FCA) designation in 2011.
"We are excited to have both Scott and Glenn join Summit's Board
of Trustees at this time," commented Lou
Maroun, Chair of the Board. "Their addition will bring a
depth of experience across various aspects of the REIT's
businesses, including a perspective from outside of Canada as well as ESG and development
expertise. We look forward to their contributions in the years
ahead."
About Summit Industrial Income
REIT
Summit Industrial Income REIT is an unincorporated open-ended
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, as well as the
current geopolitical environment, 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