TORONTO, Oct. 3, 2022
/CNW/ - Summit Industrial Income REIT ("Summit" or the "REIT")
(TSX: SMU.UN) announced today that it and its joint venture
development partner have waived conditions and will acquire a
26.5-acre development site located in the Grand River West Business
Park in Kitchener, Ontario. Summit
acquired a 50% interest in a 19.5-acre development site in the same
Business Park in February 2022.
Summit will pay approximately $12.9
million for its 50% interest in the new site, funded with
cash. Closing is anticipated before the end of October.
The development site is well-located in an established business
park close to a regional airport, major highway and railway
transportation links and a short drive to a planned new
Go Rail service expansion station.
The site is adjacent to a development site acquired by the REIT in
February 2022 and an existing
Summit-owned property. The new property is expected to accommodate
two buildings totalling approximately 480,000 square feet of Class
A space with superior street exposure, ample access points,
circulation and trailer parking, including a 400,000 square foot
building with 40-foot clear ceiling height. Summit intends to have
both buildings designated as LEED-certified in keeping with its
commitment to ongoing environmental sustainability.
"We are pleased to be adding this site to our existing pipeline
of development projects in this region, one of Canada's strongest industrial markets,"
commented Dayna Gibbs, Chief
Operating Officer. "Not only is this one of Canada's tightest industrial markets, but we
continue to build on our economies of scale in this area while
adding to our portfolio of LEED-certified buildings upon
completion."
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 website 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.
For more information, please contact:
Summit Industrial Income REIT
Dayna Gibbs
Chief Operating Officer
(905) 791-1181 ext. 220
dgibbs@summitiireit.com
www.summitiireit.com
www.linkedin.com/company/summit-industrial-income-reit
SOURCE Summit Industrial Income REIT