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
Chief Operating Officer
(905) 791-1181 ext. 220
SOURCE Summit Industrial Income REIT
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