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Summit Industrial Income REIT Acquires First GTA Property
By: PR Newswire
Dec. 11, 2012 04:13 PM
HALIFAX, NS, Dec. 11, 2012 /CNW/ - Summit Industrial Income REIT ("Summit II" or the "REIT") (TSXV: SMU.UN) announced today that it had waived conditions and would acquire from an arm's length party, a 142,000 square foot light industrial property in the Greater Toronto Area. Situated in Etobicoke, Ontario close to Toronto's Pearson International Airport and major highways and transportation links, the property is 100% occupied, leased to a single national tenant for a ten-year term that commenced on May 1, 2012. The REIT will pay approximately $9.4 million for the property, financed by a new $5.4 million five-year mortgage incurring an interest rate of 3.75% with the balance in cash from the REIT's revolving credit facility. Closing is anticipated on or before December 31, 2012. The purchase price equates to a solid acquisition cost of $66.00 per square foot and a strong initial capitalization rate of 7.7%.
"This is our first purchase in the key Greater Toronto Area. Going forward, we intend to aggressively grow our portfolio in the region focusing primarily on accretive acquisitions of properties at values at or below replacement cost that generate stable, consistent and increasing cash flows," stated Paul Dykeman, Chief Executive Officer.
About Summit II
Caution Regarding Forward Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Summit Industrial Income REIT
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