Summit Industrial Income REIT Continues to Grow GTA Development Pipeline
TORONTO, Dec. 22, 2021 /CNW/ - Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) announced today that it has waived conditions and will acquire a 12-acre parcel of development-ready land well-located at the intersection of Appleby Line and Highway 407 in the Greater Toronto Area ("GTA"). The land site has the potential to develop approximately 180,000 square feet of light industrial building space. The property is in close proximity to other Summit development projects, providing potential future development cost and operating efficiencies. Summit will pay approximately $27.5 million for the property. Summit is excited that this acquisition will continue to advance its ESG initiatives and expects the completed development to achieve Leadership in Energy and Environmental Design ("LEED") certification among other energy efficiencies and sustainability measures.
"We continue to expand our development pipeline in the attractive GTA market," commented Dayna Gibbs, Chief Operating Officer. "Including this property, we will have approximately 2.0 million square feet of GLA under construction or in planning and permitting stages. Overall, we believe we have the potential to add over 3.7 million square feet to the portfolio over time through our development, re-development and expansion activities, generating strong accretive returns for our Unitholders."
About Summit
Summit Industrial Income REIT is an unincorporated open-end trust focused on growing and managing a portfolio of light industrial properties 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
Dayna Gibbs, COO at (905) 791-1181 ext. 220, [email protected]
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