Summit Industrial Income REIT Announces Closing of Additional Industrial Property
TORONTO, Oct. 6, 2012 /CNW/ - Summit Industrial Income REIT (formerly Proventure Income Fund) ("Summit II") (TSX-V: SMU.UN) announced that on October 5, 2012 it completed the purchase of an additional industrial property that it referred to in its press release of September 27, 2012. Summit II had previously announced that the net proceeds from its recently completed private placement of units plus a portion of the recently completed debt financing was used to purchase on September 27, 2012 a portfolio of three industrial properties in Canada with the balance of such amount being used to purchase an additional industrial property in Canada within 30 days for an aggregate purchase price for all four properties of $50.1 million (the "Real Estate Portfolio"). With today's announcement, Summit II has now completed the acquisition of the four properties that make up the Real Estate Portfolio.
About Summit II
Summit Industrial Income REIT is an open-ended mutual fund trust focused on growing and managing a portfolio of light industrial properties across Canada. Summit II's units are listed on the TSX-V and trade under the symbol SMU.UN.
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