Summit Industrial Income REIT sells two non-core properties
TORONTO, April 29, 2013 /CNW/ - Summit Industrial Income REIT ("Summit II") (TSXV: SMU.UN) announced today that it had sold two non-core industrial properties. The first is a 24,298 square foot vacant property located in Saskatoon, Saskatchewan. The second is a 30,000 square foot property in Moosomin, Saskatchewan. The total sale price for the two properties was approximately $5.42 million with mortgages totalling $3.90 million being repaid. Net cash proceeds from the property sales were approximately $1.5 million.
"A key component of our value enhancing strategy is to dispose of any non-core properties that do not meet our targeted return on investment profile," commented Paul Dykeman, Chief Executive Officer. "Proceeds from such sales will be used to fund future acquisitions, property development and re-positioning programs, as well as other growth initiatives."
With the completion of these dispositions, the REIT's portfolio totals 23 light industrial properties aggregating approximately 2.7 million square feet of gross leaseable area.
About Summit II
Summit II 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 Venture Exchange and trade under the symbol SMU.UN. For more information, please visit our web site at www.summitIIreit.com.
Caution Regarding Forward Looking Information
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SOURCE Summit Industrial Income REIT