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
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. The forward-looking statements and information are based on certain key expectations and assumptions made by Summit II. Although Summit II 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 II 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. These risks and uncertainties include, but are not limited to, market conditions, tenant risks, current economic environment, environmental matters, general insured and uninsured risks and Summit II 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 II undertake 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.
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SOURCE Summit Industrial Income REIT