Regions

Summit Industrial Income REIT (Summit II REIT) announced that they have waived conditions and would acquire the portfolio of three light industrial properties located in Laval, Quebec and in Brampton and Barrie, Ontario. The deal will give the company a collective total of more than 446,379 square feet of gross leasable area (GLA). 

The Summit Industrial Income REIT will pay an approximate US$37.4 million for the portfolio with financed assumptions of an existing mortgage of US$5.4 million, a new US$16.4 million mortgage and the assumption of the balance in cash from the Summit Industrial Income REIT's revolving credit facility.

The closing of the deal is estimated to be completed on or before August 31.

The purchase of the Brampton property will significantly grow the Summit Industrial Income REIT's presence and critical mass in the city with a total of approximately 1.3 million square feet of gross leasable area.

All of the new acquisitions are close to major highways, rail and other major transportation links. All of the properties are 100% occupied by single credit-worthy tenants.