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.
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