TORONTO, Sept. 27, 2021 /CNW/ – Summit Industrial Income REIT («Summit» or the «REIT») (TSX: SMU.UN) announced today that it has entered in to a new $75 million green unsecured development credit facility (the «Green Development Line») with a 3-year term, to finance current and future industrial property developments. The total credit facility size including the conventional tranche is $100 million. The Green Development Line is the first labelled Green Loan of its kind in Canada and was arranged by a Schedule 1 Canadian Chartered Bank.
«This new facility marks another milestone for Summit’s ESG initiatives, and we are pleased to align our goal of growing our sustainable development platform with the Canadian banking sector’s sustainable finance initiatives,» said Dayna Gibbs, Chief Operating Officer of the REIT. «In addition, we are extremely proud to be a market leader in this space as this is the first green development credit line of its kind in Canada to date,» Ms. Gibbs added.
In combination with the REIT’s existing $300 million senior unsecured revolving credit facility, the addition of the Green Development Line takes Summit’s liquidity position to approximately $1 billion including cash and potential new financing that could be placed on a portion of the REIT’s unencumbered property portfolio.
Summit Industrial Income REIT is an unincorporated open-end trust focused on growing and managing a portfolio of light industrial properties in key markets across Canada. Summit’s units are listed on the TSX 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. More particularly and without limitation, this news release contains forward looking statements and information concerning the goal to build Summit’s property portfolio. The forward-looking statements and information are based on certain key expectations and assumptions made by Summit, including general economic conditions. Although Summit 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 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, and given the impact of the COVID-19 pandemic and government measures to contain it, there is inherently more uncertainty associated with the REIT’s assumptions as compared to prior periods. These risks and uncertainties include, but are not limited to, tenant risks, current economic environment, environmental matters, general insured and uninsured risks and Summit 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 undertakes 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.
SOURCE Summit Industrial Income REIT