"We have significantly accelerated our strategy to focus on the light sector asset class, that has consistently demonstrated higher income returns than all other types of real estate," says Lou Maroun, president and COO of Summit.
The price was $221.4 million, funded in part by an offering of Trust Units, which grossed $95.3 million in the deal. The balance was financed by Summit's acquisition credit line and through the assumption of debt, says a release.
According to published reports, Summit has also acquired 22 acres of vacant and zoned land adjacent to a number of the developed properties.
Aquest is co-owned by Oxford Properties Group Inc. and General Electric Capital Canada Inc. Summit REIT is based out of Halifax, Nova Scotia, and owns 337 high-quality properties in Canada and the United States.
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