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Summit REIT Completes 8.2-MSF, $221M Portfolio Acquisition

TORONTO-Summit REIT acquires a portfolio of 110 light industrial/flex properties comprising more than 8.2 million sf across Canada. The seller was Aquest REIT. The deal raises Summit's total leasable space assets to 22.3 million sf.

By Michael Gilliard | Updated on March 18, 2002

TORONTO-Summit REIT has completed the acquisition of an 8.2-million sf portfolio of 110 light industrial/flex properties from Aquest REIT. With this purchase, Summit’s assets now total 22.3 million sf of leaseable space, approximately 17.8 million in the light-industrial sector.

“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.

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