SMMCF - Summit Industrial Income REIT acquires remaining 50% interest in new industrial property

• Summit Industrial Income REIT ( OTC:SMMCF ) completed the acquisition of the remaining 50% ownership interest in a recently constructed light industrial property in the Hanlon Creek Business Park in Guelph, Ontario from its joint-venture partner.
• The interest was acquired for ~$13.2M and combined with Summit's existing ownership interest in the property, Summit's total investment is ~$21.7M generating a consolidated capitalization rate of ~4.8%.
• The lease term for the building is ten years with contractual annual rental rate increases of 3%.
• The initial 50% interest was acquired by Summit in July 2021 and with occupancy stabilized at 100%.
• With this property, the company now has total investment of $165.9M in the Hanlon Creek Business Park.

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