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Summit Industrial to spend C$37M on Ontario logistics facility purchase

Summit Industrial Income REIT will pay C$36.6 million, or C$99 per square foot, to buy a 369,500-square-foot single-tenant logistics facility in Oshawa, Ontario, from an undisclosed seller, representing a roughly 5.6% going-in capitalization rate.

A North American logistics company occupies the building under a lease that it extended for a five-year term starting Jan. 8, according to a release.

The Canadian industrial landlord will satisfy the consideration through the issuance of 1,005,780 exchangeable units, worth approximately C$8.7 million, and cash from its operating facility.

Upon closing, slated for Aug. 15 at the latest, a Summit Industrial subsidiary will issue the exchangeable units along with related special voting units of the real estate investment trust, subject to customary conditions. At the holder's option, the exchangeable units will be exchangeable into Summit Industrial trust units on a 1-for-1 basis and account for an approximate 1.2% interest in the company on an "as exchanged" basis.