Summit Industrial Income REIT wrapped up the purchase of its external manager for C$95.0 million as part of its move to internalize its asset and property management functions.

The internalization, which was approved by Summit Industrial's unit holders, mainly removes the annual asset management, property management, acquisition and incentive fees that the company would have paid to its former external manager.

The Canadian industrial real estate investment trust will still be led by CEO Paul Dykeman pursuant to a five-year agreement.