Summit Industrial Income REIT declared a special distribution of 7 Canadian cents per unit, following the completion of the sale of its stakes in its data centers in Greater Toronto and downtown Montreal for about C$178 million.
The distribution is payable Oct. 2 to unit holders of record on Sept. 19.
The company said the transactions will generate a realized gain of 35 cents per unit, as well as the repayment of related working capital loans and mezzanine loans of approximately C$62.0 million.
The company will continue to be involved in the development of one of the data centers in Greater Toronto and the data center in downtown Montreal by extending new mezzanine loans to new joint ventures with Urbacon Ltd. The new joint ventures will partner with an undisclosed investor to complete the two developments.
