HALIFAX, NS, Dec. 11, 2012 /CNW/ – Summit Industrial Income REIT
(“Summit II” or the “REIT”) (TSXV: SMU.UN) announced today that it had
waived conditions and would acquire from an arm’s length party, a
142,000 square foot light industrial property in the Greater Toronto
Area. Situated in Etobicoke, Ontario close to Toronto’s Pearson
International Airport and major highways and transportation links, the
property is 100% occupied, leased to a single national tenant for a
ten-year term that commenced on May 1, 2012. The REIT will pay
approximately $9.4 million for the property, financed by a new $5.4
million five-year mortgage incurring an interest rate of 3.75% with the
balance in cash from the REIT’s revolving credit facility. Closing is
anticipated on or before December 31, 2012. The purchase price equates
to a solid acquisition cost of $66.00 per square foot and a strong
initial capitalization rate of 7.7%.

“This is our first purchase in the key Greater Toronto Area. Going
forward, we intend to aggressively grow our portfolio in the region
focusing primarily on accretive acquisitions of properties at values at
or below replacement cost that generate stable, consistent and
increasing cash flows,” stated Paul Dykeman, Chief Executive Officer.

About Summit II
Summit Industrial Income REIT is an open‐ended mutual fund trust focused on growing and managing a portfolio of
light industrial properties across Canada. Summit II’s units are listed
on the TSX Venture Exchange and trade under the symbol SMU.UN.

Caution Regarding Forward Looking Information
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable securities
laws. The use of any of the words “expect”, “anticipate”, “continue”,
“estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”,
“believe”, “plans”, “intends”, “goal” and similar expressions are
intended to identify forward-looking information or statements. More
particularly and without limitation, this news release contains forward
looking statements and information concerning the goal to build Summit
II’s property portfolio. The forward-looking statements and information
are based on certain key expectations and assumptions made by Summit
II, including general economic conditions. Although Summit II believes
that the expectations and assumptions on which such forward-looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward looking statements and information
because Summit II can give no assurance that they will prove to be
correct. By its nature, such forward-looking information is subject to
various risks and uncertainties, which could cause the actual results
and expectations to differ materially from the anticipated results or
expectations expressed. These risks and uncertainties include, but are
not limited to, tenant risks, current economic environment,
environmental matters, general insured and uninsured risks and Summit
II being unable to obtain any required financing and approvals. Readers
are cautioned not to place undue reliance on this forward-looking
information, which is given as of the date hereof, and to not use such
forward looking information for anything other than its intended
purpose. Summit II undertake no obligation to update publicly or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

SOURCE Summit Industrial Income REIT