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THE UNITED STATES/

TORONTO, Jan. 30, 2013 /CNW/ – Summit Industrial Income REIT (“Summit II“) (TSXV: SMU.UN) today announced that it has filed a preliminary short
form prospectus with the securities authorities in all provinces and
territories of Canada with respect to a proposed offering of its units.

The offering is being made on an underwritten basis through a syndicate
of underwriters led by BMO Capital Markets and includes CIBC World
Markets Inc., RBC Dominion Securities Inc., National Bank Financial
Inc., Scotia Capital Inc., TD Securities Inc. and Canaccord Genuity
Corp.

Summit II has entered into agreements in connection with five potential
acquisitions (the ”Acquisitions”) of industrial properties (the “Acquisition Properties“). Three of the Acquisitions are in the Greater Toronto Area (the ”GTA”), one is in Moncton, New Brunswick, and one is in Edmonton, Alberta.
One of the Acquisitions in the GTA is for a portfolio of eight
properties in Brampton (the “Brampton Portfolio“). The Acquisitions will be completed pursuant to various purchase and
sale agreements between a subsidiary of Summit II and the vendors of
the various properties. None of the Acquisitions are conditional on any
of the other Acquisitions except that the acquisition of the properties
that make up the Brampton Portfolio are conditional upon the
acquisition of all, but not less than all, of the properties that make
up the Brampton Portfolio. The aggregate purchase price (including
closing costs) for the Acquisitions is anticipated to be approximately
$177 million. The net proceeds from the offering of units are expected
to be used by Summit II, along with cash on hand, an assumed mortgage,
certain committed mortgages, certain pending mortgages and a bridge
facility from an affiliate of BMO Capital Markets (if and to the extent
required), to fund the purchase of the Acquisition Properties. Certain
of the Acquisitions may close prior to the closing of the offering of
units or shortly thereafter and may be funded initially without using
proceeds from the offering such that the proceeds of the offering will
be used to pay down indebtedness of Summit II. In the event that Summit
II is unable to complete all of the Acquisitions, Summit II may, in its
discretion, elect to acquire less than all of the Acquisition
Properties. For more information on the Acquisition Properties, please
see the preliminary short form prospectus. Copies of the preliminary
short form prospectus relating to this offering of units will be
available from the underwriters or, under Summit II’s profile on SEDAR
(www.sedar.com).

As previously announced, Summit II has completed a number of successful
transactions in recent months including the acquisition of 501
Palladium Drive, 200 Iber Road, 240 Laurier Boulevard, 710 Neal Drive
and 134 Bethridge Road. The first four properties were acquired for
$50.1 million, at a capitalization rate of 7.9% and these properties
were appraised as part of the preparation of year-end financial
statements at $59.3 million, indicating an increase of approximately
18%. As a result, today Summit II is announcing that the value of its
assets has grown from $12 million in September 2012 to approximately
$82 million as at December 31, 2012 as a result of the transactions and
the increased appraised value of those properties.

The securities offered have not and will not be registered under the
United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any U.S. State securities laws and may not be offered or sold,
directly or indirectly, within the United States or its territories or
possessions or to or for the account of any U.S. person (as defined in
Regulation S under the U.S. Securities Act) other than pursuant to an
available exemption from the registration requirements of the U.S.
Securities Act. This press release does not constitute an offer to sell
or a solicitation of an offer to buy any such securities within the
United States, or its territories or possessions, or to or for the
account of any U.S. person.

The offering of units is expected to close by the end of February or
early March 2013 and is subject to usual conditions.

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 proposed offering of
units, the completion of the Acquisitions and the proposed closing of
the offering. The forward-looking statements and information are based
on certain key expectations and assumptions made by Summit II,
including identifying qualified candidates. 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, market conditions, 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