Summit Industrial gets three-year C$75 million green credit facility

By Wendy Van Sickle

Columbus, Ohio, Sept. 27 – Summit Industrial Income REIT entered in to a new three-year C$75 million green unsecured development credit facility to finance current and future industrial property developments, according to a news release.

The total credit facility size, including the conventional tranche, is C$100 million.

The company said the green development line is the first labeled green loan of its kind in Canada and was arranged by a schedule 1 Canadian chartered bank.

In combination with the REIT's existing C$300 million senior unsecured revolver, the addition of the green development line takes Summit's liquidity position to approximately C$1 billion including cash and potential new financing that could be placed on a portion of the REIT's unencumbered property portfolio.

The Toronto-based open-end trust manages a portfolio of light industrial properties across Canada.

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