Summit Industrial Income REIT (Summit) is going to acquire a 141,628 square foot light industrial property in Calgary, Alberta for approximately $12.675 million.

Located in Foothills Industrial Park, close to major rail and highway transportation links, the single tenant property has undergone extensive renovations that were completed in early 2016.

The property is fully occupied with a lease running until June 2023. The acquisition will be financed in cash using the REIT’s operating credit facility. The REIT has waived conditions on the acquisition and anticipates closing on or before July 15, 2016.

Summit also announced it finalized the purchase of a 309,077 square foot light industrial property in Edmonton, Alberta for $33 million. That property is 100 per cent occupied by a single-tenant with 11 years remaining on its lease term, including contracted rent escalations resulting in 1.4 per cent annual increases.

“We continue to see the Alberta market as a promising region to further Summit’s growth,” said Paul Dykeman, chief executive officer of Summit. “Calgary and Edmonton present a strong opportunity to generate solid, sustainable and growing cash flows as the Canadian energy industry begins to recover, occupancies increase, and rental rates improve.”