$75 M Green Unsecured Development Credity Facility TORONTO, Sept. 27, 2021 /CNW/ - Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) announced today that it has entered in to a new $75 million green unsecured development credit facility (the "Green Development Line") with a 3-year term, to finance current and future industrial property developments. The total credit facility size including the conventional tranche is $100 million. The Green Development Line is the first labelled Green Loan of its kind in Canada and was arranged by a Schedule 1 Canadian Chartered Bank.
"This new facility marks another milestone for Summit's ESG initiatives, and we are pleased to align our goal of growing our sustainable development platform with the Canadian banking sector's sustainable finance initiatives," said Dayna Gibbs, Chief Operating Officer of the REIT. "In addition, we are extremely proud to be a market leader in this space as this is the first green development credit line of its kind in Canada to date," Ms. Gibbs added.
In combination with the REIT's existing $300 million senior unsecured revolving credit facility, the addition of the Green Development Line takes Summit's liquidity position to approximately $1 billion including cash and potential new financing that could be placed on a portion of the REIT's unencumbered property portfolio.
https://www.newswire.ca/news-releases/summit-industrial-income-reit-announces-market-leading-75-million-green-unsecured-development-credit-facility-813187608.html