ING Summit Industrial Fund LP announced today that DBRS has upgraded its debt rating from BBB (Low) to BBB with a stable trend.

DBRS indicated that the upgrade takes into consideration, among other factors, ING Summit’s portfolio size and its strengthening market position, which are expected to allow ING Summit to better withstand regional and local economic slowdowns, and improve its leasing capabilities and tenant relationships with greater retention rates.

DBRS also stated that these benefits of scale, and the expectation that ING Summit will continue to build critical mass and size, should further enhance its cash flow generation and stability.

“We are very pleased to have received this rating upgrade, a testament to our success in building one of Canada’s largest and highest quality portfolios of industrial properties, and a vote of confidence in our ability to continue our growth going forward,” commented Paul Dykeman, CEO of ING Real Estate Canada LP.

In upgrading ING Summit’s rating, DBRS noted that the fund intends to develop industrial space in the range of 1.5 million to 2 million square feet annually by utilizing its considerable land bank consisting of 912 acres in major markets across Canada. DBRS also noted that in the near term, the fund should continue to benefit from internal growth opportunities arising from favourable leasing conditions in its markets, particularly in Alberta where the fund owns approximately 8.9 million square feet of space with in place rents that are well below current market rents.

ING Summit Industrial Fund LP is managed by ING Real Estate Canada LP. ING Real Estate Canada LP is part of the global ING Real Estate business and is one of Canada’s largest real estate management companies providing real estate fund management, portfolio management, asset management and property management, including sales, acquisitions, development and leasing.

Over time ING Real Estate Canada intends to offer a diverse range of investment funds in all segments of the Canadian real estate business.