Transactions & Cases Detail
Summit Industrial Income REIT completes issuance of C$75.1 million of units and C$177 million acquisition of real estate assets
February 26, 2013
Real Property / Construction
252.1 Million CAD
On February 26, 2013, Summit Industrial Income REIT completed a public offering of approximately $75.1 million of trust units. The marketed offering was completed by a syndicate of underwriters led by BMO Capital Markets, and included CIBC World Markets, RBC Dominion Securities, National Bank Financial, Scotia Capital, TD Securities, and Canaccord Genuity.
The proceeds of the offering were used to complete five acquisitions; three in the Greater Toronto Area, one in Moncton, New Brunswick, and one in Edmonton, Alberta. These new properties, purchased for approximately C$177.0 million, have added approximately 2.0 million square feet of gross leasable area to Summit’s existing portfolio. With the completion of these acquisitions, Summit’s property portfolio now consists of 25 light industrial properties, aggregating 2.7 million square feet of gross-leasable area.
In connection with the acquisitions, Summit also increased its debt financing, under which Bank of Montreal acted as administrative agent.
Summit Industrial Income REIT, headquartered in Markham, Ontario, is an open-ended mutual fund trust focused on growing and managing a portfolio of light industrial properties across Canada.
McCarthy Tétrault LLP represented Summit Industrial Income REIT, the acquiror and issuer, with a team led by Graham Gow.