Summit Industrial Income REIT completes C$115M bought deal offering

On June 15, 2018, Summit Industrial Income REIT ("Summit") completed its previously announced bought deal offering of 13,299,750 units at a price of C$8.65 per unit for gross proceeds of approximately C$115 million, which includes proceeds from the full exercise of an over-allotment option to purchase an additional 1,734,750 units. The offering was completed by a syndicate of underwriters led by BMO Capital Markets. The net proceeds of the offering will primarily be used to fund the acquisition of five warehouse and logistics properties in Markham, Burlington and Calgary.

Summit is an open-ended mutual fund real estate investment trust focused on growing and managing a portfolio of light industrial properties across Canada.

McCarthy Tétrault LLP advised Summit with a team led by Andrew Parker that included Heidi Gordon and John Murray (Business) and Patrick McCay (Tax).