Summit Industrial Income REIT completes C$126M logistics centre acquisition and C$110M bought deal equity offering
On September 22, 2021, Summit Industrial Income REIT ("Summit") announced that it had entered into an agreement to acquire two newly-constructed Class A logistics centres totaling 725,000 square feet of gross leasable area (“Logistics Centre”) located in Calgary, Alberta for C$125 million.
The acquisition was financed through a equity offering of 5,270,000 units of the REIT for a price of C$20.90 per unit for gross proceeds of approximately C$110 million, which includes proceeds from the full exercise of an over–allotment option to purchase up to an additional 790,500 units. The Offering was completed on a bought deal basis by a syndicate of underwriters led by BMO Capital Markets.
Summit Industrial Income REIT is an unincorporated open-end trust focused on growing and managing a portfolio of light industrial properties across Canada. Summit's units are listed on the TSX.
McCarthy Tétrault LLP advised Summit Industrial Income REIT with a team led by Heidi Gordon and Andrew Parker that included Suzie Cusson, Sarah Chiavarini and Hailey Schenker (Business), Patrick McCay and Dean Xiao (Tax) and Gordon Baird (Financial Services).
