Summit Industrial Income REIT Completes C$126M Logistics Centre Acquisition and C$110M Bought Deal Equity Offering
September 22, 2021
126.00 Million CAD
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 and Sarah Chiavarini (Business), Patrick McCay and Dean Xiao (Tax) and Gordon Baird (Financial Services).