Summit Industrial Income REIT completes C$149.5M bought deal offering
June 12, 2019
149.50 Million CAD
On June 12, 2019, Summit Industrial Income REIT completed a public offering of 11,960,000 units through a syndicate of underwriters at a price of C$12.50 per unit for gross proceeds of approximately C$149.5 million. The proceeds include the exercise, in full, of an over-allotment option granted to the underwriters to purchase an additional 1,560,000 units. Summit intends to use the net proceeds from the offering to repay existing indebtedness, fund future acquisitions and for general corporate purposes.
The underwriters were led by BMO Capital Markets and included CIBC World Markets Inc., RBC Dominion Securities Inc., National Bank Financial Inc., TD Securities Inc., Desjardins Securities Inc., Industrial Alliance Securities Inc., Scotia Capital Inc. and Canaccord Genuity Corp.
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 and Heidi Gordon that included Matt Vaughan (Business) and Patrick McCay and Kabir Jamal (Tax).