Date Closed

September 27, 2012

Lead Office

Toronto

Value

62.00 Million CAD

On September 27, 2012, Summit Industrial Income REIT (“Summit II”) issued approximately C$30 million of units (the “Units”) on a private placement basis. The 66,666,667 Units were issued at a price of $0.45 per Unit. Approximately $20 million of the private placement was brokered by BMO Capital Markets as sole lead agent. Immediately following the offering, Summit II closed a debt financing of up to C$32 million, under which BMO Capital Markets acted as lead arranger and Bank of Montreal acted as administrative agent.

The proceeds from the private placement and a portion of the debt financing were used to purchase a portfolio of four industrial properties for $50.1 million. The remaining balance of the debt financing is available to Summit II for future acquisitions of commercial real estate investments, and for general operating purposes.

Both the offering and the debt financing were announced on September 7, 2012 and closed on September 27, 2012. These transactions followed Summit II’s issuance of approximately $2.6 million of units on a private placement basis on September 25, 2012, and the installation of a new management team.

Summit Industrial Income REIT, headquartered in Brampton, Ontario, 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 represented Summit Industrial Income REIT, the issuer, with a team led by Graham Gow.