Summit Industrial Income REIT Announces Completion of $195.5 Million Equity Offering
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TORONTO, Nov. 17, 2020 /CNW/ – Summit Industrial Income REIT (“Summit” or the “REIT“) (TSX:SMU) announced today that it has completed its previously announced public offering (the “Offering“) of 14,323,250 units at a price of $13.65 per unit for total gross proceeds of approximately $195.5 million, which includes proceeds from the full exercise of an over–allotment option to purchase an additional 1,868,250 units. The Offering was completed on a bought deal basis by a syndicate of underwriters led by BMO Capital Markets.
The REIT intends to use the net proceeds from the Offering to repay existing indebtedness, to fund future acquisitions and for general trust purposes.
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 …