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Summit Industrial completes offering to partially fund property buy

Summit Industrial Income REIT completed a public offering of subscription receipts and will use the proceeds to partially fund the acquisition of a portfolio of light industrial properties in Alberta, Canada.

The real estate investment trust issued 17,836,500 subscription receipts at C$12.90 each. Including the proceeds from an overallotment option to purchase an additional 2,326,500 subscription receipts, gross proceeds totaled about C$230 million.

The acquisitions, priced at about $588 million, are expected to close on or around Nov. 1. At this point, a unit of the REIT will be issued in exchange for each subscription receipt.

BMO Capital Markets led the syndicate of underwriters in the offering.

Summit Industrial Income REIT focuses on growing and managing a portfolio of light industrial properties across Canada.