Summit Industrial Income REIT is proceeding with its C$72.0 million acquisition of a 10-property, 100%-occupied Canadian portfolio encompassing 738,436 square feet of gross leasable area.
The trust said a portion of the purchase price for the portfolio will be paid for with proceeds from its previously announced public offering of new units.
The company noted that the underwriters for its bought-deal unit offering fully exercised their overallotment option to acquire 1,875,000 additional units, resulting in an additional C$13.5 million of gross proceeds.
Summit Industrial's total gross proceeds from the offering stand at about C$103.5 million from the sale of 14,375,000 units.
The company expects to close the offering Dec. 13, while the portfolio purchase is expected to close on or before Dec. 31.
