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Summit Industrial upsizes equity offering to $90M

Summit Industrial Income REIT increased the total number of units being offered in its recently announced equity offering to 12,500,000 units from 11,120,000 units, at C$7.20 apiece, to raise roughly C$90.0 million in gross proceeds.

The company also granted the underwriters a 30-day overallotment option to purchase up to a further 1,875,000 units.

BMO Capital Markets is leading the syndicate of underwriters for the offering, which is expected to close on or around Dec. 13.