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Summit Industrial to sell C$130M of trust units

Summit Industrial Income REIT will sell 10,400,000 of its trust units at a price of C$12.50 apiece on a bought-deal basis for gross proceeds of about C$130.0 million.

The Canadian real estate investment trust has granted underwriters a 30-day overallotment option to purchase up to an additional 1,560,000 units on the same terms.

Summit plans to use the net proceeds from the offering to repay existing debt, to fund future acquisitions, and for general trust purposes.

The offering is expected to close on or about June 12.

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