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Summit Industrial closes C$115M equity offering

Summit Industrial Income REIT closed a bought-deal equity offering, for roughly C$115 million in gross proceeds, including the underwriters' full exercise of an overallotment option.

The company sold 13,299,750 units at C$8.65 per unit, and sold an additional 1,734,750 units via the overallotment option to a syndicate of underwriters led by BMO Capital Markets.

The REIT intends to use the net proceeds primarily to help fund its C$127.0 million purchase of five warehouse and logistics properties in Markham and Burlington, Ontario, and Calgary, Alberta.