Summit Industrial Income REIT completed its public offering of 7,423,250 units priced at C$6.20 apiece for total gross proceeds of approximately C$46.0 million.

The amount raised includes proceeds from the full exercise of an overallotment option to purchase an additional 968,250 units.

The REIT said it plans to use the proceeds to reduce outstanding debt and for general trust purposes.

The syndicate of underwriters for the bought-deal offering was led by BMO Capital Markets and CIBC Capital Markets, with BMO Capital Markets acting as the sole book runner.