pcNewsWire – Summit Industrial Income REIT (TSX: SMU.UN) has completed its previously announced public offering of 9,763,500 units at a price of $7.07 per unit for gross proceeds of approximately $69.0 million.
The offering was completed on a bought deal basis by a syndicate of underwriters led by BMO Capital Markets and CIBC Capital Markets, with BMO Capital Markets acting as the sole bookrunner.
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Summit Industrial Income REIT Announces Completion of $69.0 Million Bought Deal Equity Offering
Toronto, Ont. – June 30, 2017: Summit Industrial Income REIT (“Summit” or the “REIT”) (TSX: SMU.UN) announced today that it has completed its previously announced public offering (the “Offering”) of 9,763,500 units at a price of $7.07 per unit for total gross proceeds of approximately $69.0 million, which includes proceeds from the full exercise of an over-allotment option to purchase an additional 1,273,500 units. The Offering was completed on a bought deal basis by a syndicate of underwriters led by BMO Capital Markets and CIBC Capital Markets, with BMO Capital Markets acting as the sole bookrunner.
The REIT intends to use the net proceeds from the Offering to reduce outstanding indebtedness, which may be subsequently redrawn and applied as needed for funding of future acquisitions, and for general trust purposes. The REIT is currently in negotiations in connection with opportunities that may be suitable for the potential acquisition of several light industrial properties located in the REIT’s main target markets. If such opportunities are to materialize, their completion will be subject to a number of conditions consistent with the REIT’s ordinary acquisition practices.
Summit Industrial Income REIT is an unincorporated open-end trust focused on growing andmanaging a portfolio of light industrial properties across Canada. Summit’s units are listed on the TSX and trade under the symbol SMU.UN. Formore information, please visit our web site at www.summitIIreit.com.
For More Information, please contact:
Paul Dykeman, CEO at (902) 405-8813