Summit Industrial Income REIT completed a public offering of approximately $75.1 million of trust units. The marketed offering was completed by a syndicate of underwriters led by BMO Capital Markets and included CIBC World Markets Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc. and Canaccord Genuity Corp.
The proceeds of the offering were used to complete five acquisitions, three in the Greater Toronto Area, one in Moncton and one in Edmonton. These new properties have added approximately 2.0 million square feet of gross leasable area to Summit's existing portfolio and were purchased for approximately $177.0 million. With the completion of these acquisitions, Summit's property portfolio now consists of 25 light industrial properties aggregating 2.7 million square feet of gross-leasable area.
In connection with the acquisitions, Summit also increased its debt financing, under which Bank of Montreal acted as administrative agent.
For the offering, certain of the real estate acquisitions and the debt financing, Summit was represented by McCarthy Tétrault LLP with a team consisting of Graham Gow, Andrew Parker and Heidi Gordon (business law); James Morand (tax); Gordon Baird, Laura Hage and Tyler McAuley (financial services) and Jonathan See, Brad Nicpon, Patrick Kee and Isabel Henkelman (real property). The vendors for the real estate transactions were represented by various law firms across the country.
For the offering, the underwriters were represented by Stikeman Elliott LLP with a team consisting of Dee Rajpal, Paul Rakowski and Matthew Hunt (corporate); and for the debt financing by Davies Ward Phillips & Vineberg LLP with a team consisting of Derek Vesey and Natalie Renner (corporate/banking) and Donald Stanbury and David Reiner (commercial real estate).