Summit REIT Completes $115M Offering

On November 10, 2004, Summit Real Estate Investment Trust completed a public offering of $115 million principal amount of 5.70 per cent series A debentures due November 10, 2011. This series of senior unsecured debentures was originally announced as an issue of $100 million principal amount but was increased to $115 million due to investor demand. The net proceeds of the offering are to be used by Summit REIT to reduce its floating rate acquisition and working capital facilities and for general trust purposes.

The offering was led by RBC Capital Markets with Scotia Capital Inc. as co-lead.

Summit REIT was represented by Susan Guttman, Gary Kissack, Barry Tarshis and Grace McDonald of Goodman and Carr LLP. Graham Gow, Gordon Baird, Stuart Miller, Ian Michael and Sumit Soni of McCarthy T├ętrault LLP acted on behalf of the underwriters in connection with the offering.