New stock arbitrage—Summit Industrial Income REIT
Summit Industrial Income REIT is a Canada-based mutual fund trust. The Trust is involved in the commercial leasing of real estate property with property locations in Ontario, Western Canada, Quebec and Atlantic Canada. The company is focused on the light industrial sector of the Canadian real estate industry.
Summit Industrial Income REIT announced that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets to sell, on a bought deal basis, 10,400,000 Units at a price of $12.50 per Unit for gross proceeds to Summit of approximately $130 million. The Offering is expected to close on or about June 12, 2019.
The Units will be offered by way of a prospectus supplement to the REIT’s short form base shelf prospectus dated May 28, 2019, which prospectus supplement is expected to be filed with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada on or about June 5, 2019. The REIT intends to use the net proceeds from the Offering to repay existing indebtedness, to fund future acquisitions and for general trust purposes.