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Summit REIT Unveils $92M Offering Meant To Fund Deals

Law360, New York (December 5, 2017, 1:50 PM EST) -- Summit Industrial Income REIT on Monday announced a unit offering that could hand the open-ended mutual fund real estate investment trust roughly $92 million, the same day it said it had inked a $66.1 million deal to buy a four-property portfolio in the greater Toronto area.

Under the offering, Summit said it would sell 11,120,000 million units at $7.20 apiece on a bought deal basis, earning it roughly $80 million. If a contingent of underwriters led by BMO Capital Markets exercises a 30-day option to buy...
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