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THIS PRESS RELEASE CONSTITUTES A "DESIGNATED NEWS RELEASE" FOR THE PURPOSES OF SUMMIT INDUSTRIAL INCOME REIT'S PROSPECTUS SUPPLEMENT DATED JUNE 21, 2021 TO ITS BASE SHELF PROSPECTUS DATED JUNE 21, 2021
TORONTO, March 24, 2022 (GLOBE NEWSWIRE) -- Summit Industrial Income REIT (“Summit” or the “REIT”) (TSX: SMU.UN) announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets (collectively, the "Underwriters") to sell, on a bought deal basis, 9,030,000 Units of the REIT (the “Units”) at a price of $22.15 per Unit for gross proceeds to Summit of approximately $200 million (the "Offering"). In addition, Summit has granted the Underwriters an over-allotment option to purchase up to an additional 1,354,500 Units on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the closing of the Offering. The Offering is expected to close on or about March 31, 2022 and is subject to customary conditions, including approval of the Toronto Stock Exchange.