GIC and Dream Industrial REIT acquire Summit Industrial Income REIT

The all-cash transaction is valued at C$5.9 billion, including the assumption of certain debt.

  • GIC and Dream have formed a joint venture for the deal, with an ownership structure of 90 percent and 10 percent, respectively
  • Summit’s unitholders will get C$23.50 per unit in cash, representing a 31.1% premium to their close on 4 November 2022
  • On 30 June, Summit’s portfolio totalled 160 properties with an additional 13 buildings under development for a total net book value of approximately C$5 billion

GIC in partnership with Dream Industrial REIT have agreed to acquire Summit Industrial Income REIT, a Markham, Ontario-based manager of light industrial properties in key markets across Canada.

The all-cash transaction is valued at C$5.9 billion, including the assumption of certain debt.

GIC and Dream have formed a joint venture for the deal, with an ownership structure of 90 percent and 10 percent, respectively. Summit’s unitholders will get C$23.50 per unit in cash, representing a 31.1 percent premium to their close on 4 November 2022.

On 30 June 2022, Summit’s portfolio totalled 160 properties with an additional 13 buildings under development for a total net book value of approximately C$5 billion.

“Summit has a premier portfolio of industrial properties defined by strong sector fundamentals, resilient cash flows, and stable market rent growth in key markets across Canada,” said Adam Gallistel, head of Americas real estate, GIC, in a statement. “This is another strong addition to GIC’s global real estate portfolio.”

GIC is an Singaporean sovereign wealth fund. Established in 1981, it invests across asset classes and active strategies globally.

Dream Industrial REIT owns, manages and operates a portfolio of 258 industrial assets in key markets across Canada, Europe and the US. It is based in Toronto.