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JV between Dream Industrial REIT and GIC acquires Summit Industrial Income REIT for C$5.9B

Date Closed

February 17, 2023

Lead Office



5.90 Billion CAD

On February 17, 2023, Summit Industrial Income REIT ("Summit") announced the closing of the C$5.9 billion all-cash acquisition by a joint venture between GIC and Dream Industrial REIT (“DIR”), known as Dream Summit Industrial LP ("Dream Summit"). Dream Summit is 10% owned by DIR and 90% owned by GIC. Unitholders of Summit received cash consideration of C$23.50 per unit by way of a special distribution and redemption of units.

Dream Summit has also assumed the 2.15% series A debentures due September 17, 2025, 1.82% series B debentures due April 1, 2026, 2.25% series C debentures due January 12, 2027 and 2.44% series D debentures due July 14, 2028 as successor entity to Summit.

Summit is a real estate investment trust focused on growing and managing a portfolio of light industrial properties across Canada.

DIR is a TSX-listed real estate investment trust that operates industrial real estate in Canada, Europe and the U.S.

GIC is a leading global investment firm in Singapore that manages Singapore’s foreign reserves.

McCarthy Tétrault advised Summit with a team led by Heidi Gordon, Jeremy Pleasant and Andrew Parker that included Haiya Peng, Hailey Schenker, David Woollcombe, Suzie Cusson, Rebecca Scott, Barry J. Ryan, René Sorell (M&A/Securities), Patrick McCay, Stefanie Morand, Kabir Jamal, Dean Xiao (Tax), Ted Cox, Yasin Celik (Real Property), Debbie Salzberger, Oliver Borgers, Alykhan Rahim (Competition and Investment Canada), Gordon Baird, William Lee, Sarah Ferguson (Financial Services), Shane D'Souza, Alexa Jarvis (Litigation), Kate McNeill-Keller, Patrick Pengelly, Nicole Naglie (Labour and Employment), Kelleher Lynch, Julia Miller (Pensions), Joanna Rosengarten (Environmental), Randy Schwartz, Simon Douville (Sales Tax), Martha Harrison, Gajan Sathananthan (Trade) and Vincent Yip (Intellectual Property).