GIC, Dream Industrial joint venture to acquire Canada’s Summit for $3.3 billion According to Reuters

© Reuters. FILE PHOTO: A GIC signage is pictured during their results announcement in Singapore on July 2, 2019. REUTERS/Anshuman Daga

(Reuters) – A joint venture between Singapore’s sovereign wealth fund GIC and Canadian industrial real estate firm Dream Industrial REIT will acquire Canada’s Summit Industrial Income REIT for C$4.46 billion (3. $30 billion), the two companies said in a joint statement on Monday.

Summit seniors, which also manage industrial properties across Canada, will receive C$23.50 per unit of cash, representing a 31.1% premium versus Last closed on Friday.

Including debt, the deal is worth C$5.9 billion, the companies said.

Deal value, excluding debt, is based on Summit’s 189.85 million outstanding units as of June 30.

(1 dollar = 1.3523 Canadian dollars)


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