GIC, Dream Industrial JV to buy Canada's Summit for $3.3 bln

Dream Industrial REIT

07/11/2022 07:00

Nov 7 (Reuters) - A joint venture between Singapore's
sovereign wealth fund GIC and Canadian industrial real estate
company Dream Industrial REIT  DIR_u.TO  will acquire Canada's
Summit Industrial Income REIT  SMU_u.TO  for C$4.46 billion 
($3.30 billion), the companies said in a joint statement on
Monday.
    The unitholders of Summit, which also manages industrial
properties across Canada, will get C$23.50 per unit in cash,
representing a 31.1% premium to its last close on Friday.
    Including debt, the deal is valued at C$5.9 billion, the
companies said.
    The deal value, excluding debt, is based on Summit's 189.85
million outstanding units as of June 30.
($1 = 1.3523 Canadian dollars)
 (Reporting by Anirudh Saligrama in Bengaluru)
 ((Anirudh.Saligrama@thomsonreuters.com; @journoanirudh on
Twitter;))