December 2, 2022

Bobbys Brane

Bobbys Brane – Business & Tech Blog

GIC, Dream Industrial JV to buy Canada’s Summit for $3.3 billion By Reuters

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

(Reuters) – A joint venture between Singapore’s sovereign wealth fund GIC and Canadian industrial real estate company Dream Industrial REIT will acquire Canada’s Summit Industrial Income REIT 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)