GIC, the sovereign wealth fund of Singapore, and Dream Industrial REIT have formed a joint venture to buy Summit Industrial Income REIT in a transaction valued at $3.3B, including assumed debt.
Summit holds a portfolio of light industrial properties across Canada.
According to the agreement, GIC and Dream will pay $23.50 per unit in cash for the REIT, which closed at $17.93 per unit on the Toronto Stock Exchange, in Canadian dollars, which are trading for about 75 cents US.
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