GIC and Dream Industrial REIT (DIR) have acquired Summit Industrial Income REIT for C$5.5 billion ($4.4 billion).
GIC and DIR have formed a limited partnership with an ownership structure of 90 percent and 10 percent, respectively.
A subsidiary of Dream Unlimited Corporation will be the asset manager for the joint venture, and DIR will provide property management, accounting, construction management and leasing services to the joint venture at market rates. DIR and Dream intend to continue employing the majority of Summit employees post-closing of the transaction.
Summit Industrial Income REIT is an open-ended mutual fund real estate investment trust focused on growing and managing a portfolio of light industrial properties across Canada.