GIC, Singapore’s sovereign wealth fund, and Dream Industrial REIT (DIR) have acquired Canada’s Summit Industrial Income REIT for C$5.5 billion (US$4.4 billion). Under the limited partnership, GIC will own 90 percent of the joint venture and DIR will own 10 percent.

A subsidiary of Dream Unlimited Corp will be the asset manager for the JV, and DIR will provide property management, accounting, construction management and leasing services to the partnership at market rates. DIR and Dream intend to continue employing the majority of Summit employees after the transaction closes.

Summit Industrial Income REIT is an open-ended mutual fund REIT focused on growing and managing a portfolio of light industrial properties across Canada.