TORONTO and SINGAPORE, Feb. 17, 2023 - Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN), GIC and Dream Industrial REIT ("DIR") (TSX: DIR.UN) today announced the closing of the previously-announced transaction pursuant to which a joint venture (the "Joint Venture") between GIC and DIR acquired Summit in an all-cash transaction valued at C$5.9 billion, including the assumption of certain debt (the "Arrangement"). On closing of the Arrangement, unitholders of the REIT (the "Unitholders") received cash consideration of C$23.50 per unit of the REIT (the "Units") by way of a special distribution and a redemption of Units.

With the completion of the Arrangement, the Units are expected to be delisted from the Toronto Stock Exchange at close of business on or about February 21, 2023. The REIT intends to apply to cease to be a reporting issuer under applicable Canadian securities laws.

Unitholders who have questions or require assistance submitting their Units in connection with the Arrangement may direct their questions to Computershare Investor Services Inc., who is acting as depositary in connection with the Arrangement, by phone toll-free at 1-800-564-6253 or by email at

For more information on the Arrangement, please see the news releases issued by the REIT on November 7, 2022, November 9, 2022, November 22, 2022, December 7, 2022, December 16, 2022, December 20, 2022 and February 7, 2023 along with the REIT's management information circular dated November 19, 2022 prepared in connection with the Arrangement, all of which are available under the REIT's profile on SEDAR at and on the REIT's website at

Additional Details on the Joint Venture and the Assumption of Debt 

GIC and DIR have formed a limited partnership, Dream Summit Industrial LP (the "Purchaser"), with an ownership structure of 90% and 10%, respectively.

A subsidiary of Dream Unlimited Corporation ("Dream") (TSX:DRM) 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.

Concurrent with closing of the Arrangement and pursuant to the trust indenture and indentures supplemental thereto governing the REIT's 2.15% series A debentures due September 17, 2025, 1.82% series B debentures due April 1, 2026, 2.25% series C debentures due January 12, 2027 and 2.44% series D debentures due July 14, 2028 (collectively, the "Debentures"), the Purchaser has assumed the Debentures as successor entity to the REIT. In connection with the assumption, the REIT and the Purchaser, among others, have entered into a supplemental indenture. Copies of the trust indenture and each of the indentures supplemental thereto will be available under the Purchaser's profile on SEDAR at

As a result of the assumption of the Debentures, the Purchaser became liable in place of the REIT for the payment of all of the Debentures and interest payments on the Debentures, and the REIT has been released from all of its obligations. The Purchaser became a reporting issuer in all of the provinces and territories of Canada other than Ontario upon the assumption of the Debentures.

DBRS Limited has confirmed that, as of closing of the Arrangement, the Purchaser has maintained the REIT's "BBB" credit rating with a positive trend.

Early Warning Disclosure 

In connection with the completion of the Arrangement, Dream Summit Industrial Holdco Inc. ("REIT Holdco"), a wholly-owned subsidiary of the Purchaser, acquired 1 Class B unit (the "Class B Unit") of the REIT for aggregate cash consideration of C$23.50. The Class B Unit represents all of the issued and outstanding units of the REIT following the redemption of all of the outstanding Units as part of the Arrangement.

Prior to the consummation of the Arrangement, none of the REIT Holdco, the Purchaser, GIC nor DIR held any Units. After giving effect to the Arrangement, REIT Holdco owns 1 Class B Unit, being 100% of the issued and outstanding units of the REIT.

An early warning report in connection with the foregoing will be filed under the REIT's profile on SEDAR at You may also contact Robert Hughes at (416) 365-6345 to obtain a copy of the report. The address of REIT Holdco is 30 Adelaide Street East, Suite 301, Toronto, Ontario, M5C 3H1.