DREAM INDUSTRIAL REIT ANNOUNCES THE FORMATION OF CANADIAN INDUSTRIAL REAL ESTATE JOINT VENTURE IN PARTNERSHIP WITH GIC AND ACQUISITION OF SUMMIT INDUSTRIAL INCOME REIT

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[{"type":"text","content":"\n \n \n \n DREAM INDUSTRIAL REIT ANNOUNCES THE FORMATION OF CANADIAN INDUSTRIAL REAL ESTATE JOINT VENTURE IN PARTNERSHIP WITH GIC AND ACQUISITION OF SUMMIT INDUSTRIAL INCOME REIT\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts are in Canadian dollars unless otherwise indicated.\n \n \n \n \n Transaction Highlights\n \n \n \n \n Dream Industrial REIT has partnered with GIC to acquire Summit Industrial Income REIT in an all-cash transaction valued at\n \n C$5.9 billion\n \n .\n \n \n Dream Industrial REIT to acquire a 10% interest in Summit Industrial Income REIT, representing an approximately\n \n C$470 million\n \n total equity requirement, with intention to finance its investment using cash, available liquidity, and debt. The REIT will finance this acquisition without issuing equity.\n \n \n Transformative transaction for Dream Industrial REIT to consolidate one of the largest managed portfolios of industrial assets in\n \n Canada\n \n totaling approximately 43 million square feet and significant expansion of the REIT's property management platform to earn fees on market terms and enhance the REIT's return on investment. Upon closing of the acquisition, the REIT will manage approximately 69 million square feet in total across\n \n Canada\n \n ,\n \n United States\n \n , and\n \n Europe\n \n for its private and public investors.\n \n \n Immediately accretive to Dream Industrial REIT's funds from operations per unit while maintaining conservative leverage and BBB rating from DBRS.\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Nov. 7, 2022\n \n \n /CNW/ -\n \n Dream Industrial Real Estate Investment Trust\n \n (TSX: DIR.UN)\n \n (\n \n \n the \"Trust\" or \"Dream Industrial REIT\" or \"Dream Industrial\" or \"the REIT\" or \"DIR\" or \"we\" or \"us\"\n \n \n )\n \n is pleased to an...

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