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SUMMIT INDUSTRIAL INCOME REIT ENTERS INTO AGREEMENT TO BE ACQUIRED BY GIC IN PARTNERSHIP WITH DREAM INDUSTRIAL REIT IN C$5.9 BILLION TRANSACTION
SUMMIT INDUSTRIAL INCOME REIT ENTERS INTO AGREEMENT TO BE ACQUIRED BY GIC IN PARTNERSHIP ...
About this update from Dream Unlimited Corp. Class A
[{"type":"text","content":"\n \n \n \n SUMMIT INDUSTRIAL INCOME REIT ENTERS INTO AGREEMENT TO BE ACQUIRED BY GIC IN PARTNERSHIP WITH DREAM INDUSTRIAL REIT IN C$5.9 BILLION TRANSACTION\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Transaction Highlights\n \n \n \n \n GIC and Dream Industrial REIT to acquire Summit Industrial Income REIT in an all-cash transaction\n \n \n Summit unitholders to receive cash consideration of\n \n $23.50\n \n per unit by way of a special distribution and a redemption of units\n \n \n After receiving the unanimous recommendation of the special committee of the Board of Trustees of Summit, composed of independent trustees, the Board of Trustees of Summit has unanimously determined that the transaction is in the best interest of the REIT and REIT unitholders, is fair to REIT unitholders, and is unanimously recommending that unitholders vote in favour of the transaction\n \n \n The trustees and executive officers of the REIT, who as of the date hereof collectively hold approximately 6.9% of the issued and outstanding units, have entered into voting and support agreements to vote in favour of the transaction\n \n \n \n \n \n TORONTO\n \n and\n \n SINGAPORE\n \n \n ,\n \n \n Nov. 7, 2022\n \n \n /CNW/ - Summit Industrial Income REIT (\"Summit\" or the \"REIT\") (TSX: SMU.UN), GIC and Dream Industrial REIT (\"DIR\") (TSX: DIR.UN) today announced that they have entered into an agreement (the \"Arrangement Agreement\") under which a joint venture (the \"Joint Venture\") between GIC and DIR will acquire Summit in an all-cash transaction valued at approximately\n \n C$5.9 billion\n \n , including the assumption of certain debt (the \"Transaction\").\n \n \n Under the terms of the Arrangement Agreement, Summit unitholders will receive\n \n $23.50\n \n per unit in cash by way of a special distribution and a redemption of units, which represents a premium of 31.1% to Summit's closing unit price on\n \n November 4, 2022\n \n , a premium of 33.4% to the REIT's 20-day volume weighted average price through\n \n November 4, 2022\n \n , and a...