GIC, Dream Industrial team up to buy Canada's Summit REIT for $3.3b

GIC, Dream Industrial team up to buy Canada's Summit REIT for $3.3b

Photo: Reuters

Singapore’s sovereign wealth fund GIC and Canada’s Dream Industrial REIT will buy Canada’s Summit Industrial Income REIT for about C$4.46 billion ($3.30 billion), excluding debt, the companies said in separate statements on Monday.

GIC and Dream Industrial REIT (DIR) will form a joint venture for the deal, with GIC owning 90% and DIR owning the rest, according to the statements.

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