February 17, 2023

Dream Industrial REIT and GIC acquire Summit Industrial Income REIT

Goodmans LLP acted for the special committee of independent trustees of Dream Industrial REIT (“DIR”) in connection with a transaction whereby DIR, Dream Asset Management and GIC Private Limited, a leading global sovereign wealth fund, formed a joint venture (the “Canadian Industrial JV”) to (i) acquire 100% of the issued and outstanding units of Summit Industrial Income REIT ("Summit") by way of plan of arrangement in an all-cash transaction valued at approximately C$5.9 billion (the "Summit Acquisition"), and (ii) acquire other Canadian industrial assets in the future.

The Canadian Industrial JV will be 10% owned by DIR and 90% owned by GIC, and DIR will provide property management services in respect of properties in the Canadian Industrial JV’s portfolio.

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