CA - Summit Industrial Income rises on proposed acquisition by GIC and Dream Industrial

• Summit Industrial Income REIT ( OTC:SMMCF ) (SMU.UN:CA) rose ~28% pre-market after an announcement on the proposed acquisition by GIC and Dream Industrial REIT ( OTC:DREUF ) (DIR.UN).
• GIC and Dream Industrial REIT are set to acquire Summit Industrial in an all-cash transaction.
• A joint venture between GIC and DIR have entered into an agreement for the all-cash transaction valued at ~CAD5.9B.
• SMMCF unitholders will receive a cash consideration of $23.50 per unit by way of a special distribution and a redemption of units.
• The board has approved the transaction.
• The transaction is expected to close in Q1 2023.
• GIC and DIR have formed a limited partnership with an ownership structure of 90% and 10%, respectively.
• Source: Press Release

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