Mergers and Acquisitions

Dream Industrial REIT in its $5.9 billion acquisition, in partnership with a leading global sovereign wealth fund, of Summit Industrial Income REIT

Dream Industrial REIT
Key Contact
Douglas Marshall

Partner, Corporate, Toronto

Team
Alex Gorka

Partner, Corporate, Toronto

Kai Sheffield

Partner, Corporate, Toronto

Douglass Dawson

Associate, Corporate, Toronto

Kevin Feng

Associate, Corporate, Toronto

Emery White

Associate, Corporate, Toronto

Sydney McKibbon

Associate, Corporate, Toronto

Stella Di Cresce

Partner, Real Estate, Toronto

Eric Choi

Partner, Real Estate, Toronto

Dakota Secours

Associate, Real Estate, Toronto

Sandy Yeung

Associate, Real Estate, Toronto

Firoz Ahmed

Partner, Tax, Toronto

Jack Silverson

Partner, Tax, Toronto

Clemence Chu

Associate, Tax, Toronto

Shuli Rodal

Partner, Competition/Antitrust and Foreign Investment
Chair, Diversity Committee, Toronto

Reba Nauth

Associate, Competition/Antitrust & Foreign Investment, Toronto

Allan Wells

Partner, Employment and Labour, Toronto

On February 17, 2023, Dream Industrial REIT, in partnership with a leading global sovereign wealth fund, closed an agreement with Summit Industrial Income REIT under which a joint venture between Dream Industrial REIT and the sovereign wealth fund will acquire Summit. The all-cash transaction is valued at approximately $5.9 billion. Upon the closing of this transformational transaction, Dream Industrial REIT will significantly grow its exposure to the Canadian industrial market through a complementary portfolio, diversify its revenue streams through growth of its property management vertical and introduce a new source of growth capital in one of the most desirable and highest growth industrial markets in the world.

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust.

Osler, Hoskin & Harcourt LLP is advising Dream Industrial in connection with the joint venture agreement and acquisition with a team consisting of Doug Marshall, Alex Gorka, Kai Sheffield, Douglass Dawson, Kevin Feng, Emery White, Sydney McKibbon (Corporate), Stella Di Cresce, Eric Choi, Chris Newbert, Dakota Secours, Sandy Yeung (Real Estate), Firoz Ahmed, Jack Silverson, Clemence Chu (Tax), Shuli Rodal, Reba Nauth (Competition & Antitrust), Allan Wells, Ksenija Navakovic (Employment & Labour) and our Osler Works – Transactional team led by Marah Smith.

Value
$5.9 billion
Date Closed
February 17, 2023
Lead Office
Toronto
Key Contact
Douglas Marshall

Partner, Corporate, Toronto

Team
Alex Gorka

Partner, Corporate, Toronto

Kai Sheffield

Partner, Corporate, Toronto

Douglass Dawson

Associate, Corporate, Toronto

Kevin Feng

Associate, Corporate, Toronto

Emery White

Associate, Corporate, Toronto

Sydney McKibbon

Associate, Corporate, Toronto

Stella Di Cresce

Partner, Real Estate, Toronto

Eric Choi

Partner, Real Estate, Toronto

Dakota Secours

Associate, Real Estate, Toronto

Sandy Yeung

Associate, Real Estate, Toronto

Firoz Ahmed

Partner, Tax, Toronto

Jack Silverson

Partner, Tax, Toronto

Clemence Chu

Associate, Tax, Toronto

Shuli Rodal

Partner, Competition/Antitrust and Foreign Investment
Chair, Diversity Committee, Toronto

Reba Nauth

Associate, Competition/Antitrust & Foreign Investment, Toronto

Allan Wells

Partner, Employment and Labour, Toronto