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, 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.