Mr. Paul Dykeman reports
SUMMIT INDUSTRIAL INCOME REIT ANNOUNCES RECEIPT OF INVESTMENT CANADA ACT APPROVAL AND ANTICIPATED CLOSING DATE FOR ARRANGEMENT WITH GIC AND DREAM INDUSTRIAL REAL ESTATE INVESTMENT TRUST
Summit Industrial Income REIT has received approval under the Investment Canada Act in respect of the previously announced plan of arrangement transaction that was approved by the Ontario Superior Court of Justice (commercial list) on Dec. 20, 2022, pursuant to which a joint venture between GIC and Dream Industrial Real Estate Investment Trust will acquire all of the assets and assume all of the liabilities of Summit, and the unitholders of the REIT will receive $23.50 for each outstanding unit of the REIT they own in cash by way of a special distribution and a redemption of units, subject to applicable withholdings.
The REIT anticipates that closing of the arrangement will occur on or about Feb. 17, 2023, subject to the satisfaction or waiver of all of the remaining customary closing conditions, all of which have been or are expected to be satisfied by or on such date. Following completion of the arrangement, the units will be delisted from the Toronto Stock Exchange.
Unitholders who have questions or require assistance submitting their units in connection with the arrangement may direct their questions to Computershare Investor Services Inc., which is acting as depositary in connection with the arrangement, by phone toll-free at 1-800-564-6253 or by e-mail at coporateactions@computershare.com.