The new arrangement will see GIC own 90 per cent of a joint venture vehicle while Dream will hold the remaining 10 per cent. The venture will be managed by Dream Asset Management.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails.
Summit recommended that unitholders vote in favour of the transaction after determining it served the best interests of REIT unitholders. “We are pleased to provide an immediate and certain premium value to our unitholders through this all-cash transaction with GIC and Dream,” Paul Dykeman, Summit chief executive said in a media release. “We are confident this transaction is in the best interest of the REIT and unitholders.”Article content
The deal comes as industrial warehouse vacancy rates hit a record low of 1.6 per cent in the third quarter of 2022, according to commercial real estate services firm CBRE. That’s down from the record low of 3.3 per cent reported by Avison Young in 2018. Net rental rates are also rising.
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