TORONTO, Dec. 16,
2022 /CNW/ - Summit Industrial Income REIT
("Summit" or the "REIT") (TSX: SMU.UN) is pleased to
announce that at its special meeting ("Meeting") of
unitholders of the REIT ("Unitholders") held today,
Unitholders voted to approve the previously announced plan of
arrangement (the "Arrangement") 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 will receive $23.50 for each outstanding unit of the REIT
(each, a "Unit") they own in cash by way of a special
distribution and a redemption of Units, subject to applicable
withholdings.
The Arrangement required approval by (i) an affirmative vote of
more than two-thirds (66 2/3%) of the votes cast by Unitholders;
and (ii) a simple majority of the votes cast by Unitholders,
excluding votes attached to Units held by certain Unitholders
required to be excluded pursuant to applicable securities laws.
Of the votes cast at the Meeting with respect to the
Arrangement, a total of 135,909,476 Units were voted in favour of
the Arrangement, representing approximately 99.85% of the votes
cast on the special resolution approving the Arrangement. In
addition, a total of 126,739,477 Units, representing
approximately 99.84% of the votes cast by holders of Units
excluding those Units required to be excluded pursuant to
applicable securities laws, were voted in favour of the special
resolution approving the Arrangement.
The REIT's full report of voting results will be filed under the
REIT's profile on SEDAR at www.sedar.com.
The REIT intends to seek a final order of the Ontario Superior
Court of Justice (Commercial List) (the "Court") to
approve the Arrangement at a hearing expected to be held on
December 20, 2022. Completion of the
Arrangement remains subject to the satisfaction of certain
customary closing conditions, including Court approval and receipt
of approval under the Investment Canada Act. Subject to the
satisfaction or waiver of all of the conditions to the closing of
the Arrangement, the Arrangement is expected to be completed in the
first quarter of 2023.
Unitholders who have questions or require assistance submitting
their Units in connection with the Arrangement may direct their
questions to Computershare Investor Services Inc., who is acting as
depositary in connection with the Arrangement, by phone toll-free
at 1-800-564-6253 or by email at
coporateactions@computershare.com.
About Summit Industrial Income REIT
Summit Industrial Income REIT is an unincorporated open-ended
trust focused on growing and managing a portfolio of light
industrial properties in key markets across Canada. The Units are listed on the Toronto
Stock Exchange and trade under the symbol SMU.UN. For more
information, please visit our website at www.summitiireit.com.
Caution Regarding Forward Looking Information
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends",
"goal" and similar expressions are intended to identify
forward-looking information or statements. More particularly and
without limitation, this news release contains forward looking
statements and information concerning the Arrangement and the terms
thereof; the hearing date of the application for the final order of
the Court; and the anticipated closing of the Arrangement including
the timing hereof. There can be no assurance that the proposed
Arrangement will be completed or that it will be completed on the
terms and conditions contemplated in this news release. The
proposed Arrangement could be modified, restructured or terminated
in accordance with its terms.
Forward-looking statements are based on information available at
the time they are made, underlying estimates and assumptions made
by management and management's good faith belief with respect to
future events, performance and results. Such assumptions include,
without limitation, expectations and assumptions concerning the
anticipated benefits of the Arrangement to Unitholders and the
receipt in a timely manner of regulatory, court and other approvals
for the Arrangement. Although Summit believes that the expectations
and assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information because
Summit cannot give assurance that they will prove to be
correct.
By its nature, such forward-looking information is subject to
various risks and uncertainties, which could cause the actual
results and expectations to differ materially from the anticipated
results or expectations expressed, and given the impact of the
COVID-19 pandemic and government measures to contain it, as well as
the current geopolitical environment, there is inherently more
uncertainty associated with Summit's assumptions as compared to
prior periods. These risks and uncertainties include, but are not
limited to, inability to satisfy the conditions applicable to the
Arrangement, tenant risks, interest rate risk, inflation risks;
current economic environment, including disputes between nations,
war and international sanctions, environmental matters and general
insured and uninsured risks. A discussion of other risks that
impact Summit can also be found in its public reports and filings
which are available under Summit's profile on SEDAR at
www.sedar.com. Summit undertakes no obligation to update publicly
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
law.
SOURCE Summit Industrial Income REIT