TORONTO, Dec. 20,
2022 /CNW/ - Summit Industrial Income REIT
("Summit" or the "REIT") (TSX: SMU.UN) is pleased to
announce that the Ontario Superior Court of Justice (Commercial
List) has issued a final order approving 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 of the REIT (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.
Completion of the Arrangement remains subject to the
satisfaction of certain customary closing conditions, including
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; 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 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