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

TORONTO, Feb. 7, 2023 /CNW/ - Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) is pleased to announce the receipt of 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 December 20, 2022 (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.

The REIT anticipates that closing of the Arrangement will occur on or about February 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., who is acting as depositary in connection with the Arrangement, by phone toll-free at 1-800-564-6253 or by email at [email protected].

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.

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