Toronto - Summit Industrial Income REIT ('Summit' or the 'REIT') (TSX: SMU.UN), GIC and Dream Industrial REIT ('DIR') (TSX: DIR.UN) today announced that they have entered into an agreement (the 'Arrangement Agreement') under which a joint venture between GIC and DIR will acquire Summit in an all-cash transaction valued at approximately C$5.9 billion, including the assumption of certain debt (the 'Transaction').

Under the terms of the Arrangement Agreement, Summit unitholders will receive $23.50 per unit in cash by way of a special distribution and a redemption of units, which represents a premium of 31.1% to Summit's closing unit price on November 4, 2022, a premium of 33.4% to the REIT's 20-day volume weighted average price through November 4, 2022, and a 19.5% premium to Summit's current equity research consensus Net Asset Value estimate of $19.66 per unit.

'We are pleased to provide an immediate and certain premium value to our unitholders through this allcash transaction with GIC and Dream,' said Paul Dykeman, Chief Executive Officer and Trustee of Summit. 'The entire Board of Trustees and management team are proud to have executed on our strategy to develop and aggregate an attractive, diversified portfolio with a team that is dedicated to delivering bestin-class services to our tenants, and this value optimization transaction represents a successful culmination of these efforts. We are confident this transaction is in the best interest of the REIT and unitholders.' 'We are pleased to bring GIC's expertise in real estate investing together with Dream's 25 years of experience as a world-class real estate developer, owner and asset manager. Through our partnership, Summit's assets will be positioned for continued success,' said Lee Kok Sun, Chief Investment Officer of Real Estate, GIC.

Summit has a premier portfolio of industrial properties defined by strong sector fundamentals, resilient cash flows, and stable market rent growth in key markets across Canada,' said Adam Gallistel, Head of Americas Real Estate, GIC. 'This is another strong addition to GIC's global real estate portfolio.

'We have been impressed by Summit and their continued strong execution and we are thrilled to welcome an exceptional team to Dream,' said Michael Cooper, Founder, Dream Group of Companies, and Trustee, Dream Industrial REIT. 'Summit's business fits perfectly with Dream's experience and management expertise, and we look forward to partnering with GIC.' Summit will release financial results for its third quarter ended September 30, 2022, on November 9, 2022, but, as a result of today's announcement, Summit will not host a conference call and webcast to discuss financial results and operations for the third quarter.

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. Summit's units are listed on the Toronto Stock Exchange and trade under the symbol SMU.UN.

About GIC

GIC is a leading global investment firm established in 1981 to secure Singapore's financial future. As the manager of Singapore's foreign reserves, GIC takes a long-term, disciplined approach to investing, and is uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. The firm's long-term approach, multi-asset capabilities, and global connectivity enable them to be an investor of choice. GIC seeks to add meaningful value to its investments. Headquartered in Singapore, GIC has a global talent force of over 1,900 people in 11 key financial cities and has investments in over 40 countries.

About Dream Industrial Real Estate Investment Trust

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at September 30, 2022, Dream Industrial REIT owns, manages and operates a portfolio of 258 industrial assets totaling approximately 46.5 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT's objective is to continue to grow and upgrade the quality of its portfolio which primarily consists of distribution and urban logistics properties and to provide attractive overall returns to its unitholders.

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 Transaction and the terms thereof; the anticipated closing of the Transaction including the timing thereof; the release third quarter financial results of Summit; the expected October monthly distribution and the suspension of distribution thereof of Summit. There can be no assurance that the proposed Transaction will be completed or that it will be completed on the terms and conditions contemplated in this news release. The proposed Transaction 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 market price of the Units, the anticipated benefits of the Transaction to unitholders, the receipt in a timely manner of regulatory, court, unitholder and other approvals for the Transaction, and the availability of cash flow from operations to meet monthly distributions. 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 the REIT's assumptions as compared to prior periods. These risks and uncertainties include, but are not limited to, in ability to satisfy the conditions applicable to the Transaction, 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, DIR and Dream can also be found in their public reports and filings which are available under their respective profiles at www.sedar.com. Summit, DIR and Dream undertake 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.

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