The Singapore sovereign wealth fund will form a joint venture with Dream to acquire Markham, Ont.-based Summit in a deal that also assumes its debt. Toronto-based Dream will own a 10 per cent stake, while GIC will hold the remaining 90 per cent. (The Logic)

Talking point: Dream and Summit’s portfolios focus on logistics buildings and warehouses in large cities in Canada. The country’s industrial market has had record low vacancy rates, most recently 1.5 per cent, and record-high market rent growth, at 29 per cent year over year during the third quarter, according to Dream. The REIT said it believes rental rates will continue to grow over the long term. Meanwhile, shares of publicly traded industrial REITs are down, generally, as e-commerce giants warn the pandemic boom is over. The deal is expected to close in the first quarter of next year.