The Summit Industrial Income REIT will be acquired by Singapore’s sovereign wealth fund GIC and Canada’s Dream Industrial REIT for around C$4.46 billion ($3.30 billion), excluding debt, the two businesses announced on Monday.

According to the statements, GIC and Dream Industrial REIT (DIR) will create a joint venture for the transaction, with GIC owning 90% and DIR controlling the remaining 20%.

The deal builds on GIC’s recent real estate purchases globally and gives it access to the Canadian industrial space.

In September, GIC, along with another private equity firm, bought U.S. commercial REIT Store Capital Corp for about $14 billion.

Summit’s unitholders will get C$23.50 per unit in cash, representing a 31.1% premium to their close on Friday, Summit said in a separate statement.

The deal is valued at C$4.46 billion, according to Reuters’ calculations based on Summit’s 189.85 million outstanding units as of June 30. Including debt, the deal is valued at C$5.9 billion, Summit said.

DIR said the deal would more than double the scale of its Canadian industrial portfolio under management, while the JV with GIC would give it a new source of capital to pursue acquisitions in Canada without relying on capital markets.