Dream Industrial REIT closes arrangement agreement with an affiliate of Morgan Properties
Torys acted as counsel to TD Securities as financial advisor to the board of Dream Residential REIT with a team led by Michael Amm and Carly Klinkhoff (corporate/M&A).
On November 19, 2025, Dream Residential REIT (the “REIT”) announced the closing of the previously announced arrangement agreement with an affiliate of Morgan Properties, LP (“Morgan Properties”) pursuant to which Morgan Properties acquired the REIT in an all-cash transaction valued at US$354 million.
Under the terms of the arrangement agreement announced on August 21, 2025, which was implemented by way of a plan of arrangement under the Business Corporations Act (Ontario), Morgan Properties acquired all of the assets and assumed all of the liabilities of the REIT. Dream Residential REIT unitholders and DRR Holdings LLC Class B unitholders each received cash consideration of US$10.80 per unit of the REIT and per Class B unit of DRR Holdings LLC.
Further information can be found on Business Wire’s website.
Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns a portfolio of garden-style multi-residential properties, primarily located in three markets across the Sunbelt and Midwest regions of the United States.
Morgan Properties is a national real estate investment and management company headquartered in Conshohocken, Pennsylvania. It and its affiliates pursue a diversified investment strategy focusing on multifamily common equity, commercial mortgage-backed B-Piece securities, preferred equity, and whole loans.