Dream Industrial REIT completes C$200 million offering of Series G debentures
Torys acted as counsel to the syndicate of agents led by TD Securities with a team that included Rima Ramchandani, Michael Murphy and Shaoor Ahmad (corporate/securities), Hannah Atkinson (lending), Michael Fortier (environmental), Aren Thomasian and Paul Mohan (real estate).
On July 3, 2025, Dream Industrial REIT (the “Trust”) closed its previously announced private placement of senior unsecured debentures consisting of C$200 million aggregate principal amount of 4.287% senior unsecured debentures, Series G maturing on July 3, 2030.
The debentures were issued on an agency basis by a syndicate of agents led by TD Securities Inc., Scotia Capital Inc., RBC Dominion Securities Inc., CIBC World Markets Inc. and National Bank Financial Inc., and including BMO Nesbitt Burns Inc., Desjardins Securities Inc. and Mizuho Securities Canada Inc.
In connection with the offering, the Trust entered into forward cross-currency interest rate swap arrangements to swap the proceeds of the offering to Euros, lowering the effective fixed interest rate to 3.726%, effective December 22, 2025.
The net proceeds from the offering will be utilized to repay existing indebtedness, and for general trust purposes.
Further information can be found on Business Wire’s website.
Dream Industrial REIT is an owner, manager, and operator of a global portfolio of well-located, diversified industrial properties. As at March 31, 2025, the Trust has an interest in and manages a portfolio which comprises 336 industrial assets (549 buildings) totaling approximately 72.6 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S..