Dream Industrial REIT completes C$230 million equity offering
On February 12, 2020, Dream Industrial REIT (the "Trust") announced the closing of its previously announced equity offering of units at a price of C$13.65 per unit. The syndicate of underwriters, led by TD Securities Inc., elected to exercise its over-allotment option in full, resulting in a total of 16,859,000 units being issued for total gross proceeds of C$230,125,350.
The Trust intends to use the net proceeds from the offering, together with cash on hand: (i) to fund a portion of the purchase price for the Trust's previously announced acquisition of light industrial and logistics assets in Germany and the Netherlands for €224 million (C$327 million); (ii) to fund a portion of the C$170 million in previously announced Canadian acquisitions, primarily in the Greater Toronto Area; (iii) to repay indebtedness, including approximately C$200 million of Canadian mortgage debt as part of the previously announced strategy to reduce the Trust's overall cost of debt; and (iv) for general trust purposes.
Further information can be found on Globe Newswire's website.
Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As of September 30, 2019, excluding assets held for sale, Dream Industrial REIT owned and operated a portfolio of 209 geographically diversified light industrial properties comprising approximately 21.8 million square feet of gross leasable area in key markets across North America.