Dream Industrial REIT completes C$250 million green bond offering

Torys acted as counsel to the syndicate of agents led by TD Securities, Scotia Capital, RBC Capital Markets and National Bank Financial with a team that includes Rima Ramchandani, Brett Saulnier, Parker Baglole (corporate/securities), Andy Gibbons and Scarlett O’Shea (real estate).

On December 6, 2021, Dream Industrial REIT (the “Trust”) announced the closing of its previously announced private placement of senior unsecured debentures consisting of C$250 million aggregate principal amount of 2.539% senior unsecured debentures, Series D, maturing on December 7, 2026.

The debentures were offered on an agency basis by a syndicate of agents led by TD Securities Inc., Scotia Capital Inc., RBC Dominion Securities Inc. and National Bank Financial Inc.

An amount equal to the net proceeds from the offering is expected to be utilized to finance and/or refinance eligible green projects within the meaning of the Trust’s Green Financing Framework.

The offering is the Trust’s second “green bond”, following the C$400 million Series C Debentures issued in June 2021, following the framework’s establishment.

Further information can be found on Business Wire’s website.

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at September 30, 2021, the Trust owns and operates a portfolio of 221 assets (326 industrial buildings) comprising approximately 39.8 million square feet of gross leasable area in key markets Canada, Europe, and the U.S.