Transaction|February 12, 2020

Dream Industrial REIT completes C$230 million equity offering

Torys acted as counsel to the syndicate of underwriters led by TD securities with a team that included Rima Ramchandani, Kevin Armitage and Parker Baglole (corporate/Canadian securities), Mile Kurta and Chris Bornhorst (U.S. securities), Josh Daniels and Scarlett O'Shea (real estate), Michael Fortier (environmental), Richard Johnson (Canadian tax) and David Mattingly (U.S. tax).

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.