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Dream Industrial REIT Announces Strategic Partnership With CPP Investments and $805 Million Portfolio Recapitalization
This press release contains forward-looking information that is based upon assumptions and is sub...
About this update from Dream Unlimited Corp. Class A
[{"type":"text","content":"Dream Industrial REIT Announces Strategic Partnership With CPP Investments and $805 Million Portfolio Recapitalization\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistsquare { list-style-type: square }\n.bwpadb3 { padding-bottom: 4px }\n.bwpadl0 { padding-left: 0px }\n.bwpadl1 { padding-left: 5px }\n.bwpadr0 { padding-right: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwrowaltcolor0 { background-color: #cceeff }\n.bwrowaltcolor1 { background-color: #d3d3d3 }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignt { vertical-align: top }\n.bwwidth100 { width: 100% }\n.bwwidth26 { width: 26% }\n.bwwidth48 { width: 48% }\n \n\n\n\n\n This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts are in Canadian dollars unless otherwise indicated.\n \n\n\n\n Transaction Highlights\n \n\n\n\n Dream Industrial REIT and CPP Investments form a new joint venture focused on acquiring Canadian industrial assets, with $1.1 billion of total equity allocation.\n \n\n Dream Industrial REIT has agreed to sell a 3.6 million square foot portfolio to the newly formed joint venture for $805 million.\n \n\n The transaction delivers compelling value to unitholders, with pricing slightly above current IFRS values, representing a substantial premium to the value implied by the REIT's unit trading price.\n \n\n Dream Industrial REIT expects to deploy the proceeds on an accretive basis through a combination of $100 to $200 million of REIT unit buybacks and strategic growth initiatives.\n \n\n\n\n\n\n Dream Industrial Real Estate Investment Trust (TSX: DIR.UN) (the \"Trust\" or the \"REIT\" or \"DIR\" or \"we\" or \"us\")\n \n is pleased to announce a strategic partnership with Canada Pension Plan Investment Board (“CPP Investments”), marking a significant new growth initiative for the REIT as it continues to add scale...