Dream Industrial REIT Announces $177.5 Million Secondary Offering
04 Mayo 2023 - 3:42PM
Dream Industrial REIT (DIR.UN-TSX) (the “Trust”)
today announced that the Trust, along with Dream Office REIT
(D.UN-TSX) (the “Selling Unitholder”), have entered into an
agreement with a syndicate of underwriters led by TD Securities
Inc., pursuant to which the underwriters have agreed to purchase
from the Selling Unitholder, on a bought deal basis, 12,500,000
units of the Trust (“Units”) at a price of $14.20 per Unit and
offer them to the public for total gross proceeds of $177.5 million
(the “Offering”).
The Trust will not receive any proceeds from the
Offering. The net proceeds of the Offering will be payable to the
Selling Unitholder.
Closing of the Offering is subject to certain
customary conditions. The Offering is expected to close on or about
May 16, 2023. Following Closing, the Selling Unitholder will own or
control, directly or indirectly, approximately 4.9% of the issued
and outstanding voting units of the Trust.
The Units will be offered by way of a shelf
prospectus supplement to the Trust's base shelf prospectus dated
November 26, 2021, to be filed on or about May 8, 2023 with the
securities commissions and other similar regulatory authorities in
each of the provinces of Canada.
This press release does not constitute an offer
to sell securities, nor is it a solicitation of an offer to buy
securities, in any jurisdiction in which such offer or solicitation
is unlawful. This press release is not an offer of securities for
sale in the United States (“U.S.”). The securities being offered
have not been and will not be registered under the U.S. Securities
Act of 1933, as amended, and accordingly are not being offered for
sale and may not be offered, sold or delivered, directly or
indirectly within the U.S., its possessions and other areas subject
to its jurisdiction or to, or for the account or for the benefit of
a U.S. person, except pursuant to an exemption from the
registration requirements of that Act.
About Dream Industrial Real Estate
Investment Trust
Dream Industrial REIT is an unincorporated,
open-ended real estate investment trust. As at March 31, 2023,
Dream Industrial REIT owns, manages and operates a portfolio of 321
assets totalling approximately 70.4 million square feet of gross
leasable area in key markets across Canada, Europe, and the U.S.
Dream Industrial REIT’s goal is to deliver strong total returns to
its unitholders through secure cash flows underpinned by its
high-quality portfolio and an investment grade balance sheet as
well as driving growth in its net asset value and cash flow per
unit. For more information, please visit
www.dreamindustrialreit.ca.
Forward looking information
This press release may contain forward-looking
information within the meaning of applicable securities
legislation, including the anticipated closing of the Offering; and
the expected Units held by the Selling Unitholder’s following
closing of the Offering. Forward-looking information is based on a
number of assumptions and is subject to a number of risks and
uncertainties, many of which are beyond the Trust’s control, which
could cause actual results to differ materially from those that are
disclosed in or implied by such forward-looking information. These
risks and uncertainties include, but are not limited to, general
and local economic and business conditions; employment levels;
mortgage and interest rates and regulations; inflation; risks
related to a potential economic slowdown in certain of the
jurisdictions in which we operate and the effect inflation and any
such economic slowdown may have on market conditions and lease
rates; uncertainties around the timing and amount of future
financings; uncertainties surrounding the COVID-19 pandemic and
other public health crises and epidemics; geopolitical events,
including disputes between nations, war and international
sanctions; the financial condition of tenants; leasing risks,
including those associated with the ability to lease vacant space;
rental rates and the strength of rental rate growth on future
leasing; and interest and currency rate fluctuations. The Trust’s
objectives and forward-looking statements are based on certain
assumptions, including that the general economy remains stable;
inflation and interest rates will not materially increase beyond
market expectations; conditions within the real estate market
remain consistent; competition for acquisitions remains consistent
with the current climate; and the capital markets continue to
provide ready access to equity and/or debt. All forward-looking
information in this press release speaks as of the date of this
press release. The Trust does not undertake to update any such
forward-looking information whether as a result of new information,
future events or otherwise except as required by law. Additional
information about these assumptions and risks and uncertainties is
contained in the Trust’s filings with securities regulators,
including its latest annual information form and MD&A. These
filings are also available at the Trust’s website at
www.dreamindustrialreit.ca.
For further information, please contact:
Dream Industrial Real Estate Investment
Trust
Brian Pauls |
Lenis Quan |
Alexander Sannikov |
Chief Executive Officer |
Chief Financial Officer |
President & Chief Operating
Officer |
(416) 365-2365 |
(416) 365-2353 |
(416) 365-4106 |
bpauls@dream.ca |
lquan@dream.ca |
asannikov@dream.ca |
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