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Goodmans Deals & Cases

This section contains brief summaries of selected significant cases and transactions.  You'll also find representative lists  - by year - of major transactions and cases where Goodmans' involvement is a matter of public record or where inclusion in the list has been authorized by our clients.

Dream industrial REIT Sale of U.S. Portfolio

2021

Areas Commercial Real Estate, Mergers and Acquisitions, Tax

Summary

Goodmans LLP acted for Dream Industrial REIT (DIR.UN-TSX) (the “Trust”) it connection with its agreement to sell 20 of its U.S. assets (29 buildings in total) (the “Seed Portfolio”) to a private open-ended U.S. industrial fund (the “Fund”) in consideration for approximately C$210 million in cash and an approximately 25% retained interest in the Fund (the “Transaction”). The Trust, together with a group of institutional investors, are the initial investors in the Fund.
A subsidiary of Dream Asset Management Corporation (“DAM”) is the investment manager of the Fund and the Trust will continue to pay fees on its 25% interest in the Fund under its current asset management agreement with DAM. No incentive fee, brokerage fee or other fees are payable by DIR as a result of the Transaction. A subsidiary of the Trust is expected to provide property management, construction management, and leasing services to the Fund at market rates. This is expected to provide a growing income stream as the Fund scales in attractive U.S. industrial markets.