April 28, 2022

Dream Industrial REIT and Dream Unlimited Corp. form $1.5 billion Develop-to-Hold Joint Venture

Goodmans LLP acted for the independent trustees of Dream Industrial REIT (DIR-UN-T) and Dream Unlimited Corp. (DRM-T) (The “Trust”) in connection with its $1.5 billion develop-to-hold joint venture with a “leading global sovereign wealth fund” to buy development properties and build industrial facilities in the Greater Golden Horseshoe Area.

The joint venture will seek to acquire $500 million worth of development sites to build high quality, best-in-class industrial assets with the intention to continue to own the properties after stabilization. A Dream Asset Management subsidiary will be the asset manager for the properties. The REIT is expected to provide property management and accounting, construction management and leasing services at market rates. The REIT will contribute two development sites to the joint venture at a sale price of approximately $98 million and will also contribute its rights to close on a third development site at a purchase price of approximately $23 million.

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Dream Industrial REIT and Dream Unlimited Corp. form $1.5 billion Develop-to-Hold Joint Venture

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