Dream Industrial REIT Sale of U.S. Portfolio

Goodmans LLP acted for Dream Industrial REIT (DIR.UN-TSX) (the “Trust”) in 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.