Dream Unlimited Corp. and Dream Office REIT Announce Reorganization of Dream Office REIT Management Structure

TORONTO, ONTARIO--(Marketwired - April 2, 2015) - DREAM UNLIMITED CORP (TSX:DRM) AND DREAM OFFICE REIT (TSX:D.UN) today jointly announced a reorganization of the management structure of Dream Office REIT (the "REIT") to better align the management structure of the REIT with the interests of its unitholders. As a result of the reorganization, the annual management fee, acquisition fee and capital expenditure fee payable by the REIT under its asset management agreement have been eliminated. Dream Asset Management Corporation ("Dream"), the 70%-owned subsidiary of Dream Unlimited Corp., will continue to provide strategic oversight of the REIT pursuant to a management services agreement, which includes an incentive fee tied to increases in the net asset value of the REIT and, together with its Chief Executive Officer Michael Cooper, is the largest unitholder of the REIT.

The REIT has acquired a subsidiary of Dream which is a party to the asset management agreement with the REIT, resulting in the elimination, effective as of today, of the REIT's obligation to pay asset management fees. In consideration for the sale, Dream will receive exchangeable limited partnership units of a subsidiary of the REIT which are exchangeable for 4,850,000 REIT Units, representing approximately 4.3% of the outstanding REIT Units after giving effect to the reorganization. Dream, together with its Chief Executive Officer Michael Cooper, owns over 7 million REIT units following today's reorganization representing approximately 6.2% of the outstanding REIT Units.

Dream and the REIT have entered into a Management Services Agreement pursuant to which Dream will continue to provide strategic oversight of the REIT and the services of a Chief Executive Officer as requested by the REIT on a cost recovery basis. The Management Services Agreement may be terminated by the REIT at any time, may be terminated by Dream on or after the third anniversary of the Management Services Agreement, or the second anniversary in certain circumstances, and will terminate automatically upon an "acquisition of control" of the REIT. Dream continues to be entitled to receive an incentive fee which is now payable upon termination of the Management Services Agreement.