Dream Industrial REIT Completes $230 Million Equity Offering

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO, Feb. 12, 2020 (GLOBE NEWSWIRE) -- DREAM INDUSTRIAL REIT (DIR.UN-TSX) (“Dream Industrial REIT” or the “Trust”) announced today the closing of its previously announced equity offering of units of the Trust ("Units”) at a price of $13.65 per Unit (the “Offering”). The syndicate of underwriters, led by TD Securities Inc., elected to exercise its over-allotment option in full, resulting in a total of 16,859,000 Units being issued today for total gross proceeds of $230,125,350.

The Trust intends to use the net proceeds from the Offering, together with cash on hand: (i) to fund a portion of the purchase price for the Trust’s previously announced acquisition of €224 million ($327 million) of light industrial and logistics assets in Germany and the Netherlands, (ii) to fund a portion of the Trust’s previously announced $170 million of Canadian acquisitions, primarily in the Greater Toronto Area, (iii) to repay indebtedness, including approximately $200 million of Canadian mortgage debt as part of the previously announced strategy to reduce the Trust’s overall cost of debt, and (iv) for general trust purposes.

This news 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 REIT

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at September 30, 2019, excluding assets held for sale, Dream Industrial REIT owned and operated a portfolio of 209 geographically diversified light industrial properties comprising approximately 21.8 million square feet of gross leasable area in key markets across North America. Its objective is to grow and upgrade the quality of its portfolio and to provide stable and sustainable cash distributions to its unitholders. For more information, please visit www.dreamindustrialreit.ca.