Dream Industrial REIT Announces Over $465 Million of High-Quality Acquisitions in Canada, Europe, and the U.S., and $225 Million Equity Offering - Seite 2

ACQUISITION HIGHLIGHTS

Since Q3 2020, the Trust has closed on five acquisitions in Europe for a gross purchase price totalling approximately €72 million ($112 million). These acquisitions were funded with cash on hand, including proceeds from the five-year $250 million Series A unsecured debenture that closed in December 2020, which bears interest at an effective average fixed rate of approximately 0.49%, after swapping to Euros.

• The Trust completed the previously announced acquisition of a 302,000 square foot urban logistics property in the Greater Frankfurt Area in Germany for €20 million ($32 million). The building has a clear height of 34 feet and is currently 93% occupied by five tenants in the logistics and healthcare sectors, with a WALT of approximately four years. Furthermore, there is expansion potential through development of over 40,000 square feet of additional warehouse space;
• The Trust closed on an 86,000 square foot urban logistics property located in close proximity to Schiphol Airport near Amsterdam, Netherlands for approximately €10 million ($16 million). Built in 2017, the building has a clear height of 39.5 feet and is occupied by a tenant specializing in logistics for the healthcare sector, with a WALT of approximately seven years; and
• In late December 2020, the Trust completed the acquisition of a 191,000 square foot recently built property, located near Arnhem, Netherlands for €25 million ($39 million). The high-quality distribution property has a clear height of 36 feet and is occupied by Toyota Material Handling with 10 years of term remaining on a fully indexed lease. 

The Trust has waived conditions on the acquisition of six assets across North America and Europe for a total gross purchase price of approximately $181 million. The Trust expects over 80% of these assets to close in the next 30 to 60 days.

• The Trust waived all conditions on a 527,000 square foot Class A distribution facility in the Greater Montreal Area. The property is situated on 38.4 acres of land with site coverage of 31%, offering the opportunity to increase the property’s footprint by approximately 221,000 square feet. The asset is 100% occupied by three tenants in the logistics and food & beverage sectors, with a WALT of seven years and the average in-place rent over 15% below current market rent. Built in the mid-2000s and recently refurbished, the asset has 30 foot clear ceiling height and includes approximately 160,000 square feet of refrigerated space. 

• In addition, the Trust is expected to waive conditions on a brand new 140,000 square foot building located in Cincinnati. Built in 2020, the Class A distribution facility has 32 foot clear ceiling height and is in close proximity to the Amazon Prime Air hub as well as the Trust’s existing properties in the sub-market. The asset is 100% occupied. 

The Trust is also currently under contract or in exclusive negotiations on approximately $175 million of acquisitions in the Trust’s target markets of Ontario and Quebec in Canada, Germany and the Netherlands. These acquisitions are expected to close in early 2021, subject to completion of due diligence.