Dream Industrial REIT Announces $250 Million Equity Offering, and Provides Update on 5 Million Square Feet of Acquisitions Across Canada and Europe
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This press release constitutes a “designated news release” for the purposes of Dream Industrial REIT’s prospectus supplement dated February 26, 2021 to its short form base shelf prospectus dated October 11, 2019
This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release.
TORONTO, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Dream Industrial REIT (DIR.UN-TSX) or (the “Trust” or the “REIT” or “we”) today announced the launch of a $250 million equity offering and an update on its robust pace of capital deployment.
The Trust continues to execute on its strategy to grow and upgrade portfolio quality in its target markets. Below, the Trust has provided an update on its acquisition activity since Q2-2021.
- Completed the acquisition of seven assets totalling approximately 1.4 million square feet for a total purchase price of over $202 million, equating to a weighted average capitalization rate (“cap rate”) of approximately 4.7%;
- Waived all conditions on four assets totalling approximately 1.1 million square feet for a total purchase price of over $209 million, equating to a weighted average cap rate of approximately 4.6%;
- The Trust is also in exclusive negotiations on seven assets totalling approximately 2.6 million square feet for a total purchase price of
approximately $420 million.
“Our acquisition pipeline remains robust, and we have completed or secured over $700 million of acquisitions in addition to approximately $100 million of acquisitions announced along with our Q2-2021 results. These acquisitions are consistent with our strategy of adding high-quality logistics assets in markets with significant barriers to entry that offer strong organic growth potential over the long term,” said Brian Pauls, Chief Executive Officer of Dream Industrial REIT. “Our on-the-ground local acquisition teams allow us to consistently access a deep pool of investment opportunities, through both marketed and off-market deals at attractive economics to the REIT. We are poised to complete over $3 billion of acquisitions since we announced our European expansion at the beginning of 2020, significantly enhancing our portfolio quality, diversification, growth potential, and balance sheet flexibility. With a high-quality $5 billion global industrial portfolio and an investment grade balance sheet with access to financing at attractive rates, we are well-positioned to continue to create long term sustainable value for our unitholders.”