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Dream Global REIT closes C$6.2B takeover by Blackstone

Dream Global Real Estate Investment Trust completed its C$6.2 billion all-cash takeover deal with affiliates of real estate funds managed by private equity giant The Blackstone Group Inc.

The Blackstone fund affiliates bought out all of Dream Global REIT's subsidiaries and assets, and Dream Asset Management Corp. relinquished its role as external asset manager to the REIT.

The REIT's unit holders received cash consideration of C$16.79 per unit. The units are expected to be delisted from the Toronto Stock Exchange at close of business Dec. 11.