Dream Industrial REIT raised gross proceeds of roughly C$86.5 million from its just-completed equity offering of 9,890,000 units and a combined C$26 million from a pair of private placements.
The equity offering, priced at C$8.75 per unit, included the full exercise of the underwriters' overallotment option.
In the private placements, the trust issued 2,858,000 units to Dream Office LP and 115,000 units to an affiliate of PaulsCorp LLC, both at the same per-unit price as the equity offering, for respective gross proceeds of about C$25.0 million and C$1.0 million.
Dream Industrial will use the proceeds to fund its US$103.3 million purchase of a four-property U.S. industrial building portfolio, to fund the repayment of its outstanding 6.75% convertible unsecured subordinated debentures due Nov. 30 and for general trust purposes, including future acquisitions.
The syndicate of underwriters for the offering is led by TD Securities Inc.