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Dream Industrial REIT redeems C$111M notes, buys C$34M property

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Dream Industrial REIT redeems C$111M notes, buys C$34M property

Dream Industrial REIT redeemed roughly C$111.3 million of its 5.25% convertible debentures Aug. 2, the company said in its second-quarter earnings release.

The redemption price was at par plus unpaid accrued interest.

The real estate investment trust also closed a C$34.3 million industrial property acquisition in Etobicoke, Ontario, subsequent to the second quarter. The 205,000-square-foot class A industrial property is located at 161 West Mall, and is fully leased with a weighted average remaining lease term of 7.5 years. The property is on a 10.4-acre site that has 2.4 acres of excess land and a right of first offer on adjoining land of roughly two acres.

The REIT is also in advanced negotiations to acquire two industrial buildings in the U.S. and one on the Greater Montreal area, totaling 842,000 square feet.