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Dream Global REIT launches C$175M units offering

Diversified real estate investment trust Dream Global REIT signed an agreement to sell 12.0 million units on a bought-deal basis at C$14.60 apiece, or C$175.2 million in aggregate.

The company granted underwriters a 30-day overallotment option to purchase up to a further 1.8 million units, which, if fully exercised, will raise the gross proceeds to roughly C$201.5 million.

The offering is expected to close on or about June 26.

The trust intends to use the net proceeds generated from the offering to finance acquisitions and for general trust purposes. It noted that it is in discussions to buy office and industrial properties in Germany and the Netherlands for an expected purchase price north of €170 million. The combined gross leasable area of the five properties is 935,000 square feet.