Dream Industrial REIT’s C$259 Million Equity Offering


Torys LLP represented the syndicate of underwriters.

On January 29, 2021, Dream Industrial REIT announced the closing of its previously announced equity offering of units at a price of C$12.80 per unit. The syndicate of underwriters, led by TD Securities Inc., elected to exercise its over-allotment option in full, resulting in a total of 20,240,000 units being issued for total gross proceeds of C$259,072,000.

The Trust intends to use the net proceeds from the offering, together with cash on hand: (i) to fund acquisition and development opportunities, (ii) to repay indebtedness, and (iii) for general trust purposes.

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As of September 30, 2020, Dream Industrial REIT owns and operates a portfolio of 172 assets (266 industrial buildings) comprising approximately 26.6 million square feet of gross leasable area in key markets across North America and a growing presence in strong European industrial markets.

The Torys team included Rima Ramchandani (Picture), Brett Saulnier and Parker Baglole (corporate/securities) and Scarlett O’Shea (real estate).

Involved fees earner: Parker Baglole – Torys LLP; Scarlett O’Shea – Torys LLP; Rima Ramchandani – Torys LLP; Brett Saulnier – Torys LLP;

Law Firms: Torys LLP;

Clients: Dream Industrial REIT;

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Author: Ambrogio Visconti