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Dream Global REIT to be bought by Blackstone funds in $4.7 billion deal


Added 09-15-19 11:03:01pm EST - “Dream Global Real Estate Investment Trust said funds managed by Blackstone Group...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Dream Global REIT to be bought by Blackstone funds in $4.7 billion...”. Below is an excerpt from the article.

(Reuters) - Dream Global Real Estate Investment Trust (DRG_u.TO) said funds managed by Blackstone Group Inc (BX.N) would buy the Canadian firm in a C$6.2 billion ($4.69 billion) deal.

Blackstone will pay C$16.79 cash per Dream Global unit to acquire all of the office and industrial property manager’s subsidiaries and assets, the Toronto-listed firm said.

The firm, which went public in 2011, has assets in Western European countries, including Germany, Netherlands, and Austria.

“This transaction is an exciting opportunity for Blackstone to expand its existing office and logistics portfolios in some of the largest and most important markets in the region,” the head of Blackstone Real Estate Europe, James Seppala, was quoted as saying in the statement.

The deal needs at least 66.67% approval from Dream Global’s unitholders. Its board of trustees unanimously approved the deal and recommended the unitholders to vote in favor of it.

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