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Dream Summit JV has acquired eight industrial assets spanning 800,000 square feet in the Greater Toronto Area.

Dream Summit Acquires Eight GTA Industrial Assets

Dream Summit JV has acquired eight industrial assets spanning 800,000 square feet in the Greater Toronto Area.

The entity is a joint-venture between Toronto-based Dream Industrial REIT and Singaporean sovereign wealth fund.

In its quarterly report, Dream said the JV acquired four GTA income-producing assets totalling 300,000 sf during the period. Subsequent to the quarter ending Dream Summit acquired an additional four assets spanning 500,000 sf.

Dream did not disclose the properties’ specific locations.

The acquisitions brought the JV’s total acquisitions to approximately $550 million. Dream Summit was created in 2022.

Meanwhile, Dream reported that it closed on an additional issuance of $200 million of Series F debentures at an offering yield to maturity of 5.259%. Dream used the proceeds to repay existing mortgage maturities and reduce the outstanding balance on the REIT’s credit facility, bore an average interest rate of 6.9%, and general trust purposes.

Lenis Quan, Dream’s CFO, said the REIT is working on a new unsecured term loan to refinance its Series B debenture maturity at an all-in interest rate expected to be about 50 basis points below the maturing rate.

Photo: Dream Industrial REIT

(Connect CRE will hold its inaugural Canada Kick-off Event in Toronto on June 11. This will be Connect’s first commercial real estate industry conference in Canada. Panelists will include Syl Apps, managing director and co-country head for Hines; Lindsay Brand, chief investment officer at Concert Properties; Mark Kenney, CEO of Canadian Apartment Properties REIT; and, Marie-France Benoit, Avison Young’s director of Canadian market intelligence. Come and gain insights from industry leaders on such matters as buyer sentiment amid a lower interest-rate environment, cross-border transaction trends, and investors’ outlook for 2024 and beyond. Register today.)


Inside The Story

Lenis QuanDream Industrial REIT

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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