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

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