New stock arbitrage— Dream Industrial REIT
Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at September 30, 2019, excluding assets held for sale, Dream Industrial REIT owned and operated a portfolio of 209 geographically diversified light industrial properties comprising approximately 21.8 million square feet of gross leasable area in key markets across Canada and the U.S. Its objective is to build upon and grow its portfolio and to provide stable and sustainable cash distributions to its unitholders.
Dream Industrial REIT announced on Monday that it has entered into an agreement to sell, on a bought deal basis, 11,160,000 units of the Trust at a price of $13.45 per Unit to a syndicate of underwriters led by TD Securities Inc. for total gross proceeds of approximately $150.1 million. The Public Offering is expected to close on or about December 11, 2019.