Blackstone to acquire Dream Global REIT in $6.2b transaction

Affiliates of real estate funds managed by Blackstone are to acquire all of Dream Global REIT’s subsidiaries and assets in an all-cash transaction valued at $6.2 billion.

“This transaction is the culmination of the tremendous growth that Dream Global has achieved since its 2011 IPO. At a time when the Western European real estate market is becoming increasingly competitive, this transaction provides premium value to unitholders. Upon completion of the transaction, Dream Global will have increased its equity market capitalization by nearly eight times and will have delivered total annualized returns of 15 percent to our unitholders, since inception, which exceed both the Canadian and European REIT benchmarks by approximately 60 percent and are competitive against the best managed real estate private equity funds and pension funds globally, over the same time period,” said Detlef Bierbaum, chairman of Dream Global’s board of trustees.

In 2011, Dream created a pub