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Dream Industrial REIT announces sale of U.S. portfolio to new fund vehicle
Transactions - JULY 23, 2021

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Dream Industrial REIT announces sale of U.S. portfolio to new fund vehicle

by Andrea Zander

Dream Industrial REIT (DIR) has agreed to sell 20 of its U.S. assets (29 buildings in total) to a private open-end U.S. industrial fund for C$210 million ($167 million) and an approximately 25 percent retained interest in the fund.

“Since announcing our U.S. expansion strategy in July 2017, we quickly assembled a high-quality U.S. portfolio that has attracted significant institutional interest and allowed us to achieve our targeted allocation of 20 percent of portfolio value in the United States,” said Brian Pauls, CEO of DIR. “This transaction represents the next chapter of our growth in the U.S. alongside our institutional capital partners and provides a valuable recurring revenue stream from the new property management platform. Further, it allows the trust to continue to grow in attractive U.S. industrial markets, improving overall portfolio quality and diversification, while maintaining an enhanced geographic mix.”

The REIT, together with a group of instit

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