Dream Industrial REIT sells industrial portfolio for C$271m

Dream Industrial REIT has sold properties located in the Eastern Canada region to KingSett Capital, on behalf of its KingSett Real Estate Growth LP No. 7, for a gross sale price of C$271 million ($202 million).

“This sale of the Eastern Canada Portfolio represents a significant milestone for the Trust,” said Brian Pauls, CEO of Dream Industrial REIT. “We plan to utilize the net proceeds from the sale to increase scale in our target markets as we continue to transform, as well as enhance the overall quality and performance of the Dream Industrial portfolio.”

The portfolio comprises 38 properties, totaling approximately 2.8 million square feet of gross leasable area, and includes the 118,000-square-foot property that was classified as assets held for sale as of the first quarter of 2019.

The sale is expected to close in the third quarter of 2019 and is subject to customary closing conditions.

Upon completion of the sale, the REIT’s portfolio will comprise 210 properties will total 21.8 million square feet.