TORONTO--(BUSINESS WIRE)--Dream Unlimited Corp. (TSX: DRM) (“Dream”) announced today that it has acquired 150,000 REIT Units, Series A (“Units”) of Dream Office REIT (TSX: D.UN) (“Dream Office REIT”), representing approximately 0.3% of the issued and outstanding Units on the Toronto Stock Exchange (the “TSX”) for aggregate consideration of $2,606,850 or $17.38 per Unit. Prior to the acquisition, Dream and its joint actors owned 19,612,056 Units representing approximately 37.6% of the issued and outstanding Units and, following the acquisition, Dream and its joint actors own 19,762,056 Units representing approximately 37.9% of the issued and outstanding Units.
In acquiring the 150,000 Units, Dream relied on the normal course purchase exemption from the take-over bid rules contained in Section 4.1 of National Instrument 62-104 – Take-Over Bids and Issuer Bids.
Subject to market conditions, Dream intends to further invest in Dream Office REIT on an opportunistic basis as Dream Office REIT refines its portfolio and focus on core Toronto assets which is aligned with Dream’s expanding real estate and development footprint across downtown Toronto and the Greater Toronto Area. Dream is indirectly controlled by Mr. Cooper, President and Chief Responsible Officer of Dream. Mr. Cooper also serves as the Chief Executive Officer and Chair of the Board of Trustees of Dream Office REIT.
This press release is being issued pursuant to the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103”) of the Canadian Securities Administrators. A copy of the report to be filed by Dream in connection with the transactions described herein will be available on Dream Office REIT’s SEDAR profile at www.sedar.com, and can also be obtained by contacting Mr. Robert Hughes, General Counsel, Dream Unlimited Corp. at 416-365-3535.
Dream and Dream Office REIT’s head office is located at Suite 301, State Street Financial Centre, 30 Adelaide Street East, Toronto, Ontario M5C 3H1.
About Dream Unlimited Corp.
Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of $17 billion of assets under management across four Toronto Stock Exchange listed trusts, our private asset management business and numerous partnerships. We also develop land and residential assets in Western Canada. Dream expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. For more information please visit: www.dream.ca
Forward Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including, but not limited to, statements regarding Dream’s investment intentions with respect to Dream Office REIT. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward‐looking information. These risks and uncertainties include, but are not limited to general and local economic and business conditions, inflation or stagflation, the impact of COVID-19 pandemic on the Company and uncertainties surrounding the COVID-19 pandemic, including government measures to contain the COVID-19 pandemic employment levels, risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, international sanctions and the disruption of movement of goods and services across jurisdictions, regulatory risks, mortgage and interest rates and regulations, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition. All forward looking information in this press release speaks as of September 21, 2022. Dream does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com).
