Topic: How To Invest

Power Growth Investor Hotline – Friday, May 12, 2023

Article Excerpt

DREAM OFFICE REIT, $14.32, is still a buy. The REIT (symbol D.UN on Toronto) currently has 27 office properties, including two under development. The downtown Toronto market supplies 79% of Dream’s rental revenue and accounts for 82% of the portfolio’s value. As well, Dream Office holds 9.7% of Dream Industrial REIT (symbol DIR.UN on Toronto). Dream Industrial owns a portfolio of industrial properties in North America and Europe. Dream Office has now entered into an agreement to sell 12.5 million units of Dream Industrial REIT (symbol DIR.UN on Toronto) at a price of $14.20 per Dream Industrial unit to a syndicate of underwriters led by TD Securities. Total proceeds will be approximately $177.5 million. The deal is expected to close on or about May 16, 2023. Meanwhile, Dream Office plans to use the net proceeds to help fund the buyback of up to 12.5 million of its outstanding units at a purchase price of $15.50 each. Dream Office unitholders can tender to the offer. If…