REIT concentrated on European office and industrial properties
Blackstone Group, a U.S. private equity firm, has signed a deal to acquire Dream Global Real Estate Investment Trust in a deal valued at $6.2 billion, including debt.
Dream Global holds a portfolio of office and industrial properties located in Western Europe, focused on Germany and the Netherlands.
Under the agreement, Dream Global unitholders will receive $16.79 per unit.
Dream Global units closed at $14.17 on the Toronto Stock Exchange on Friday.
The deal requires approval by two-thirds of the votes cast at a special meeting of unitholders and a majority of the votes cast by unitholders other than Dream Asset Management and other related parties.
The deal is also subject to other customary conditions and is expected to close in December.
It is not the first Canadian REIT purchased by Blackstone, which bought Pure Industrial REIT, which owned industrial properties across Canada, in 2018.