Dream Industrial REIT and Dream Unlimited Corp. have entered into definitive agreements for the latter to acquire Chancerygate Limited, a UK-based industrial developer and asset manager with a 30-year track record in the multi-let industrial (MLI) sector.
As part of the transaction, Dream Unlimited will assume Chancerygate's investment management and development platform, while the REIT will acquire Chancerygate's wholly owned real estate assets and co-investment interests across its managed ventures.
These are being acquired for consideration of approximately GBP78 million (CAD147 million), gross of certain in-place debt on the wholly owned real estate assets.
The REIT also expects to fund an additional GBP25 million (CAD47 million) to complete the developments.
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