Dream Global REIT to be purchased by Blackstone Funds under a $ 4.7 billion contract



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Blackstone's ticker and trading information is posted at the address where it is listed on the New York Stock Exchange (NYSE) on April 4, 2016. REUTERS / Brendan McDermid

(Reuters) – Dream Global Real Estate Investment Trust (DRG_u.TO) said funds managed by Blackstone Group Inc (BX.N) would buy the Canadian company for a transaction worth 6.2 billion Canadian dollars ($ 4.69 billion).

Blackstone will pay CDN $ 16.79 per Dream Global unit to acquire all of the subsidiaries and assets of the office and industrial property manager, announced the company listed in Toronto.

This represents a premium of about 18.5% over Friday's closing by Dream Global.

The company, which was opened to the public in 2011, has assets in Western European countries, including Germany, the Netherlands and Austria.

"This transaction is an exciting opportunity for Blackstone to expand its existing office and logistics portfolios in some of the region's largest and most important markets," said James Seppala, Director of Blackstone Real Estate Europe.

The agreement requires at least 66.67% approval from Dream Global unitholders. Its board of directors approved the agreement unanimously and recommended that unitholders vote in favor of it.

Securities serves Dream Global as a financial advisor, while Osler, Hoskin & Harcourt LLP and Greenberg Traurig Germany LLP are the legal advisors.

Blackstone's financial advisors are RBC Capital Markets, BNP Paribas and Deutsche Bank Securities Inc., while Davies Ward Phillips & Vineberg LLP and Simpson Thacher & Bartlett LLP are the legal advisors.

Reportage of Ismail Shakil in Bengaluru; Edited by Himani Sarkar

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