Blackstone to Purchase Dream Global REIT for $4.7 Billion

September 16, 2019 | News, Takeovers and Buyouts

Deal Makes Blackstone a Big Player in Europe’s Recovering Real Estate Markets

Dream Global REIT said Blackstone-managed funds will buy the Canadian firm for C$6.2 billion ($4.69 billion).

Blackstone will pay C$16.79 cash per Dream Global unit. The deal will see Blackstone acquire all of the office and industrial property manager’s subsidiaries and assets. This adds Dream Global’s portfolio of office and mixed-use properties to Blackstone’s already enormous portfolio.

Blackstone also stands to benefit from the eventual recovery of the European economy and real estate markets.

More on the Dream Global REIT Deal

Oaktree Capital also issued a report. The firm said: “As the story of disparate growth continues, we expect attractive investment opportunities to arise in submarkets that stand to benefit the most from the European economic recovery and changing demographics across the continent.”

The bulk of Dream Global REIT’s cash flow comes from the urban German markets of Hamburg, Dusseldorf, Berlin, and Cologne. Blackstone should see substantial gains from the is acquisition as Germany regains solid economic footing.

James Seppala, the head of Blackstone Real Estate Europe said in a statement, “We are delighted to be acquiring Dream Global, a high-quality and diversified portfolio of office and logistics assets in Western Europe, which has been created by Dream over the last eight years. This Transaction is an exciting opportunity for Blackstone to expand its existing office and logistics portfolios in some of the largest and most important markets in the region.”

Finally, the deal will likely close in December 2019.

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