The all-cash C$6.2 bn (€4.2 bn) sale of Dream Global REIT to US asset management giant Blackstone has won regulatory approval, paving the way for a completion of the deal next month.
The companies agreed deal terms in September with the transaction gaining shareholders' approval earlier this month. Dream Global said that it expects closing for December 10.
The company is the owner-operator of a diversified portfolio of Europe high quality office and industrial properties in Germany, the Netherlands, Austria and Belgium spanning 1.8 million m2 and 215 assets.
It employs 140 people, has three offices, and is listed on both the Toronto and Frankfurt Stock Exchanges.
In early November, Dream Global REIT updated shareholders on Q3 results. Net rental income was $63.5 mln for the three months to September 30, compared to $63.1 mln the same period last year.
Commenting on the transaction, Michael Schwöbel, MD Europe of Dream Global Advisors, Dream Global REIT’s asset management platform in the region, recently told PropertyEU that ‘M&A is one of the few remaining strategies to grow at this point in the cycle'.
‘Pricing is quite tough as there’s a lot of money out there that needs to be deployed. That means it’s the right time for M&A deals and large portfolio transactions, such as the recent Millennium portfolio sale.’