Dream Asset Management Acquires 17,700 Units of Dream Hard Asset Alternatives Trust.
M2 EQUITYBITES-December 18, 2017-Dream Asset Management Acquires 17,700 Units of Dream Hard Asset Alternatives Trust
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18 December 2017 - Canada-based real estate property developer/manager Dream Asset Management Corp. has acquired 17,700 units of Dream Hard Asset Alternatives Trust (TSX: DRA.UN) for CDN 111,312 (USD 87,000) the company said.
Dream Asset Management Corp. (DAM) is a subsidiary of Canadian real estate company Dream Unlimited Corp. (TSX: DRM) (TSX: DRM.PR.A). DAM acts as the asset manager for DAT and Dream Alternatives Master Ltd. Partnership.
The acquisition represents approximately 0.02% of the issued and outstanding units, on multiple Canadian markets for CDN 6.29 (USD 4.89) per unit.
Prior to the acquisition, DAM and its joint actors owned 9,297,165 units representing approximately 12.8% of the issued and outstanding units and, following the acquisition, DAM and its joint actors own 9,314,865 units representing approximately 12.8% of the issued and outstanding units.
The company acquired the units in order to increase its equity interest in the business of Dream Alternatives Master Ltd. Partnership, of which DAT is the sole limited partner and which is managed by Dream Asset Management (DAM). DAM said it intends to evaluate its investment in units on a continuing basis and either may acquire units or decrease its holdings of units in the future.
Dream has approximately CDN 14bn of assets under management in North America and Europe.
The scope of the business includes residential land development, housing and condominium development, asset management for four TSX-listed trusts, investments in and management of Canadian renewable energy infrastructure and commercial property ownership.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Dec 18, 2017|
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