Last Updated on November 4, 2022 by admin
Investment Update
As previously announced, Dream Industrial entered into an agreement to sell its U.S. portfolio for gross proceeds of approximately US$230 million2. The transaction is expected to close by the end of September 2019 and the net proceeds will be used to repay debt and for general trust purposes. At June 30, 2019, the U.S portfolio was 90% leased to 55 tenants with a weighted average lease term to maturity of approximately 4 years3. In connection with the sale of this portfolio, Dream Industrial has repaid all mortgage debt outstanding related to these properties totalling approximately $32 million4 prior to its scheduled maturity date in September 2019. As a result of these activities, pro forma for the sale of these assets and including future mortgage paydowns related to asset sales that have not yet closed5 , Dream Industrial’s leverage ratio6 is expected to be reduced from 39% at March 31stto below 35% by the end of Q3/19 . . .
