Dream Industrial REIT sets Aug. 2 redemption date for convertibles

By Wendy Van Sickle

Columbus, Ohio, June 27 – Dream Industrial Real Estate Investment Trust set Aug. 2 as the date for its previously announced redemption of all C$111.25 million of its outstanding 5.25% convertible debentures due Dec. 31, 2019, according to a news release.

The redemption price of C$1,004.60 per C$1,000 principal amount of debentures, which is equal to par plus accrued interest, will be paid in cash.

The debentures are listed for trading on the Toronto Stock Exchange under the symbol “DIR.DB.” They may be converted until 5 p.m. ET on Aug. 1.

The company said in a previous release that it plans to use some proceeds of a C$125 million equity offering to partially fund the redemption.

The Toronto-based open-ended real estate investment trust owns and operates a portfolio of 219 geographically diversified light industrial properties.

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