On May 6, 2022, Dream Residential REIT completed its initial public offering of units. The units are listed for trading on the Toronto Stock Exchange under the symbol “DRR.U”. The offering raised gross proceeds of US$125.1 million and was underwritten by a syndicate of underwriters led by TD Securities Inc., together with Scotia Capital Inc., CIBC Capital Markets, RBC Dominion Securities Inc., National Bank Financial Inc., Canaccord Genuity Corp., Desjardins Capital Markets, Cormark Securities Inc., Echelon Wealth Partners Inc., iA Private Wealth Inc., Laurentian Bank Securities Inc. and Raymond James Ltd.
In connection with the offering, Dream Residential REIT indirectly acquired an initial portfolio of 16 garden-style multi-residential properties consisting of 3,432 units primarily located in three markets across the Sunbelt and Midwest regions of the United States. The net proceeds of the offering were used by Dream Residential REIT to fund the cash component of the acquisition of the initial portfolio and for general trust purposes.
Osler, Hoskin & Harcourt LLP advised Dream Residential REIT with a team consisting of Doug Marshall, Amelia Miao, Tara Law, Desmond Christy, Emery White (Corporate), Jack Silverson (Tax), John Valley, Wesley Cohen (Corporate Governance) and Lynne Lacoursiere (Executive Compensation).