On July 8, 2014, Dream Hard Asset Alternatives Trust (Dream Alternatives) completed its initial public offering with the issuance of 72,617,739 units to ROI Canadian High Income Mortgage Fund, ROI Canadian Mortgage Income Fund, ROI Canadian Real Estate Fund and ROI Institutional Private Placement Fund (ROI Funds), which were then distributed to the unitholders of the ROI Funds, and the issuance of 1 million units to Return On Innovation Advisors Ltd. (ROI Capital), all pursuant to a prospectus of Dream Alternatives dated July 4, 2014. The units of Dream Alternatives are listed on the TSX.
Dream Alternatives’ initial public offering followed its acquisition of assets pursuant to a reorganization of the ROI Funds, together with the relevant underlying reference funds. Pursuant to the Reorganization, the assets of these funds were indirectly transferred to Dream Alternatives in consideration for the issuance of units of Dream Alternatives. Dream Alternatives will be managed by DREAM Asset Management Corporation (DREAM), a subsidiary of DREAM Unlimited Corp.
Dream Alternatives began trading on the Toronto Stock Exchange on July 8, 2014 with approximately 73 million units and an opening equity book value of approximately $725 million.
Osler, Hoskin & Harcourt LLP represented Dream Unlimited Corp. and Dream Alternatives with a team consisting of Doug Marshall, Andrew Aziz, John Valley (Corporate), and Stella Di Cresce (Real Estate).