TORONTO, ONTARIO--(Marketwired - March 22, 2017) - Dream Unlimited Corp. (TSX:DRM)(TSX:DRM.PR.A) ("Dream") has announced that Dream Asset Management Corporation ("DAM") today acquired 1,000,000 units ("Units") of Dream Hard Asset Alternatives Trust (TSX:DRA.UN) ("DAT"), representing approximately 1.4% of the issued and outstanding Units, on the Toronto Stock Exchange at a price of $6.23 per Unit or an aggregate purchase price of $6,230,000. Prior to the acquisition, DAM and its joint actors owned 6,852,002 Units representing approximately 9.5% of the issued and outstanding Units and, following the acquisition, DAM and its joint actors own 7,852,002 Units representing approximately 10.8% of the issued and outstanding Units.
DAM acquired the Units in order to increase its equity interest in the business of Dream Alternatives Master Limited Partnership, of which DAT is the sole limited partner and which is managed by DAM. DAM 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 holds a 72.6% interest in DAM with the remaining interest owned by a company controlled by Michael Cooper, the President and Chief Responsible Officer of Dream and DAM. Michael Cooper holds an approximate 31% economic interest in Dream and DAM and holds an 80% voting interest in Dream. DAM acts as the asset manager for DAT and Dream Alternatives Master Limited Partnership.
This press release is being issued pursuant to the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103") of the Canadian Securities Administrators. A copy of the report to be filed by DAM in connection with the transactions described herein will be available on Dream's SEDAR profile at www.sedar.com, and can also be obtained by contacting Mr. Robert Hughes, Vice-President, Legal Counsel, Dream Unlimited Corp. at 416-365-3535.
DAM's head office and DAT's head office are located at Suite 301, State Street Financial Centre, 30 Adelaide Street East, Toronto, Ontario M5C 3H1.
About Dream Unlimited Corp.
Dream is one of Canada's leading real estate companies with approximately $14.0 billion 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. Dream has an established track record for being innovative and for its ability to source, structure and execute on compelling investment opportunities.