TORONTO, ONTARIO--(Marketwired - April 19, 2017) - DREAM HARD ASSET ALTERNATIVES TRUST (TSX:DRA.UN) or (the "Trust" or "our" or "Dream Alternatives") today announced that it has entered into an agreement to sell its ownership interest in Commerce West in Etobicoke, Ontario. This asset is co-owned with Dream Office REIT (TSX:D.UN) and considered non-core to the Trust's strategy, as discussed in our press release issued on February 27, 2017.
The Trust's share of gross leasable area is approximately 247,000 square feet and share of expected gross consideration, before transaction costs, and closing adjustments is approximately $57 million. The transaction is subject to customary closing conditions, financing arrangements and consents, and is expected to close in the second quarter of 2017. Together with the previously announced disposition of our interests in West Metro Corporate Centre and Two Nations Crossing, the Trust has entered into agreements to sell approximately $135.6 million of non-core assets since the announcement of our disposition strategy for office properties (based on the Trust's share of cumulative gross consideration, before transaction costs and closing adjustments).
About Dream Alternatives
Dream Alternatives provides an opportunity for unitholders to invest in hard asset alternative investments, including real estate, real estate lending, real estate development and infrastructure, including renewable power, managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to provide predictable and sustainable cash distributions to unitholders on a tax efficient basis, and grow and reposition the portfolio to increase both AFAD and NAV per unit over time. For more information, please visit: www.dreamalternatives.ca.
Forward Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements relating to the timing of our dispositions as well as our strategies and objectives in general. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: general and local economic and business conditions including foreign exchange rates, employment levels, mortgage and interest rates and regulations, regulatory risks, environmental risks, consumer confidence, the financial condition of tenants and borrowers, local real estate conditions, adverse weather conditions and variability in wind conditions and solar irradiation, reliance on key clients, partners and personnel, the uncertainties of acquisitions and new projects, inflation and competition. All forward looking information in this press release speaks as of the date of this press release. The Trust does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com). These filings are also available at the Trust's website at www.dreamalternatives.ca.