Dream Office REIT
TSX : D.UN

Dream Office REIT

December 05, 2014 17:25 ET

Early Warning Report in Respect of Dream Industrial Real Estate Investment Trust

TORONTO, ONTARIO--(Marketwired - Dec. 5, 2014) - DREAM OFFICE REIT (TSX:D.UN) announces that a subsidiary of Dream Office REIT (the "Property Vendor") acquired ownership of 2,269,759 LP Class B Units ("LP B Units") of Dream Industrial LP and a corresponding 2,269,759 special trust units ("Special Trust Units") of Dream Industrial Real Estate Investment Trust ("Dream Industrial REIT"). Dream Industrial LP is the operating subsidiary of Dream Industrial REIT. The 2,269,759 LP B Units and 2,269,759 Special Trust Units are together referred to as the "Acquired Units".

The Acquired Units were issued to the Property Vendor to satisfy a portion of the purchase price for the sale by the Property Vendor to Dream Industrial LP of a portfolio of industrial real estate assets. The Acquired Units were issued on September 9, 2014. The LP B Units were issued at a per unit price of $9.40 and the Special Trust Units were issued at a per unit price of $0.0000001. The LP B Units are exchangeable on a one-for-one basis for units of Dream Industrial REIT at the option of the holder. The LP B Units and corresponding Special Trust Units together have economic and voting rights equivalent in all material respects to the units of Dream Industrial REIT.

Immediately prior to the issuance of the Acquired Units, Dream Office REIT held directly or indirectly a total of 16,282,096 LP B Units and an equivalent number of Special Trust Units, representing 100% of the LP B Units and 100% of the Special Trust Units issued and outstanding prior to the issuance of the Acquired Units.

Immediately after the transaction giving rise to the obligation to file the news release, Dream Office REIT held 18,551,855 LP B Units and an equivalent number of Special Trust Units, representing 100% of the issued and outstanding LP B Units and 100% of the issued and outstanding Special Trust Units. On such date, the 18,551,855 Special Trust Units represented approximately 24.6% of the total number of voting units of Dream Industrial REIT based on 56,867,495 units of Dream Industrial REIT and 18,551,855 Special Trust Units issued and outstanding. The securityholding percentage in units of Dream Industrial REIT would be the same on such date if the 18,551,855 LP B Units were exchanged for units of Dream Industrial REIT.

Dream Office REIT may from time to time acquire additional securities of Dream Industrial REIT or Dream Industrial LP, dispose of some or all of such securities or maintain its current positions.

For a copy of the related early warning report (the "Report") to be filed with the applicable securities commissions, please refer to the SEDAR (www.sedar.com) profile for Dream Industrial REIT.

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