The Firm is representing Blackstone in connection with the acquisition of Dream Global's subsidiaries and assets in an all-cash transaction valued at C$6.2 billion. On closing, Dream Global’s unitholders will receive cash consideration of C$16.79 per unit, which represents a significant premium of 18.5% to the closing price of Dream Global units on the last trading day prior to announcement.
Dream Asset Management (“DAM”), established Dream Global in 2011 and has served, under an asset management agreement, as the external asset manager since inception. The transaction requires a separation of the asset management agreement from DAM and, as part of the transaction, DAM will receive a payment with respect to Dream Global’s obligations under the agreement.
Dream Global is a real estate investment trust whose units are dual listed on the Toronto and Frankfurt stock exchanges. It owns and operates a diversified high-quality portfolio of office and industrial properties located in key markets in Western Europe with a focus on Germany and the Netherlands.
Lawyers from the Firm’s New York and London offices are advising on the transaction. The team includes Brian Stadler, Shaun Levor, Mark Viera, Lanna Lan and Shenlu Xu (M&A); Wheatly MacNamara, Tom Lloyd, Ruby Sergiou Ashiotis, Adam Brunk, Spencer Patton, George Ewart-Perks and Rob Wentworth (Real Estate); Nick Shaw and Srishti Gupta (Capital Markets); Nancy Mehlman, Kelli Rivers and Gal Shemer (Tax); and Jonathan Karen, Peter Vassilev and Rony Rothken (Private Funds).