Dream Industrial Real Estate Investment Trust has priced a C$300 million private placement of senior unsecured debentures as it refinances existing indebtedness and manages the capital structure supporting its global industrial real estate portfolio.
The offering consists of C$300 million aggregate principal amount of 4.416% Series I Senior Unsecured Debentures maturing on October 22, 2030. Dream Industrial has also entered into cross-currency fixed and floating interest-rate swaps that will effectively convert the proceeds into euros. 1
The debentures will be issued at par and will pay interest semiannually on April 22 and October 22, beginning April 22, 2027. The securities will rank equally with the trust’s other unsecured and unsubordinated debt.
Dream Industrial expects the transaction to close on October 21, 2026. DBRS is expected to assign the offering a BBB (high) rating with a stable trend.
The REIT plans to use the proceeds primarily to repay existing debt, including borrowings under its unsecured revolving credit facility, while retaining flexibility to use capital for general trust purposes. 1
TD Securities, Scotia Capital, RBC Dominion Securities, CIBC World Markets, and National Bank Financial are leading the syndicate of agents. BMO Nesbitt Burns, Desjardins Securities, and Mizuho Securities Canada are also participating.
Dream Industrial owns, manages, and operates industrial real estate across Canada, Europe, and the United States. As of June 30, 2026, the trust had interests in and managed 348 industrial assets consisting of 565 buildings and approximately 75.7 million square feet of gross leasable area. 1
The euro conversion of the proceeds aligns the financing with Dream Industrial’s international asset base while allowing the REIT to access the Canadian debt market. The offering also extends unsecured funding to 2030 as management continues balancing debt maturities with property investment and portfolio operations.
