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UPDATE 1-Dream Global REIT to be bought by Blackstone funds in $4.7 bln deal

* Blackstone to pay C$16.79 cash per Dream Global unit

* Represents premium of about 18.5% to Dream Global's Friday close (Adds details from company statement, deal premium)

Sept 15 (Reuters) - Dream Global Real Estate Investment Trust said funds managed by Blackstone Group Inc would buy the Canadian firm in a C$6.2 billion ($4.69 billion) deal.

Blackstone will pay C$16.79 cash per Dream Global unit to acquire all of the office and industrial property manager's subsidiaries and assets, the Toronto-listed firm said.

That represents a premium of about 18.5% to Dream Global's Friday close.

The firm, which went public in 2011, has assets in Western European countries, including Germany, Netherlands, and Austria.

"This transaction is an exciting opportunity for Blackstone to expand its existing office and logistics portfolios in some of the largest and most important markets in the region," the head of Blackstone Real Estate Europe, James Seppala, was quoted as saying in the statement.

The deal needs at least 66.67% approval from Dream Global's unitholders. Its board of trustees unanimously approved the deal and recommended the unitholders to vote in favour of it.

TD Securities is serving Dream Global as its financial adviser, while Osler, Hoskin & Harcourt LLP and Greenberg Traurig Germany LLP are its legal counsel on the deal.

Blackstone's financial advisers are RBC Capital Markets, BNP Paribas, and Deutsche Bank Securities Inc, while Davies Ward Phillips & Vineberg LLP and Simpson Thacher & Bartlett LLP are acting as its legal counsel. ($1 = 1.3220 Canadian dollars) (Reporting by Ismail Shakil in Bengaluru; Editing by Himani Sarkar)