TORONTO, Oct. 16, 2019 (GLOBE NEWSWIRE) -- Dream Unlimited Corp. (DRM.TO) (TSX:DRM.PR.A) (“Dream”) has announced that Dream Asset Management Corporation (“DAM”) acquired 317,245 units (“Units”) of Dream Hard Asset Alternatives Trust (TSX:DRA.UN) (“DAT”) in lieu of asset management fees, representing approximately 0.5% of the issued and outstanding Units. Prior to the acquisition, DAM and its joint actors owned 15,787,725 Units representing approximately 23.0% of the issued and outstanding Units and, following the acquisition, DAM and its joint actors own 16,105,076 Units representing approximately 23.4% of the issued and outstanding Units.
DAM has agreed to accept Units in satisfaction of the management fees in order to increase its ownership stake in DAT and to preserve the business’s cash to support the cash distributions by DAT while DAT seeks to increase the market value of the Units by offering to purchase Units. DAM intends to evaluate its investment in Units on a continuing basis and either may acquire Units or decrease its holdings of Units in the future. DAM is a wholly-owned subsidiary of Dream, which is controlled by Mr. Michael Cooper, President and Chief Responsible Officer. DAM acts as the asset manager for DAT and Dream Alternatives Master Limited Partnership.
This press release is being issued pursuant to the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103”) of the Canadian Securities Administrators. A copy of the report to be filed by DAM in connection with the transactions described herein will be available on DAT’s SEDAR profile at www.sedar.com, and can also be obtained by contacting Mr. Robert Hughes, Senior Vice-President, Legal Counsel, Dream Unlimited Corp. at 416-365-3535.
DAM’s head office and DAT’s head office are located at Suite 301, State Street Financial Centre, 30 Adelaide Street East, Toronto, Ontario M5C 3H1.
About Dream Unlimited Corp.
Dream is one of Canada’s leading real estate companies with over $16 billion of assets under management in North America and Europe. The scope of the business includes asset management and management services for four Toronto Stock Exchange listed trusts and institutional partnerships, condominium and mixed-use development, investments in and management of a renewable power portfolio, commercial property ownership, residential land development, and housing and multi-family development. Dream has an established track record for being innovative and for its ability to source, structure and execute on compelling investment opportunities.
For further information, please contact:
|Dream Unlimited Corp. |
EVP & Chief Financial Officer
|Kim Lefever |
Director, Investor Relations