Ms. Meaghan Peloso reports

DREAM UNLIMITED CORP. AND CENTRECOURT PARTNER ON MAJOR PURPOSE-BUILT RENTAL DEVELOPMENT IN DOWNTOWN TORONTO

Dream Unlimited Corp. and CentreCourt Developments have formed a new joint venture to co-develop 49 Ontario St., a mixed-income purpose-built rental community in downtown Toronto. A significant affordable housing component will be included, setting a new benchmark for integrated, vibrant urban living in the city's core.

The 49 Ontario St. development directly addresses Toronto's urgent need for housing, adding significant supply to one of Canada's most in-demand markets. Earlier this year, Dream Impact Trust, the current owner of the redevelopment site, secured up to $647.6-million in government-affiliated financing and obtained waivers for development charges from the City of Toronto for the 800,000-square-foot multifamily project. Upon completion, the development will feature 1,226 multifamily units, with 22 per cent designated as affordable housing.

Proven partners in development

Dream and CentreCourt have a 14-year history of successfully delivering landmark condominium communities together. While both organizations have deep expertise across the real estate spectrum, this joint venture represents a significant step in expanding their collaboration into purpose-built rental.

CentreCourt is recognized for its industry-leading ability to finance, design and self-perform construction at unmatched speed and efficiency, delivering high build-quality along with exceptional returns on 19 projects totaling over 10,000 homes and $5.6-billion in development value.

Dream brings a deep record in purpose-built rental and unparallelled expertise in structuring and executing public-private partnerships, having developed or currently developing over 4,500 rental units worth over $2-billion upon full buildout.

Executive commentary

"We believe the skills and expertise that have made us leaders in condominium development will be just as valuable in purpose-built rental," said Gavin Cheung, managing partner and president, CentreCourt. "49 Ontario St. will deliver much-needed market rental and affordable housing to downtown Toronto, and we're excited to be partnering with Dream to make it happen."

"Dream has been at the forefront of delivering purpose-built rental through innovative public-private partnerships," said Jamie Cooper, president of development and income properties, Dream. "Working with CentreCourt on 49 Ontario St. brings together complementary strengths to deliver a project that will serve the community for decades to come."

Looking ahead

Building on the 49 Ontario St. partnership, Dream and CentreCourt are working closely together to identify and pursue additional purpose-built rental opportunities in anticipation of the policies announced or under consideration by various levels of governments aimed at accelerating housing development. This includes the federal initiatives such as the MURB policy, the new Build Canada Homes strategy, reductions in development charges and other measures at the federal, provincial and municipal levels.

About Dream Unlimited Corp.

Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating asset in both Canada and the United States, and has an established and successful asset management business, inclusive of $28-billion of assets under management across four Toronto Stock Exchange-(TSX)-listed trusts, Dream's private asset management business and numerous partnerships. Dream also develops land, residential and income-generating assets in Western Canada. Dream has a proven record for being innovative and for the company's ability to source, structure and execute on compelling investment opportunities.

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