The Globe and Mail reports in its Wednesday, Sept. 18, edition that CIBC World Markets analyst Sumayya Syed lowered Dream Global REIT to "neutral" from "outperformer," calling Blackstone's takeover offer a "testament to portfolio quality and scale." The Globe's David Leeder writes in the Eye On Equities column that Ms. Syed says in a note: "The offer price represents a 5-per-cent premium to our NAV [net asset value], and an 18.5-per-cent premium to the last closing price prior to the announcement. We believe this is an attractive offer for unitholders, and do not foresee a superior offer from additional bidders. We anticipate the offer to close as presented." Ms. Syed lowered her unit target to $16.80 from $16 to reflect the sale price. Analysts on average target the units at $16.57. The Globe reported on Sept. 13 that BMO Nesbitt Burns analyst Jenny Ma rated Dream Global "outperform" in new coverage. She called Dream Global a "preferred vehicle for investors looking for international office exposure." The units could then be had for $14.28.
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