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Dream Global Real Estate Investment Trust
Symbol DRG
Shares Issued 194,182,458
Close 2019-09-17 C$ 16.60
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Globe says Dream Global REIT reduced to "neutral"

2019-09-18 08:47 ET - In the News

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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