Ms. Deborah Starkman of Dream Unlimited reports
DREAM UNLIMITED CORP.'S INTEREST IN DREAM OFFICE REAL ESTATE INVESTMENT TRUST DEEMED TO HAVE INCREASED
Dream Unlimited Corp.'s interest in Dream Office Real Estate Investment Trust is deemed to have increased as a result of the deemed acquisition by Michael Cooper of 1,196 real estate investment trust units, Series A, of Dream Office REIT, representing less than 0.01 per cent of the issued and outstanding units, pursuant to the vesting of the same number of deferred trust units under Dream Office REIT's deferred unit incentive plan. Prior to this deemed acquisition, Dream Unlimited and its joint actors, which include Mr. Cooper, owned 19,051,147 units, representing approximately 36.0 per cent of the issued and outstanding units. Following Mr. Cooper's deemed acquisition, Dream Unlimited and its joint actors own 19,052,343 units, representing approximately 36.0 per cent of the issued and outstanding units.
Mr. Cooper is deemed to have acquired beneficial ownership of the units, effective Jan. 14, 2022, pursuant to the vesting of the same number of deferred trust units under Dream Office REIT's deferred unit incentive plan. No consideration was paid by Mr. Cooper in connection with the vesting of the deferred trust units resulting in the deemed acquisition of units.
Subject to market conditions and Dream Unlimited's investment strategy, Mr. Cooper and his joint actors, including Dream Unlimited, intend to further invest in Dream Office REIT on an opportunistic basis as Dream Office REIT refines its portfolio and focus on core Toronto assets, which are aligned with Dream Unlimited's expanding real estate and development footprint across downtown Toronto and the Greater Toronto Area. Dream Unlimited is indirectly controlled by Michael Cooper, president and chief responsible officer of Dream Unlimited. Dream Unlimited provides strategic advice to Dream Office REIT pursuant to a management service agreement. Mr. Cooper also serves as the chief executive officer and chair of the board of trustees of Dream Office REIT.
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) of the Canadian Securities Administrators. A copy of the report to be filed by Mr. Cooper in connection with the transactions described herein will be available on Dream Office REIT's SEDAR profile and can also be obtained by contacting Robert Hughes, general counsel, Dream Unlimited, at 416-365-3535.
About Dream Unlimited Corp.
Dream Unlimited is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income-generating assets in both Canada and the United States, and has an established and successful asset management business, inclusive of $13-billion of assets under management across three Toronto Stock Exchange-listed trusts, a private asset management business and numerous partnerships. Dream Unlimited also develops land and residential assets in Western Canada. Dream Unlimited expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream Unlimited has a proven record for being innovative and for its ability to source, structure and execute on compelling investment opportunities.
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