Dream Announces Successful ROI Funds' Unitholder Voting Results Approving their Reorganization Involving the Newly Formed Dre...
16 Junho 2014 - 11:31AM
Marketwired
Dream Announces Successful ROI Funds' Unitholder Voting Results
Approving their Reorganization Involving the Newly Formed Dream
Hard Asset Alternatives Trust
TORONTO, ONTARIO--(Marketwired - Jun 16, 2014) -
This news release contains
forward-looking information that is based upon assumptions and is
subject to risks and uncertainties as indicated in the cautionary
note contained within this press release.
Dream Unlimited Corp. (TSX:DRM) ("Dream") announced today that
the unitholders of each of the publicly listed ROI funds: ROI
Canadian High Income Mortgage Fund (TSX:RIH.UN); ROI Canadian
Mortgage Income Fund (TSX:RIL.UN); and ROI Canadian Real Estate
Fund (TSX:RIR.UN) have overwhelmingly approved the previously
announced reorganization to indirectly transfer all of their
respective assets, together with those of ROI Institutional Private
Placement Fund and the relevant underlying reference funds (all
such funds collectively, the "ROI Funds"), to the newly formed
Dream Hard Asset Alternatives Trust ("Dream Alternatives"). Across
the three publicly listed ROI funds, unitholder approval averaged
approximately 99% and there was participation from an average of
59% of unitholders in the vote.
As previously disclosed, Dream and Return On Innovation Advisors
Ltd. have agreed to complete a reorganization of the ROI Funds,
pursuant to which all of the assets within the ROI Funds will be
indirectly transferred to Dream Alternatives. Upon successful
completion of the reorganization, expected to be on or about July
8, 2014, unitholders of the ROI Funds will receive units in Dream
Alternatives, which will be managed by a subsidiary of Dream,
together with a special cash distribution. It is expected that
Dream Alternatives will comprise approximately $730 million in net
assets upon closing and will provide its unitholders with exposure
to real estate, real estate lending and infrastructure, including
renewable power, and accordingly leverage Dream's asset management
platform, track record and expertise in these areas.
The units of Dream Alternatives have been conditionally approved
for listing by the Toronto Stock Exchange under the ticker symbol
"DRA.un". Following closing, Dream Alternatives will be the fourth
publicly listed entity on the TSX managed by Dream.
"We are pleased with the overwhelming support for the
reorganization and creation of Dream Alternatives," commented
Michael Cooper, CEO. "We are excited to bring all of Dream's
expertise into the management of the Trust that is expected to
deliver an initial implied cash flow yield of 4.0% per year, based
on an initial unit price of $10.00, plus opportunities for growth
in hard asset alternative investments."
Following the creation of Dream Alternatives, Dream expects to
have approximately $14.5 billion of assets under management.
About Dream:
Dream is an innovative real estate manager and developer
primarily focused on the commercial and residential sectors in
Canada and Germany and renewable power in Canada. From its
creation, Dream has successfully identified and executed on
opportunities for the benefit of the business, shareholders and
clients.
As at March 31, 2014, Dream provided asset management for over
$13.5 billion of assets. Dream is the asset manager for three
publicly listed REIT funds in Canada including: Dream Office REIT,
Canada's largest office REIT, Dream Global REIT, Canada's largest
REIT that invests only outside of Canada and Dream Industrial REIT,
one of Canada's largest dedicated industrial REITs.
Dream is also the co-manager of a $345 million infrastructure
fund with a focus on wind and solar Canadian renewable power
projects. The total value of these projects is about $1.45 billion,
including debt.
Its asset management team consists of 178 real estate
professionals with backgrounds in property management,
architecture, engineering, construction, finance, accounting, sales
and marketing and law. The team brings experience from virtually
all the major real estate organizations in Canada and has expertise
in capital markets, structured finance, real estate investments and
management across a broad spectrum of property types in diverse
geographic markets. It carries out its own research and analysis,
financial modeling, due diligence and financial planning. Dream has
an established track record for being innovative and for its
ability to source, structure and execute on compelling investment
opportunities. Website: www.dream.ca
Forward Looking Information
This press release may contain forward-looking information
within the meaning of applicable securities legislation, including
statements relating to the completion of the reorganization
transaction and the anticipated timeline for such completion, the
anticipated implied cash flow yield for Dream Alternatives
following closing and the anticipated listing of the Dream
Alternatives units on the TSX following closing. Forward-looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond Dream's
control, which could cause actual results to differ materially from
those that are disclosed in or implied by such forward-looking
information. These risks and uncertainties include, but are not
limited to general and local economic and business conditions,
employment levels, regulatory risks, mortgage rates and
regulations, environmental risks, consumer confidence, seasonality,
adverse weather conditions, reliance on key clients and personnel,
competition and the satisfaction of all remaining conditions to the
closing of the reorganization and the initial public offering of
the Dream Alternatives units. All forward looking information in
this press release speaks as of June 16, 2014. Dream does not
undertake to update any such forward looking information whether as
a result of new information, future events or otherwise. Additional
information about these assumptions and risks and uncertainties is
disclosed in filings with securities regulators filed on SEDAR
(www.sedar.com).
Dream Unlimited Corp.Michael J. CooperChief Executive
Officer(416) 365-5145mcooper@dream.caDream Unlimited Corp.Pauline
AlimchandaniChief Financial Officer(416)
365-5992palimchandani@dream.ca
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