Berlin, 28 July 2017 – Greenberg Traurig has advised its Toronto-based client Dream Global REIT (Dream) on the investment in one of the largest commercial real estate platforms “Merin” in the Netherlands. The total purchase price for the transaction is approximately EUR 622.1 million. The portfolio comprises 135 office and light industrial properties primarily located in Randstad the five largest industrial hubs. As this is Dream’s first investment in the Netherlands, this transaction marks the REIT’s entry to the Dutch market, expanding Dream’s geographic presence in Europe. The overall occupancy of the transaction portfolio is currently 82% and further diversifies Dream's tenant base with the addition of leading European companies such as KLM Royal Dutch Airlines, ABN AMRO and Rabobank.
The purchase price for the transaction will be satisfied in cash and in units of Dream. The cash portion of the purchase price is to be funded mainly by the proceeds of a bought deal public offering of units in Canada and through an inaugural offering of senior unsecured notes in Europe by a subsidiary of the REIT.
Greenberg Traurig Germany and Greenberg Traurig Netherlands advised Dream Global REIT on all legal aspects of the investment, including in particular all real estate and corporate law matters.
Background:
Greenberg Traurig Germany has been advising Dream Global REIT (previously Dundee International REIT) since their German market entry in 2011 – the first Canadian REIT investment exclusively outside of Canada.
Following the German market entry Dream has continuously relied on Greenberg Traurig Germany’s expertise regarding further acquisitions in Germany, such as the acquisition of an office portfolio from SEB Asset Management in 2013 and the office property “KölnTurm” in 2014. Greenberg Traurig Germany has also advised Dream on the market entries into Austria in 2015 and Belgium in 2017.
Legal Advisors:
Partners: Dr. Henning Sieber, Dr. Christian Schede (lead attorneys, Real Estate/M&A Germany), Jan Kees Brandse, Peter Jansema, Martijn Hermus (all Real Estate/M&A Netherlands)
Notary: Paul Westhoff, Jeroen den Dunnen (Netherlands)
Counsel: Rob van Eldik (Employment Netherlands)
Associates: Jacomijn Christ, Eva Herdé, Dilek Kaya, Maquina Lamé (all Corporate Netherlands), Peter Nijenhuis (Real Estate (interim) Netherlands), Johan Nijmeijer (Real Estate Netherlands), Rutger Sterk (Corporate Netherlands), Dagmar de Waal (Real Estate Netherlands)