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Blackstone $4.7 bln REIT deal houses market oddity

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Last week, limited partners in Blackstone’s funds could have bought Dream Global for themselves. Now, these same investors will pay a control premium and steady fees to be locked into the same asset. But they probably won’t mind, writes rob_cyran.

Dream Global Real Estate Investment Trust on Sept. 15 said it had agreed to be bought by funds managed by Blackstone in a deal valued at C$6.2 billion including debt. Shareholders will receive C$16.79 per Dream Global unit, a premium of 18.5% to the closing price on Sept. 13.

The deal will need approval by at least two-thirds of Dream Global unitholders, and a majority of votes cast by unitholders other than related parties and the REIT’s manager, Dream Asset Management. As part of the deal, the manager will receive C$395 million, the majority of which is the incentive fee under an asset-management agreement, which had a calculated value of C$379 million.

On Sept. 11, Blackstone announced it had raised $20.5 billion for its latest global real-estate fund, Blackstone Real Estate Partners IX.

 

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