Blackstone’s acquisition of Dream Global REIT has been approved by unitholders.
Dream Global’s unitholders voted 99.16% in favour of the C$6.2 bn (€4.2 mln) takeover in Toronto, Canada.
Blackstone’s all-cash purchase values the Europe-focused office and industrial investor at C$16.79 per share. It represents a premium of around 10% to net asset value.
The deal was announced in September. James Seppala, head of Blackstone real estate Europe, described Dream Global as ‘a high-quality and diversified portfolio of office and logistics assets.’
He said: 'This transaction is an exciting opportunity for Blackstone to expand its existing office and logistics portfolios in some of the largest and most important markets in the region.´
Dream Global's portfolio comprises around 215 properties, totalling approximately 1.8 mln m2, located in Germany, Austria, Belgium and the Netherlands.
US-based Blackstone has $157 bn (€142 bn) of investor capital under management and is one of the largest property owners in the world, operating across asset classes.
