|By Marketwired .||
|June 16, 2014 10:32 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/16/14 -- 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.
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).
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