Real estate funds managed by The Blackstone Group Inc. (NYSE:BX) entered into a master acquisition agreement to acquire Dream Global Real Estate Investment Trust (TSX:DRG.UN) for CAD 3.3 billion on September 15, 2019. The consideration will be paid in cash and Dream Global unitholders will receive cash consideration of CAD 16.79 per Dream Global unit. Dream Asset Management, a subsidiary of Dream Unlimited Corp. has served, under an asset management agreement (AMA), as the external asset manager since inception and will receive an aggregate of CAD 395.2 million with respect to the Dream Global Real Estate Investment Trust's obligations under the AMA. Dream Global will pay a termination fee of CAD 100 million and The Blackstone Group will pay a termination fee of CAD 500 million in case the transaction is terminated.

The consummation of the transaction will be subject to the approval of at least 66-2/3% of the votes cast by unitholders and other customary conditions, including regulatory approvals. Blackstone Group has applied for approval from The European Commission. The European Commission will publish the result on December 2, 2019. The Dream Global Board, after receiving the unanimous recommendation of the special committee and in consultation with its financial and legal advisors, has determined that the transaction is in the best interests of Dream Global and fair and is recommending that unitholders vote in favor of the transaction. Closing is subject to unitholder approval at a special meeting. The transaction is not subject to a financing condition. On September 23, 2019, the Commissioner of Competition issued an Advance Ruling Certificate in respect of the transaction, thereby satisfying the requirement to obtain Competition Act approval, and on October 8, 2019, the TSX confirmed acceptance of the notice of the transaction. The shareholder's meeting will be held on November 12, 2019. On October 31, 2019, Institutional Shareholder Services, Inc. and Glass, Lewis & Co., LLC, have both recommended that unitholders of Dream Global vote FOR the special resolution at the special meeting of Unitholders. On November 12, 2019, Dream Global Real Estate Unitholders approved the transaction. As of November 20, 2019, The European Commission has approved Blackstone acquisition of Dream Global REIT. As of November 27, 2019, Dream Global received the regulatory approval. The acquisition is expected to close in December 2019. As of November 27, 2019, the transaction is expected to close on or about December 10, 2019.

Andrew Armstrong and Andrew Wallace of National Bank Financial, Inc. and Andrew Phillips, Aliyah Mohamed and Stephen Stewart of TD Securities Inc. provided financial advice to Special Committee of Dream Global have provided fairness opinions to the Board that the transaction is fair from a financial point of view. Jonathan Feldman and Brenda Gosselin, Hari Marcovici, Laura Fraser, Jon Northup and Jarrett Freeman of Goodmans LLP are acting as legal advisors to special committee of Dream Global. Douglas Marshall, Alex Gorka, Firoz Ahmed, Jack Silverson, David Davachi, Shuli Rodal and Lynne Lacoursière of Osler, Hoskin & Harcourt LLP and Christian Schede and Henning Sieber of Greenberg Traurig Germany, LLP acted as legal advisors to Dream Global. Peter Buzzi of RBC Capital Markets, LLC, BNP Paribas Capital Corporation Inc, and Deutsche Bank Securities Inc. acted as financial advisors to Blackstone. Vincent  Mercier, Emily Uza , Matthew Sherman, David Reiner, John Ulmer, Neal Armstrong,   Anita Banicevic, Kevin Greenspoon and Alysha Manji-Knight of Davies Ward Phillips & Vineberg LLP and Brian M. Stadler, Wheatly MacNamara, Tom Lloyd, Nicholas J. Shaw, Nancy L. Mehlman, Jonathan A. Karen, Mark Viera, Lanna Lan, Benjamin Cermak, Spencer Patton, Robert Wentworth, Sneha Padden, George Ewart-Perks, Nancy Mehlman, Kelli Rivers and Peter P. Vassilev of Simpson Thacher & Bartlett LLP acted as legal advisors to Blackstone. Thomas Müller, Thomas Lang and Heinrich Knepper of Hengeler Mueller Partnerschaft von Rechtsanwälten mbB, Markus Uitz, Gottfried Gassner and Christian Wimpissinger of BINDER GRÖSSWANG Rechtsanwälte GmbH acted as legal advisors to The Blackstone Group. Kingsdale Advisors acted as the information agent to Dream Global in the transaction. Morgan Stanley (NYSE:MS) acted as financial advisor to The Blackstone Group Inc. BofA Securities, Inc. acted as financial advisor to The Blackstone Group Inc. (NYSE:BX).

Real estate funds managed by The Blackstone Group Inc. (NYSE:BX) completed the acquisition of Dream Global Real Estate Investment Trust (TSX:DRG.UN) on December 10, 2019. With the completion of the Transaction, the Units are expected to be delisted from the Toronto Stock Exchange at close of business on December 11, 2019 . Trading of the Units on the Frankfurt Stock Exchange is expected to be suspended on the same day, with definitive delisting to follow in due course.