A private open-ended U.S. industrial fund entered into a purchase and sale agreement to acquire 29 buildings in U.S. Portfolio from Dream Industrial Real Estate Investment Trust (TSX:DIR.UN) on July 21, 2021. As reported, the consideration consists of approximately CAD 210 million in cash and an approximately 25% retained indirect interest in the buyer fund. The purchase price is subject to customary adjustments. Completion of the transactions contemplated by the agreement is conditional on the receipt of required regulatory approvals, third party consents, the execution and delivery of a property management agreement relating to the purchased properties in form and substance satisfactory to the Trust and the purchaser, the Sellers’ satisfaction with the form and substance of the limited partnership agreement governing the Fund, the Fund having received capital commitments from third-party investors to make capital contributions to the Fund in an aggregate amount that is at least equal to CAD 364 million (or such other lesser amount the Transferor and the Transferee may otherwise agree) and the completion of a preclosing reorganization by the sellers and its affiliates. As part of the transaction, a special committee of independent trustees of the Trust was formed to, among other things, review and evaluate the terms of the transaction. The Board, acting on the unanimous recommendation of the Special Committee, has unanimously determined that the transaction is in the best interests of the Dream Industrial Real Estate Investment Trust and its unitholders and has unanimously approved the transaction. The expected date of completion of the transaction is July 30, 2021. National Bank of Canada Financial, Inc. acted as financial advisor and Goodmans LLP acted as legal advisor to the special committee of Dream Industrial Real Estate Investment Trust.