TORONTO, ONTARIO–(Marketwired – June 7, 2017) – DREAM GLOBAL REIT (TSX:DRG.UN)(FRANKFURT:DRG) today announced that it has signed a purchase and sale agreement with Landesbank Baden-Wurttemberg (LBBW) for Bollwerk, a multi-tenant office property located in Stuttgart, Germany, for approximately EUR92.0 million ($139.6 million), representing a going in capitalization rate of 5.3%. The purchase price will be financed through the proceeds from the Trust’s recent equity offering and a new EUR55.2 million mortgage for 10 years at a fixed interest rate of approximately 1.7%. The acquisition is expected to close in early July. Together with the recently announced Airport Plaza transaction, the Trust will have fully deployed the proceeds from its March equity offering, acquiring a combined EUR187.9 million in properties at a weighted average cap rate of approximately 6.2%.
June 08, 2017 at 03:16AM
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