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Dundee REIT Sheds Industrial Property

|Includes:Dream Office Real Estate Investment Trust (DRETF)

From an article on Bloomberg:

Dundee Industrial Real Estate Investment Trust seeks to raise about C$176 million in an initial public offering to buy industrial sites across Canada, according to two people familiar with the sale.

Dundee Industrial REIT, created by a unit of Dundee Real Estate Investment Trust, plans to sell trust units for C$10 each yielding between 6.5 percent and 7 percent, said the people, who declined to be identified because the plans aren't public. A message left with Michael J. Cooper, Dundee REIT's chief executive officer, wasn't immediately returned.

Dundee Industrial REIT plans to buy 86 light industrial properties in seven Canadian provinces that are owned or co- owned by Dundee REIT, the company said in an Aug. 17 filing. The sites, used for warehousing and light manufacturing, have 6.64 million square feet of gross leasable area, according to the Toronto-based company.

"The initial properties will provide us with significant scale in the industrial real estate sector in Canada and will serve as a platform from which we will seek future acquisition opportunities in major industrial markets," the company said.

The SEDAR filing is here.

I might start doing more international REITs as they are underfollowed and give investors options.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: DRETF