Deals

Dream Industrial Wins Auction for $1.1 Billion Warehouse Fund in Europe

The Canadian REIT’s offer was selected over higher bids
The company’s ability to complete quickly was a factor

Warehouse space in Spain.
Photographer: Angel Garcia/Bloomberg

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By Jack Sidders

May 19, 2021 at 11:35 AM UTC

Updated on

May 19, 2021 at 2:38 PM UTC

This article is for subscribers only.

Dream Industrial Real Estate Investment Trust has won an auction to buy the assets in a European warehouse fund, the company said in a statement Wednesday, confirming an earlier report by Bloomberg News.

The Canadian REIT will pay 880 million euros ($1.1 billion) for the portfolio of 31 European warehouses, according to the statement. The offer was selected by seller Clarion Partners Europe ahead of rival bids ranging from 850 million euros to 900 million euros, people with knowledge of the process said.