Apartment Owner Breaks the Ice on Canada’s Frozen IPO Market
- Dream Residential is first Toronto IPO over C$150M this year
- Demand has been weak since war in Ukraine, BMO’s Miller says
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A real estate company with apartment buildings in five U.S. states is set to list in Toronto, ending a deep freeze in Canada’s market for initial public offerings.
Dream Residential Real Estate Investment Trust expects to close its $125 million offering and begin trading on May 6, according to a statement. The REIT will be partially managed by a unit of Dream Unlimited Corp., the property group of Toronto real estate magnate Michael Cooper.