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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
Buy-and-Evict Trade Mints Big Returns, Stirs Outrage in Canada
Photographer: Cole Burston/Bloomberg

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.