Skip to main content

Dundee Industrial REIT will use the IPO proceeds to buy up 70 “light industrial properties,” or warehouses and manufacturing plants, in seven provinces.

Fernando Morales/The Globe and Mail

Dundee Industrial Real Estate Investment Trust's initial public offering pulled in $155-million in one of the larger sales to hit the market this year.

While the amount raised didn't quite hit the $176-million peak anticipated in the months leading up to the big reveal, the offering still met the median yield target predicted earlier this summer, bringing in $10 per unit with a 6.75 yield.

Dundee Industrial REIT will use the IPO proceeds to buy up 70 "light industrial properties," or warehouses and manufacturing plants, in seven provinces. These are primarily owned by Dundee REIT, the group's Toronto-based parent. An additional seven properties being separately acquired are co-owned by associates of Return On Innovation Capital Ltd. In total, these 77 properties will make Dundee Industrial REIT the owner of six million square feet of buildings.

Story continues below advertisement

As outlined in the company's documents, Dundee Corp. will purchase 1.75 million units at the time of the offering, and Michael Cooper, the company's vice-chairman and chief executive officer, will buy 750,000 units. Investors can look for the REIT on the Toronto Stock Exchange under the symbol DIR-U.

This is a significant IPO, given there have been so few this year, but it's not a surprising one. REITs have been a very popular investment vehicle with low interest rates and mortgage costs attracting yield-seeking investors.

Report an error Editorial code of conduct
Tickers mentioned in this story
Unchecking box will stop auto data updates
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter