Exclusive: Canada's Dream Industrial held talks about potential sale - sources
By John Tilak and Matt Scuffham
TORONTO (Reuters) - Canada's Dream Industrial Real Estate Investment Trust (DIR_u.TO: Quote) has held talks with potential suitors to explore the prospect of selling itself, according to two sources familiar with the situation.
Possible buyers could include asset managers, pension funds, private equity firms, insurers and real estate companies, the sources said.
The sources, who spoke on condition of anonymity as the matter is not public, did not disclose the names of potential buyers Dream Industrial held talks with.
They also said there has been a disconnect between the price expectations of the seller and buyers, so it is not clear if any deal will be reached.
Shares of Dream Industrial jumped on the news, hitting their highest in nearly a year. They rose as much as 6 percent and were trading up 3 percent on Thursday afternoon.
Players who have shown interest in industrial properties include entities backed by Brookfield Asset Management Inc (BAMa.TO: Quote), Canada Pension Plan Investment Board and Alberta Investment Management Corporation. Pure Industrial Real Estate Trust (AAR_u.TO: Quote) could also be interested, one of the sources said.
Dream Industrial, Brookfield and AIMCo did not respond to requests seeking comment. CPPIB declined comment.
"We would never comment on rumors," Pure Industrial CEO Kevan Gorrie said. Continued...