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DUNDF - Blackstone Wants My Dream Global REIT Units: Thanks But No Thanks
Dream Global Real Estate Investment Trust Tr Unit
When I read that Blackstone (BX) would acquire Dream Global REIT (DUNDF), one of my largest positions, my initial reaction was a positive one. However, upon reviewing the proposed terms of the transaction, my enthusiasm quickly waned.
The deal would certainly benefit Blackstone, Dream Asset Management ("DAM") and the taxman. When it comes to unitholders, the benefits are less obvious, especially for investors who viewed Dream Global REIT ("Dream Global") primarily as an income play.
What About The Premium?
As indicated in the press release, the proposed price of C$16.79