Dream Unlimited (DRM) has run over 13% since announcing its $3B real estate JV with Dream Industrial (DIR-U) and CPP. The entity is acquiring 12 properties for $805M from DIR to start…

… but with $1.1B of initial equity, the JV should have the firepower (with leverage) for another >$2B in deals. It comes at a time when the asset class is in favour…

… given the trade environment is forcing us to in-house our supply chains.

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