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Combined platform is one of Europe’s leaders in urban industrial with over 80 professionals and 27 million square feet of GLA managed or under development across nine countries.
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TORONTO & LONDON — Dream Unlimited Corp. (“Dream”) (TSX: DRM) today announced that Dream and Dream Industrial Real Estate Investment Trust (“Dream Industrial REIT”) (TSX: DIR.UN), have entered into definitive agreements for Dream to acquire Chancerygate Limited (“Chancerygate” or “CG”), a U.K.-based industrial developer and asset manager with a 30-year track record in the multi-let industrial (“MLI”) sector. Chancerygate currently manages a diversified portfolio of income producing and development assets totaling £1.2 billion ($2.2 billion).
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As part of the transaction, Dream will assume Chancerygate’s investment management and development platform. Dream Industrial REIT will acquire Chancerygate’s wholly owned real estate assets and co-investment interests across its managed ventures for consideration of approximately £78 million ($147 million), gross of certain in-place debt, and expects to fund an additional £25 million ($47 million) to complete the wholly owned development projects. The transactions are expected to close in August 2026.
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Transaction Highlights
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- Europe’s leading urban industrial platform. Post transaction, the combined Dream platform will be one of Europe’s leading vertically integrated urban industrial operators with approximately 27 million square feet managed or under development. Chancerygate’s specialization in the MLI sector is additive to Dream’s focus on urban small and mid-bay assets across its 74 million square foot global industrial platform.
- Transaction expands Dream’s European footprint. Chancerygate’s coverage of the U.K., Ireland, Spain and Portugal is highly complementary to Dream’s existing operations in the Netherlands and Germany. Dream’s European platform will comprise over 80 professionals across offices in London, Manchester, Birmingham, Düsseldorf, Berlin, Amsterdam, Madrid, Lisbon and Dublin.
- Enhanced scale. Pro forma the transaction, Dream’s total global AUM is expected to exceed $30 billion. Dream’s European platform will represent over $6 billion in industrial and living assets under management.
- Strong combined European asset management track record and best-in-class U.K. and European development expertise. Dream has been operating in Europe for over 15 years and has completed over $13 billion of transactions. Chancerygate’s track record is highly complementary with an average realized levered IRR of 27% across 52 developments since 2007.
- New programmatic pan-European MLI joint venture. Dream, Chancerygate and Dream Industrial REIT are in advanced negotiations to form a new programmatic joint venture with a leading global institutional investor. The joint venture is expected to pursue acquisition and development opportunities in the MLI sector across Europe with a target gross asset value of approximately €500 million ($800 million).
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“This acquisition is an important step as we continue building a leading European industrial platform at Dream. Chancerygate brings us an exceptional team and an immediate presence in London at the centre of European capital flows. Combined with our existing platform we are well-positioned to continue to grow our private capital partnership business,”
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said Jamie Cooper, Co-President, Asset Management of Dream.
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“With Chancerygate, Dream Industrial REIT enters the U.K. multi-let industrial market, a sector with attractive operating fundamentals, together with a fully built operating platform and established institutional relationships. The transaction accelerates our European growth strategy and is consistent with our objective of growing accretively through thoughtful allocation of capital and vertically integrated operations,”
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said Alexander Sannikov, CEO of Dream Industrial REIT and Co-President, Asset Management of Dream.
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“We are excited to join Dream, whose long-term investment philosophy and institutional capabilities align closely with the platform we have built at Chancerygate. Over the past three decades, our team has developed a reputation for managing and delivering high-quality assets for some of the world’s most sophisticated investors. Joining Dream gives us access to greater scale, broader resources and an enhanced ability to serve our partners as we enter this next chapter of growth,”
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said Richard Bains, Managing Director of Chancerygate.
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About Chancerygate
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Founded over 30 years ago and headquartered in London, U.K., Chancerygate is a well-established industrial developer and asset manager with a proven track record in the multi-let industrial and broader urban industrial sectors. Historically focused on a build-to-sell development strategy, Chancerygate has significantly expanded its activities in building and managing income-producing properties, both on-balance sheet and on behalf of leading global institutional investors. Chancerygate currently manages approximately £1.2 billion of assets with another £200 million under development across various private ventures. For more information, please visit www.chancerygate.com.
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About Dream
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Dream’s institutional asset management division provides investment and asset management services to its publicly listed trusts and institutional partners. As at March 31, 2026, Dream managed $28 billion of assets across listed entities, private funds and private partnerships in North America and Europe. Dream is a leading provider of real estate development, management, investment, and operational services. For more information, please visit www.dream.ca.
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All dollar amounts are in Canadian dollars unless otherwise indicated.
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